Tax Credit Deadline Extended!

For those of you who were under contract by April 30th, but were unable to close yesterday, you can all breathe a sigh of relief.  Congress passed an extension of the Homebuyer Tax Credit closing late yesterday, extending the deadline for eligible transactions to September 30, 2010.

Additionally, the Senate passed the National Flood Insurance Program Extension Act of 2010...an extension of the National Flood Insurance Program, until September 30, 2010.  The NFIP provides insurance to home owners in flood-prone areas, who could not otherwise obtain coverage due to cost or ineligibility.  This insurance allows property owners in certain federally designated areas across the nation to obtain mortgages.

June 30th Tax Credit Deadline Nears

As the June 30th deadline nears for the First-Time/Repeat Home Buyers tax credit, many people were hoping for another extension.  But a move by the Senate last week dashed those hopes when the extension, as part of the American Jobs and Closing Tax Loopholes Act of 2010, failed to get the necessary votes.

What does this mean?  The National Association of Realtors estimates that approximately 180,000 qualified home-buyers will miss out on the credit by not closing tomorrow.  Had the amendment passed, it would have extended the closing deadline until September.

Rumors abound that the extension may not dead yet.  Even if something does pass by the Senate soon (and I mean real soon!), it would still have to be approved by the House.

Spring into the Housing Market

I just watched the Real Estate segment on the Today Show this morning and was, once again, disappointed in their reporting.  True, the First Time/Repeat BuyerTax Credit ends on April 30th and you do need to be under contract by that date...but you don't need "super lawyer powers" to make that happen.  The best way to get a piece of that $8000 tax credit on time is to contact your Realtor.

The Today Show recommends pulling your credit annually to know your FICO score and to fix any errors.  Yes, that's a good idea but just walking in with your credit report in your hand isn't going to help when you're ready to make an offer on a home.  One of the first things we go over with our clients is whether or not they have been pre-approved for a mortgage loan.  We have several mortgage companies that we can recommend and they can easily and quickly get a client the pre-approval letter needed to make their offer more substantial.

Your time is valuable and if you really do want to beat the April 30th deadline, the last thing you want to do after work, soccer practice, homework, and dinner is spend time on Zillow researching different neighborhoods.  Again, contact your Realtor and let me do the researching for you!  Zillow, though a nice concept, does not report the most accurate information.  Your Realtor can give you the most current, up-to-date information on any area you are interested in.

Bottom line is that you don't need to spring into the housing market alone.  Contact us and we'll be with you every step of the way!