REO Pro - Real Estate Default Professionals

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TAX CREDIT EXTENSION of CLOSE OF ESCROW-Harry Reid pushes for New Amendment

New proposal would extend the CLOSING time until September 30th, 2010.

This is for those ALREADY under contract. The current tax credit has to close on the home by the end of this month - June 30th.

We all know what a mad dash it was to get the homes under contract for the buyers now getting them all closed by the end of this month is a monumental task and there are a lot of buyers that are going to miss the deadline. Lenders and title companies are swamped.

There are so many buyers here tied up with Las Vegas Short Sales, (as I'm sure it is across the country) that are waiting for the banks to approve these short sales that it just isn't going to happen by the end of the month for so many.

This in turn could lead to a lot of homes being dumped back on the market because if you had a buyer only buying a home to get the tax credit, they may walk away from the deal now.

I know for several of my buyers that are hanging in there, they now are crossing their fingers even more!

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Comment by Dawn Barrier on September 2, 2010 at 10:16pm
Yes,,,, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by September 30, 2010....
Comment by Scott Olson - REO Sacramento, CA on June 29, 2010 at 12:25pm
Did this finally get approved? I heard it passed in the Senate?
Comment by Carlos Aguilar on June 16, 2010 at 4:40pm
Senator Harry Raid has always works so hard for everyone, out of Washington. In order for him to champion this extension we should show our support. The tax credit extension is vital for continued stimulation of our economy. Unfortunatly, So many Nevadans seem to undervalue all his efforts.
Comment by Ramez Malki on June 12, 2010 at 11:21pm
I hope it passes - just got short sale approval 3 days ago, not sure ican close on 6/30 with lender processing times takng forever.
thanks for the info.

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