Mischer News

Late last Wednesday, Congress approved an extension for the home buyer tax credit. The extension will give approximately 180,000 potential new home buyers, who signed a purchase agreement prior to the original April 30 deadline, a little more time to close and fund on the property and still receive the $8000 credit. 

The Senate approved the measure to extend the deadline until September 30, unanimously on Wednesday, one day after the bill easily passed through the House of Representatives. The President is expected to sign off on the measure soon.

The Senate repeatedly failed to pass the extension over the last few weeks because it was included in a multi-faceted package that was attempting to extended jobless benefits, among other measures. On Wednesday, when their efforts to reinstate unemployment insurance failed, and the Senate made a last minute call to pass the tax credit provision on a standalone bill.

All good news for lenders and real-estate companies, who were previously warned of potential closing delays, especially for those in short sale and new construction situations that are often at the mercy of others to close in a timely manner!