Pat Kennedy - Your Washington, DC Real Estate Connection

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Federal Tax Credit Extension Approved by the House of Representatives

Inman News has just reported that the House of Representatives has passed a stand alone bill that would extend the settlement deadline on the $8000 Federal tax credit for first time homebuyers. 

The bill must now go to the Senate because it's not the same bill that the Senate already passed, and Senator Byrd's death will probably delay passage.  Still, I would be amazed if the Senate didn't pass it soon and send it off to the White House for the President's signature.

There were a lot of buyers, especially buyers mired in the short sale approval process, who were under contract in time but are still waiting for their "cleared for closing". 

And luckily for homebuyers, Congress will probably take less time to get this through that a Bank of America short sale negotiator will take to approve their contract. 

At least we can hope.

UPDATE:  The Senate approved it, and it's on it's way to President Obama for his signature.  I would bet my real estate license that the President will sign the thing.  And while all of my clients got settled in plenty of time - they were not short sales. 

Comment balloon 26 commentsPatricia Kennedy • June 29 2010 06:41PM
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