Senate Passes Homebuyer Tax Credit Extension
Good news for buyers who are still waiting for their short sale contracts to be approved and closed by the banks.
This still has not been passed by Congress or signed by the President but if I had to take a guess, it will be a done deal this week. So, keep in mind that it has not been approved yet but all signs point to it being done very soon.
The Senate has passed a bill to give homebuyers another three months to close on their homes and receive tax credits up to $8,000. The Tax Extenders Bill would apply to homebuyers who met the April 30, 2010 deadline with a signed contract to purchase a new or existing primary residence. The amendment would extend the deadline to September 30, 2010 for homebuyers to close on their real estate transaction. The previous deadline was June 30, 2010. The bill now goes to the House of Representatives, where it is expected to pass.
The National Association of Realtors estimates that as many as 180,000 homebuyers have qualified for the tax credit and met the contract deadline of April 30, 2010, but might not be able to close their transaction by the June 30, 2010 deadline due to the sheer volume of loan applications in the pipeline.
Please visit http://www.NovaForeclosureRelief.com for information on how to short sale your home and avoid foreclosure in the Northern Virginia area.
For more information call Kim Darwaza of RE/MAX Allegiance your Northern Virginia Short Sale Expert and Realtor at 703-856-2254. Kim is a Certified Distressed Property Expert. As a CDPE she is a Northern Virginia Short Sale Expert and assists distressed homeowners in the sale of their homes in order to help them avoid Foreclosure. Kim has successfully helped clients short sell their homes in the greater Northern Virginia areas of Fairfax County, Prince William County, Loudoun County, Arlington and Alexandria. She looks forward to assisting you in making this process as smooth as possible during this difficult time.