For those of you Santa Clarita first-time homebuyers who entered into escrow by April 30, 2010, in the hopes of receiving the Federal Tax Credit for first-time homebuyers, you may be happy to know that the June 30, 2010 deadline to close your escrow, may be extended.
This week an amendment was introduced in the Senate, as part of a tax extension bill. This amendment, which is being championed by Senators Harry Reid, Johnny Isakson, and Chris Dodd, could offer relief to many of the first-time homebuyers currently in an escrow on a Santa Clarita home. Many of those escrows may not close on-time, by the June 30, 2010 deadline, in order for the homebuyers to get their tax credit of up to $8,000. The proposed amendment will extend that deadline to September 30, 2010.
Many of the escrows that may have problems closing on-time, will usually be by no fault of the homebuyer. Many lenders, and lenders working on short sale approvals, are slow-going, backed up, and not enabling a speedy close for these particular homebuyers. The Federal government, and the National Association of Realtors understands this, thus, an extension to the June 30, 2010 deadline will likely be a reality. It's said that there will be no extra expense in enacting it, since no additional homebuyers will be allowed to get this tax credit due to the extension. The April 30, 2010 deadline to enter into an escrow will not be extended. This is just an extension to the date the qualifying escrow must close by.
Good luck homebuyers! We're rooting for you here at The Robert and Brian Team. We know you deserve this Federal Tax Credit…especially with how difficult it was to meet the April 30, 2010 deadline, in such a low inventory housing market like Santa Clarita.
UPDATE: SENATE APPROVES DEADLINE EXTENSION
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