Senate Extends Tax Credit Deadline

Apparently there is a backlog of 180,000 homes that went under contract prior to April 30 but have not closed escrow in time to qualify for the Federal government’s tax credits. The Senate on Wednesday approved an extension for homes in escrow through September 30. The extension does not affect contracts accepted after April 30 and will have no impact on future home sales. The House passed a similar resolution in December.

I had not heard locally of a backlog, but I suppose homes that are short sales that are still awaiting lender approval could be affected.

More info at CNBC.

June 17, 2010 · Filed Under Mortgages, National News

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