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Senate Extends Closing Deadline for Homebuyer Tax Credit

Senate Extends Closing Deadline for Homebuyer Tax Credit

Contrary to what you might have heard or might hear in the next 24 hours, the $8,000 Homebuyer Tax Credit has not been brought back to life.

What did happen today is the Senate passed a measure that includes language giving those buyers who were under contract by April 30 until the end of September to close escrow on their purchase. And that’s it.

The House still needs to pass the same measure and President Obama would need to sign off on it, neither of which appears anything but likely right now.

But most importantly, and it can’t be emphasized enough, unless you already were under contract by April 30 this extension does absolutely nothing for you. The tax credit has not been brought back to life. Those who found their homes ahead of the April 30 simply are getting an extra 60 days to close.

We return you to your regular programming …

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