After weeks of bickering, Congress extended the $8,000 tax credit for first-time homebuyers and the $6,500 tax credit for second-time buyers by three months to Sept. 30.
Legislators beat the existing June 30 deadline by only a few hours. President Barack Obama was expected to sign the legislation today or on the weekend.
Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale. The bill only allows people who already have signed contracts to finish at the later date. The extension only applies to people who had ratified contracts in place as of April 30 that have not yet closed. It does not create a new tax credit.
Congress had tried repeatedly in the past month to extend the deadline by putting the measure into a big bill that would have extended expiring tax provisions and unemployment benefits, but that bill kept failing test votes in the Senate. Finally, Congress put the measure into a separate bill, the Homebuyer Assistance and Improvement Act, H.R. 5623.
The National Association of Realtors estimates as many as 180,000 homebuyers who were under contract by April 30 missed the closing deadline, including 17,700 in California, 15,340 in Texas, 14,830 in Florida and 9,130 in New York.
If you want to buy this year in Daytona Beach, there are still great bargains plus the lowest rates in history. Contact me to discuss the opportunities in Daytona Beach real estate.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
http://www.sherryarmstrong.com/
http://www.ormondbeachscene.com/
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