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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!