Tax Credit closing deadline

A bill that would extend the U.S. Homebuyer Tax Credit closing deadline from June 30 to Sept. 30 was passed Tuesday by the House of Representatives. The Homebuyer Assistance and Improvement Act of 2010 (HR 56232) passed by a 409-5 margin.

The measure now goes to the Senate, which last week defeated a bill that contained a similar amendment. The outcome of the Senate vote is seen as uncertain.

If the extension passes in the Senate, it would give homebuyers who were under contract by April 30 more time to complete their sales. The National Association of Realtors estimates that as many as 180,000 buyers could miss out on the credit without an extension because of circumstances beyond their control. Short Sale and REO transactions are holding up many of these closings.

"RE/MAX agrees with the National Association of Realtors leadership on the idea of extending the tax credit closing deadline, because it’s the right thing to do," says RE/MAX Chairman and Co-Founder Dave Liniger. "We’ll continue to speak out in favor of the extension."

Liniger urges homebuyers who are waiting to close to stay in touch with their Realtor and contact their U.S. senators to urge swift action on the tax credit.

Article courtesy of REMAX. Contact a REMAX agent today.