Georgia home buyers who already had home purchses under contract as of April 30, 2010 and who otherwise qualified for the first-time or move-up home buyer tax credit, have been given a break.
Thanks to an amendment to the tax credit program, these home buyers now have until September 30, 2010 to close on their home purchase. Under normal circumstances, these buyers most likely would have closed on their purchases by June 30th, the original deadline, but because of the huge number of mortgage applications, this amendment gives them until September 30, 2010 to close on their home purchase and still qualify for the tax credit.
The “American Jobs and Closing Tax Loopholes Act of 2010,” which also extended unemployment insurance benefits includes this time extension. Senator Harry Reid said this extension will allow lenders to clear a backlog of nearly 180,000 homebuyer mortgage appilcations across the U.S.
National Association of Realtors President Vicki Golder said recently, “Since these applications were already in the pipeline and figured into the program’s cost, the extension of the closing deadline will not incur any further government costs.”
Brian Ward, an experienced Sarasota real estate agent welcomed the extension as a means to save lots of pending home sales which otherwise would be lost.
"More than this will be required, however, to keep the real estate recovery momentum going," suggested Connie Belmont, another Sarasota realtor.
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5 comments:
This will surely help us "close" several pending deals.
Thnak heavens for small favors.
This was a really smart use of government action allowing many who thought they'd successfully bought a home who almost lost them through no fault of their own
Thanks for pointing this out. Thanks to you, we got into the program just in time.
I wonder if this extension was as helpful to those of you Realtors in Atlanta as it was here in Sarasota Florida. Please comment back or write another equally interesting article.
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