www.lasvegasmtg.com Report: Nevada Senator Harry Reid wants to Extend $8,000 Tax Credit
www.lasvegasmtg.com Report: Nevada Senator Harry Reid wants to Extend $8,000 Tax Credit until September 30Th. Senator Reid (D) the Senate Majority Leader is Co-Authoring the bill for the extension of the Tax Credit and is hoping to attach it to several bills that are presenltly moving through the Senate to extend Tax Breaks that are set to expire. If Democrats are successful in attaching the bill to the the Tax Breaks and the extension of Unemployment benefits Democrats are unsure there will be enough support to pass the legislation.
The previous extension expired on April 30th for the $8,000 for First Time Home Buyers and $6,500 for Home Owners moving up. To be able to qualify for the Tax Credit the borrowers had to be under contract by April 30th, 2010 and the transaction had to be closed by June 30th, 2010. It has been determined by The National Realtors Association that as many as 180,000 contracts that are currently eligible for the Tax Credit are in jeopardy of not closing by the required time limit.
Lawarence Yun The Realtors Associations Group Chief Economist is stating the delays are a result of several Factors with a surge of Contracts to meet the April 30th, 2010 deadline, delays with Appraisals and Short Sale Negotiations as being the most often reported reasons for the delays.
This extension would not help buyers that were not successful in getting their offers accepted before the April 30th 2010 deadline, but would provide more time for those that are already in contracts.