Today is the original deadline for the extension of the first time home buyers tax credit. If you are unaware of the tax credit it has been a great helper of the Real Estate market in the past months. All people who were purchasing a home and had a written contract before April 30Th are getting a 10% tax credit up to $8,000 if their home closing by June 30Th. Mortgage news daily is reporting that it finally has gone through the senate is was actually passed.
I have gotten several emails from various lenders saying that the tax credit closing date has been extended to September 30Th. I have on the other hand gotten several emails from other lenders saying it has been extended.
The national association of Realtors has reported that a third of the contracts written that are would like to be collecting the $8,000 are new construction builds and will be unable to be completed by today. Do you think they should extend the bill and add to the deficit or do you think tough luck these home buyers should have known a house couldn't be built in that short amount of time?
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