Home Buyer Tax Credit Extended
Congress just passed yet again another extension to the first time and repeat home buyer tax credits. The tax credits allow up to 8,000 to new home buyers and up to 6,500 to repeat home buyers. The former bill stated that a valid contract must be entered into by April 30, 2010 and closed on or before June 30, 2010. The new bill allows for a little breathing room to buyers who are involved with the arduous process of short sales and banked owned foreclosures, there are many of these properties available in today's market and are offered at a discounted rates which makes them a desirable. These types of transactions are known to take quite a bit longer than traditional real estate sales transactions to complete. This new bill…