Posted June 9, 2010 by James Roberts

Realtors want the tax credit close date extended

I was browsing the Wall Street Journal today ( as I usually do while using my monocle) and came across this article that I felt was relevant to agents/buyers and sellers.  The real estate lobby is asking that Congress extend the date at which transactions must close in order to qualify for the tax credit. Currently, you had to be under contract by April 30th and close by June 30th.The problem is that short sales and foreclosures take much longer than the typical real estate closings of between 30 and 45 days. This seems to me to be a double edged sword.. while I would love the extension ( and secretly hope it goes through).. I am also ready to see what this economy really looks like aside from all the government assistance. Regardless, buying real estate now is a great decision. Interest rates are sub 5% and there are many deals to be had. If you are considering buying, it may actually be cheaper than renting. Send me an email if you would like some additional info on Dallas real estate or to find more info about my monocle.

http://blogs.wsj.com/developments/2010/06/02/realtors-want-congress-to-tweak-tax-credit-timeline/