- Category: Market Updates Market Updates
- Published: 01 July 2010 01 July 2010
- Hits: 13019 13019
A bill has passed in Congress to give homebuyers another three months to close on their pending home purchases and receive an IRS tax credit up to $8,000.
The bill applies ONLYto homebuyers who met the April 30, 2010, deadline with a signed contract to purchase a primary residence. The bill will extend the deadline to September 30, 2010, for homebuyers to close on their pending Idaho real estate transaction. The previous deadline was June 30, 2010.
The National Association of Realtors estimatesthat as many as 180,000 homebuyers who met the contract deadline of April 30, 2010, may be affected by the extension. A typical closing (escrow) time frame is 30-45 days, however with the number of Idaho Short Sales in the pipeline, the closing time frames have been substantially extended! Now Idaho home buyers will have additional time to close their transactions.
Even if you didn't get into contract by April 30th, there is still a tremendous opportunity available through the combination of low home prices and historically low interest rates. Act now on this opportunity before market conditions change.
Take advantage of the great Idaho weather and let's go home shopping!
What is the typical Short Sale Time-Line?