As a follow up to my blog of June 16, 2010,* here is some really good news for a lot of prospective homebuyers in Palm Springs and other communities across the nation. Talk about your nail-biter scenario!
Just picture the approximately 180,000 buyers with a contract in process, patiently watching as our legislators in Washington dithered around without making a decision as to whether or not to come to buyers’ rescue by midnight yesterday (June 30th). Well, our esteemed congress members did come through at the very last minute. And it went remarkably fast when they finally did pay attention to the matter. Had they not, an $8000 bucks worth of tax credits would have flown out the window for many. I just cannot understand how anything gets done in Washington anymore; this deadline had been looming for months, and nothing was done until the very last minute.
Stimulated, as they should have been, by the national homebuyer stimulus package, these latest potential homeowners in Palm Springs dutifully signed purchase offers to buy a house well before the April 30 deadline. They were making the purchase then in order to earn the promised $8000 tax credit, only to find out belatedly that, mostly through no fault of their own, the closing date for their purchase transaction was not going to take place by the June 30 deadline. Thus they were going to lose the $8000 credit. This was still the case up until last night!
Well, I guess “what ends well at least ends well.” These new homebuyers can now take a collective sigh of relief because they now have until September 30, 2010 to close their deal with the $8000 tax credit. This should be enough time, even for buyers who are purchasing a “short sale” property. For some of the details of what happened last night, please go to Last Minute Vote.
*Good News for Palm Springs Homebuyers – Federal Homebuyer Credit may be Extended