Richmond Real Estate Blog

One more time......again.

The United States House of Representatives has just passed a bill, on the Homebuyer Assistance and Improvement Act of 2010, by a vote of 409-5. This bill will extend the deadline on closings for tax credit eligible purchasers (contracted before April 30th) from June 30 to September 30, 2010. Now the bill will go to the senate and hopefully go as smoothly as the House.

This is good news because $180,000 home owners would loose their $8,000.00 tax credit through no fault of their own. In Virginia, we have close to 4,000 buyers who are counting on that deadline extension.

From our NAR President:

“We are strongly urging the Senate and the House to act quickly to pass this legislation and ease the minds and pocketbooks of these home buyers,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz.

I am behind the president, I think that I would feel ripped off, if I was promised the $8,000 and did not get it through no fault of my own. Most of the folks I sold homes to with the tax credit, factored that money into their negotiations. Banking on that credit!

Push your senators folks, it's really not fair. I know that we are tired of hearing about the Tax Credit but lets see this through to the end. Contact your local Senator.