Well, help may be on the way from the same folks that brought you the tax credit in the first place: congress. Three senators (Senate Majority Leader Harry Reid, Johnny Isakson, and Chris Dodd) have introduced a measure to extend the deadline for closing to September 30. However, just to clarify, this would not affect the April 30 deadline for being under contract.
Of course, the NAR (National Association of Realtors) is all over this measure. They’ve already issued a statement and are lobbying congress to pass this:
As the leading advocate for homeownership and housing issues, NAR
commends these Senators for their attentiveness and sensitivity to
thousands of qualified home purchasers, who through no fault of their
own, are not able to meet the closing deadline of June 30 for the
homebuyer tax credit. Now we urge the Senate and the House to act
quickly to pass this legislation and ease the minds and pocketbooks of
According to an article on the NAR Web site up to 180,000 home buyers are at risk of not closing by June 30 through no fault of their own. Knowing the NAR, this is probably a very high end estimate, but nevertheless it’s a real issue. Can you imagine if all these buyers walked away from their contracts, forcing these homes back on the market?