Congress Approves Home Tax Credit Closing Until September 30, 2010

Miami Fort Lauderdale Real estate Tax Credit Leave a Comment

Great News for Fort Lauderdale Buyers and Sellers. If you purchased or sold your home before 04/30/2010 you will now have until 09/30/2010 to close. Congress passed an extension late Wednesday   to the previous closing deadline, which was 06/30/2010.

The move will give would-be buyers who had signed a purchase agreement by April 30 more time to close on those deals and receive the credit that is worth up to $8,000 to the new Sept. 30 deadline. The Senate approved the measure unanimously on Wednesday, one day after the provision sailed through the House of Representatives with little opposition. The President is expected to sign the measure soon. The Senate had failed to pass the provision last week when it was included in a bigger package that would have extended jobless benefits, among other measures. On Wednesday, an effort to reinstate unemployment insurance failed, and the Senate opted to pass the tax credit provision by itself.

In recent weeks, lenders and real-estate companies have warned of bottlenecks that could lead thousands of potential buyers to miss out on the credit that they thought they were getting. The probably is particularly acute for short sales, where a lender allows a home to sell for less than the amount owed. Banks and the federal government have stepped up efforts to encourage short sales as an alternative to foreclosure, but the deals take longer to approve because they require noteholders to reconcile losses. Congress first created a tax credit for homeowners in 2008. It was extended and expanded twice during 2009. The last extension, approved last fall, said that house purchase contracts would have to be signed by April 30, and home buyers would have until June 30 to close on those sales.

If you are thinking of buying or selling a home or condo in Fort Lauderdale why not talk to Fort Lauderdale’s leading real estate agents. Eileen Kedersha and William Kedersha are affilitated with ReMax, no one sells more real estate than ReMax. Check out Fort Lauderdale’s complete MLS listings, FREE, just go to www.ekluxuryhomes.com and click on “Property Search”. Here you will find Fort Lauderdale’s best home values, including short sale and REO homes for sale listings to Luxury Homes, Luxury Waterfront Condos many with dockage. Looking for a condo? Be sure to look at the Fort Lauderdale Condo Directory, it is the areas most comprehensive. You can view all listings in some of Fort Lauderdale’s most popular condos such as: L’hermitage | The Palms | Le Club Condos | Las Olas Beach Club in Fort Lauderdale and and Europa By The Sea in Lauderdale.

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