Extension of Home Buyer Tax Credit? It's One Step Closer

Yesterday, the U.S. Senate approved an amendment that would extend the timeframe for eligible closings to Sept 30. The industry anxiously awaits progression of the full bill through the Senate and hopes the House will follow similar measurers. At this week's joint National Settlement Services and Compliance Summit, hopes prevailed that extensions will be granted for transactions that met the "under contract" deadline but for a variety of reasons were having difficulty in meeting the June 30th closing deadline. The complex nature of REO and short sale inventories were identified as the key reasons extensions are sought. See this article for more information about yesterday's action in the Senate.