Wow! I was hoping something like this might happen since the MOUNTAIN seems too big to scale!

"Wow! I was hoping something like this might happen since the MOUNTAIN seems too big to scale!"

That's the response I received today when I informed one of our 'short sale' buyers that there is possibly some good news relating to the extension of the homebuyer tax credit. Federal legislation was introduced to give homebuyers until September 30 to close who had met the April 30 contract deadline for the homebuyer tax credit.

This isn't a done deal yet but it makes sense. It would ease the mind of many buyers and cause more transactions to "stick" together rather than fall apart at the last minute.

According to the NAR this could affect as many as 180,000 homebuyers. That's a very large number and could potentially represent an overall tax credit $1,440,000,000 (assuming a maximum of $8,000 per transaction). That's a very large number and may seem rather unusual that this extension would be granted. However, this number was already figured into the programs cost according to NAR President Vicki Cox Golder. Further government costs should not be incurred with an extension of the program.

If you're a homeowner who is frustrated as the deadline is approaching I just thought you may like a bit of positive news that realistically may come to pass.

As always, when you're ready to buy, sell or finance a home call me at the number below.