Thursday, July 1, 2010

TAX CREDIT & FLOOD INSURANCE PROGRAM EXTENSIONS GRANTED!!!

Received this late last night after posting my venting blog about the National Flood Insurance Program.

UPDATE:

From: NAR (National Association of Realtors)Government Affairs
RE: Tax Credit Closing Date Extension/Flood Insurance Extension
DATE: 30 June 2010

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline,the Homebuyer Assistance and Improvement Act(H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The new closing deadline legislation designed to create a seamless extension for eligible transactions is now September 30, 2010. There will be no gap between June 30and the date the President signs the bill into law.

NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation. For additional information on the extension visit www.realtor.org/government_affairs

Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010,(H.R. 5569) extending the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension. For more information on the flood insurance program visit
www.realtor.org/government_affairs

2 comments:

  1. I have a friend who signed off on her new house and closed, without a final, last walk-though so it would close yesterday. Hum...now reading your blog, I see she could have waited. It's brand new and there had been an earlier walk-through and repairs made, but no final.

    Nice blog, but wow, I do love your web site.

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  2. Thanks so much for your comment. I had a closing yesterday but took my buyer over to the house an hour prior to our appointment to make sure it was just as he expected it. I've heard so many horror stories like the buyer that did not do a final and after signing the papers and arriving with movers, opened the front door to several inches of water due to an overflowing bathtub.

    In my case, had there been outstanding repairs, we may have been able to handle it in the paperwork. That's a real shame about your friend. But I bet she wasn't working with a Realtor either, figuring buying straight from a builder....

    Hmmmm...3 new topics for my BLOG: "The Advantages of Using Realtors When Purchasing a New Home From a Builder", "The Importance of Final Walk-throughs" and "The Need for Home Inspections ESPECIALLY When Purchasing From a Builder". I'll get right on it so be watching for my latest entry!

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