San Diego Real Estate Blog

Congress has passed a bill to give homebuyers another three months to close on their home loans and receive tax credits up to $8,000. The bill applies ONLY to homebuyers who met the April 30, 2010, deadline with a signed contract to purchase a new or existing primary residence. The bill would extend the deadline to September 30, 2010, for homebuyers to close on their real estate transaction. The previous deadline was June 30, 2010. President Obama is expected to sign the measure into law.

The National Association of Realtors estimates that as many as 180,000 homebuyers who met the contract deadline of April 30, 2010, may be affected by the extension. They will now have additional time to close their transactions.

Even if you have clients in your pipeline who may not qualify for the homebuyer tax credit, there is still a tremendous opportunity available through the combination of low home prices and historically low interest rates. Encourage your buyers to act now on this opportunity before market conditions change.

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The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor.