Closing Deadline Extended for Tax Credit

In support of the housing market and pending deals nationwide, the House and Senate have pushed through a three-month closing extension for the homebuyer tax credit. The bill now goes to President Obama to be signed. Here are some of the details as reported by Reuters late last night:

·Homebuyers with contracts signed by April 30 who failed to go to closing by the June 30 deadline will now have until September 30 to complete their purchases

·These tax credits include $8,000 for first time homebuyers and $6,500 credit for others purchasing a new primary residence

This is a strong measure to assist the housing market, as the disappearance of these incentives (or buyers running out of time) have contributed to a recent fall in home sales. CDPEs know that this also means the sustainability of options for their distressed sellers. Regardless of politics, real estate agents assisting struggling homeowners know this fact: more buyers = more options and a more competitive marketplace. There's a terrific opportunity for agents to take advantage of this news and help those in need.

Claudio Rivero
South Florida Brokers & Associates
786-942-1194
www.claudiorivero.com
www.miamihomevaluetrend.com (free market report)
www.miamiforeclosurelifeline.com (free information for distressed sales)
www.findmiamibeachcondo.com (free market search for condos)