Senate extends home buyer tax credit closing deadline
An extension on deadline for closing on homes with federal credits up to $8,000 has been extended to Sept. 30. (June 28, 2010) Credit: AP
Congress has agreed to give home buyers eligible for the federal tax credit three more months to close on home purchases.
The Senate voted by unanimous consent late Wednesday night, moments before adjourning for a July break, to approve a bill passed by the House on Tuesday extending the closing deadline to Sept. 30. Without the extension, the closing deadline would have been June 30 for contracts signed by April 30.
Senate majority leaders had been trying to attach the proposal to less popular measures but as the midnight deadline for the extension approached, they abandoned this effort and passed the measure as a stand-alone bill.
It was not known if the bill has been sent to President Barack Obama to sign it into law.
Without the extension, the National Association of Realtors had feared that a lot of sellers would back out of their purchase deals because they had felt pressure to close Wednesday, June 30.
The organization had estimated that 180,000 deals nationwide -- almost 9,200 in New York State -- might not close if the extension was not approved.
Calls to the Senate and White House have not been returned.
