Home Buyer Tax Credit Extended for Those Already Contracted

Posted by Dylan Taft on Friday, July 23rd, 2010 at 1:10pm.

For those who missed out on the Home Buyer Tax Credit, there is good news: the credit has once again received an extension. Enacted on July 2, the U.S. Home buyer Assistance and Improvement Act of 2010, which was largely backed by Senate Majority Leader Harry Reid, extends the closing deadline from June 30 to September 30 for buyers who had entered into a binding contract by the original April 30 deadline. Therefore, while it is still too late for those who didn’t get the ball rolling before the April deadline, those who had trouble with closing on the deal in time can still take advantage of the $8,000 maximum credit for first time buyers as well as the $6,500 credit for longtime homeowners who decided to purchase a new home.

In order to qualify for the first-time homebuyer credit, the buyer must not have jointly or separately owned another principal residence over the past three years. If the property is being purchased by a married couple, this stipulation counts for both the husband and the wife. To qualify for the longtime resident homebuyer credit, on the other hand, the buyer must have resided in the same residence for five consecutive years within the past eight years. Once again, if the home is being purchased by a married couple, this stipulation applies to both the husband and the wife.

While this extension is beneficial to anyone who was attempting to purchase a home before the deadline, it is particularly good news for those who were interested in a short sale. After all, short sales traditionally take some time to complete as the necessary paperwork gets completed. For many who were interested in purchasing a short sale, signing the contract by the end of April and closing on the deal by the end of June was nothing short of impossible.

According to the National Association of Realtors, approximately 180,000 prospective homeowners were at risk of missing out on the tax credit if the extension had not been passed. Now, with the deadline extended to September 30 for those who were under contract by April 30, those buyers have the extra time that is needed to complete the paperwork necessary to close on their deals.

With the new bill only applying to those who were already under contract, the extension is not likely to cause a boost in home sales. Still, for those who were caught in limbo and who thought they might have missed out on this deal, the passing of the bill is certainly very good news.

About the Author:
Eric Bramlett is the broker & co-owner of One Source Realty, a boutique Austin real estate brokerage. Eric currently manages his agents, and works with select buyers & sellers. Eric manages a Austin condo website, and specializes in Steiner Ranch Homes for Sale. Eric has worked in central & west Austin for 7+ years, and is considered an expert in online marketing.

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