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Tick, tock ... tax credit deadline looms

How's it going out there, racing to close home purchases by 11:59 p.m. Wednesday?

That remains the deadline to qualify for the homebuyer's tax credit of up to $8,000. A measure extending the closing deadline to Sept. 30 is pending in Congress -- but it has not been passed. (That would apply only to deals that met the April 30 deadline for going under contract.)

There is always a chance that Congress could pass an extension after the June 30 deadline that could be made effective retroactively, but that can't be counted on.

By Elizabeth Razzi  |  June 29, 2010; 11:20 AM ET
Categories:  Buying  
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Next: House acts on tax credit deadline but June 30 still stands

Comments

I am unable to close in fairfax VA..Thanks to Bank Of America & Sun Trust..who are taking there sweet little time to give a simple explanation letter to my underwriter to close the property..waiting for Bank of America to respond from June 1st. put contract in Nov 2009. Hope congress extends the deadline..we buyers are at the mercy of the banks..and have spend the money on extending our apt leases and appraisals etc etc..

Posted by: kallims | June 29, 2010 4:01 PM | Report abuse

If washington post does a user poll or reads the online blogs..hopefully can get big banks to act faster enough by creating a story.

Posted by: kallims | June 29, 2010 4:03 PM | Report abuse

Lot of buyers in DC area are at the mercy of the Bank of america to buy there short sales..Why did the congress did not give any deadlines to Bank of America..saying you need to close all the home applications for contracts signed by April 30th to be closed by June 30th. Why are the punishing the buyers, whom the congress gave false hopes to start with for owning a home, we poor suckers had to spent 1000's of dollars for inspections,appraisals,credit statements etc.. High time..they do something to handle this situation.

Posted by: kallims | June 29, 2010 4:21 PM | Report abuse

Good news...the House passed H.R. 5623 today which will extend deadline to close on purchase of home and still qualify for tax credits to September 30th...Complete info in post at:

http://realestateconsumernews.com/real-estate-market/house-passes-bill-to-extend-closing-deadline-for-home-buyer-tax-credits/

Posted by: dpnstl1 | June 29, 2010 7:52 PM | Report abuse

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