Homebuyer Tax Credit Provisions Extended

Senators Reid, Isakson, and Dodd introduced an amendment to H.R. 4213, a tax extension bill being discussed in the Senate. This amendment extended the current homebuyer tax credit closing deadline to September 30th. The original legislation called for qualified homebuyers to be under contract by April 30th and close by June 30th. This amendment would extend the closing date provision 3-months.

It is my understanding, last night the Senate approved the amendment.

Good or Bad idea?

This amendment would certainly help a number of qualified buyers receive the tax credit but in the long run, government is playing with home buyers.

Don’t you think new buyers will sit on the fence waiting for the next stimulus to help them buy a home?

If we can’t close a house within 2-months something must be wrong with the system – simply a mountain of paperwork.

In my opinion, government needs to tell the home buying public that this is the last hand-out. If you are in the market to buy a home, you should consider buying now before interest rates trend up!

Would this not be more helpful to the home building industry than the federal government playing with the minds of the home buying public??