More Time for Tax-Credit Deals?

Slow-moving short sales have made it impossible for many buyers to meet the June 30 closing deadline to qualify for the government tax credit.

So it was a relief when a bill was introduced in the Senate in June to extend the closing deadline to Sept. 30 for contracts that were already in place.

As many as 180,000 households could benefit if the bill passes, NAR estimates.

Meanwhile, members of the military, intelligence agencies, and the Foreign Service who spent at least 90 days overseas last year have until the end of April 2011 to get a contract in writing in order to qualify for the tax credit.

Source: www.REALTOR.org/realtormag

Liberty RAN Office stats June 2010

Below are the number of units and their price ranges. We had a good month considering no more tax credit. : ) We sold 69 units! Go Liberty office!

$0 - $100,000 16 units

$100,000 - $150,000 12 units

$150,000 - $200,000 11 units

$200,000 - $250,000 8 units

$250,000 - $300,000 7 units

$300,000 - $350,000 6 units

$350,000 - $400,000 1 units

$400,000 - $450,000 2 unit

$550,000 - $600,000 3 units

$750,000 - $800,000 2 unit

$1,075,000 1 unit

Tax Credit Closing Deadline Extended

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law. NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation.