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Senate Extends Closing Deadline for Homebuyer Tax Credit

Senate Extends Closing Deadline for Homebuyer Tax Credit

Just when the really cynical rant was taking shape, the Senate this evening extended the deadline to close escrow and receive the $8,000 (or $6,500 for move-up buyers) tax credit to September 30. As I’ve said before, this only applies to buyers who were under contract on or before April 30 who previously had to close escrow before midnight tonight – they’ve now got another three months to get it done.

Technically speaking, the measure still needs to be signed by President Obama but that’s a fait accompli at this point in time.

So, dear buyers, you received a reprieve. Stay on top of your agents and loan officers to make sure it doesn’t go for naught.

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