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Yvonne Russell's Blog

By Yvonne Russell, El Paso Remax | Agent in 79912

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.

"Unfortunately, the original piece of legislation ended up being very controversial," says Dave Liniger, RE/MAX Chairman and Co-Founder. "We're optimistic after the House vote, but we also know there's no guarantee the Senate will follow suit."

NAR reported June 25 that its representatives are working very closely with key members of Congress and the Senate on the extension.

Linger adds that homebuyers can get involved by contacting their U.S. senators and urging swift action.

By Amanda Okker, RE/MAX Times Online Editor
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