Tax Credit Deadline Extended for Closings

Congress has passed a bill extending the Homebuyer Tax Credit closing deadlines until September 30,2 010. The extension applies to those transactions that had ratified contracts in place as of the tax credit deadline of April 30, 2010, which have not closed yet.  Many factors contributed to these transactions not being able to close, such as appraisal, overwhelmed closers, lending institutions that were also overwhelmed by so many individuals wanting to take advantage of the $8,000 credit.  So this is really good news for folks who have been sweating the deadline passing without their homes closing.  Everyone can breathe a little easier now.