Buyer’s Tax Credit Extension

I’ve had quite a few people asking me what the deal is with the tax credit extension.  Here’s the truth: A tax credit extension has not been approved.  Yes, the Senate approved those currently in contract to purchase a home to be given a three-month extension, but the House of Representatives has not.  This passing the extension would allow buyers in contract to take advantage of the federal homebuyer tax credits.  The previous deadline of June 30th would jump to September 30^th as decided by a 60 to 37 supporting vote by the Senate.  As Majority  Leader Harry Reid commented, the passage of this bill “can ensure that everyone taking advantage of this credit can complete the purchase of their new home.”  Do note that this credit extension adheres only to buyers who have already signed contracts.