Tax Credit Closing Extension May Become Reality

The U.S. Senate voted earlier this week to approve an extension of the closing deadline for those qualified buyers who are otherwise eligible for the Extended Homebuyer Tax Credit, but who will be unable to meet the June 30th closing deadline. This news would be tremendously beneficial to an approximated 180,000 buyers who were under contract by the stipulated April 30th deadline but for various reasons (primarily excessive volume at mortgage companies) may not meet the closing deadline set by the Extended Homebuyer Tax Credit of June 30th. This measure is part of a larger bill to pay for jobless benefits which must pass first and that measure would also have to be approved by the House of Representatives as well before being signed into law. As more information becomes available in the weeks ahead we will provide continual updates.

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.