June 22, 2010 ? There is a proposed law in Congress that extends the deadline for closing a qualified transaction from June 30, 2010 to September 30, 2010. First time and repeat buyers needed to have a written contract of sale no later than April 30, 2010 in order to qualify for the $8000 and $6500 tax credits that were being offered by the federal government. This proposed law does not extend the deadline for individuals to qualify for the credit; it does however increase the time to finalize a transaction. This proposal has been approved in the US Senate as part of HR4213 (American Jobs and Closing Tax Loopholes Act); it still must be approved by the House of Representatives and signed by the President. According to the National Association of Realtors web site, it is projected that 180,000 transactions are in jeopardy of not closing by 6/30 and a significant majority of these are new construction and short sales.
