Closing Deadline Extended for Tax Credit

It came down to the last day, but Congress did finally pass the Home Buyer Assistance and Improvement Act. Within this bill lies a provision for extending the closing deadline of the Extended Home Buyer Tax Credit from the original date of June 30th to now September 30th. In order to receive this credit home purchasers still must have signed a purchase contract no later than April 30th of this year, but it now allows as many as an estimated 180,000 people more time to finalize those transactions. Many buyers have run into issues closing these deals because of short sale scenarios or often a delay from lending companies who were overloaded by the surge of people trying to take advantage of this government tax credit program at the very end.

Stephen Woodall

REALTOR, GRI @ Long Realty Company

Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.