Has The Tax Credit Been Extended?
To qualify for the $8,000 first time buyer tax credit purchasers had to be under contract by April 30th, 2010 and settle on the home by June 30th, 2010. While you may still see commercials with uncle sam offering the extended tax credit… do not be deceived. It has not been extended.
HOWEVER, because of the amount of homes that went under contract prior to April 30th, there is a major backlog of homes that still need to settle. These buyers are at risk of not receiving their $8,000 if they do not settle on time. Therefore, there is a bill in office to extend the deadline for those homes previously under contract so that no one misses out on the credit.
It is not a law yet. They will hopefully have something finalized by the end of the week. Currently the senate has passed something but there are revisions and the normal bureaucracy taking place. I will let you know when there is something new…
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