Tax Credit Extension Denied

If you have not already heard, the HOME BUYER TAX CREDIT EXTENSION CLOSING DATE WAS NOT GRANTED THROUGH THE HOUSE, TO GET THE TAX CREDIT, YOU MUST CLOSE BY THE 30TH OF JUNE 2010. Just wanted to let everyone know since I mentioned last week that the Senate passed it, but since then, the House denied it. Sorry!

And a friend of mine, Terry Wagnon from Stewart Title in Edmond just passed this information along… “Lawrence Yun, the chief economist for the National Association of Realtors predicted that 25 to 30 percent of the buyers who made the deadline for signing a contract won’t be able to close by June 30. That means about 180,000 home purchases could fall through. Most of the deals that will take longer than 60 days to close are those involving short sales or foreclosures, but with such a backlog of mortgage applications even others could be impacted.”