Half The Hurdle Is Passed As Senate Okays Closing Extension

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The Senate passed the proposal to extend the closing date for the $8000.00 homebuyers tax credit to September 30, 2010. On Wednesday, June 16, the amendment was ratified in a 60-37 vote, mainly along party lines, with only four Republicans voting for it (4?? Oh, how I would love to comment on that?.but I won?t say another word about it) and one Democrat voting against it.

Again I want to reiterate that after the real estate contract is signed it is more or less out of the control of the buyer when the sale closes as the mortgage company, actually these days it is more often than not two mortgage companies?the new money mortgage company and the old mortgage holder in the case of a short sale or foreclosure, which many more sales are these days? must completer their work, the title company must complete their work to assure a clear title, the inspectors come along and find repairs that must be completed by someone, either the buyer or the seller, but often need to be completed before the financing can go through, but generally the buyer has little to not control over any of it.

So this amendment is a good thing. These buyers should not have to lose their tax credit and the 3 month extension should be enough time to get most it not all of these sales closed.

But there is still the other half of the hurdle; the House and the Senate must now reconcile their bills.