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