Homebuyer Tax Credit Extended

Posted on 30 June 2010 by Aaron Hofmann

Homebuyer Tax Credit Extended

Atlanta home buyers, you may yet get that homebuyer tax credit. Late today, the Senate passed a bill to extend the $8,000 homebuyer tax credit until September 30th. It now goes to President Obama, who is expected to sign the bill. The bill was overwhelmingly approved by the House on Tuesday. The deadline had been June 30th to close on the property.

Before you get too excited, the bill doesn’t help anyone currently shopping for a home. Buyers must have signed a contract by April 30th to qualify for the tax break. At issue is when the deal must be finalized.

Repeat home buyers also have until September 30th to close on new homes and receive a tax credit of up to $6,500.

Congress has been trying to pass the extension for the last month, but it got caught up in the usual Washington politics. The extension is estimated to raise the deficit by $9 million.

An estimated 200,000 people have missed out on the tax credit because they wouldn’t have been able to close by the end of business Wednesday. Many are trying to take advantage of short sales, which are complicated deals to complete. We specialize in Atlanta short sales and foreclosures and fortunately all of our clients who were under contract by April 30th were able to close without need of the tax credit extension. Our short sale team are experts in navigating the Atlanta short sale minefield and helping our clients find some great homes at significant discounts.

Contact us for all of your Atlanta short sale and distressed property needs. We are local market experts and continue to find great deals for our clients.

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