Tax Credit is now officially extended!!

The tax credit is now officially extended!!

The new closing deadline is now September 30, 2010. You had to have a fully executed contract in place before May 1 and it must close by September 30 in order to qualify for the credit.

Although this is great news before everyone gets too excited lets also wonder how many of those 180,000 executed contracts are short sales backed by fannie mae? Because if they are, and the foreclosure date is on or before Sept 30, there’s a HUGE chunk of properties that buyers may never get once Fannie forecloses on them.

Remember, even with a fully executed contract, qualified buyer with cash in hand and the need for a place to live, an APPROVED, ACCEPTABLE PRICE FROM THE LENDER, if it’s Fannie Mae then they’re taking the house out from under those people in foreclosure!

It’s so interesting how the government comes out at the last minute to “save the day” for everyone on this tax credit thing and be the big hero when the whole time they are behind tens of thousands of unnecessary foreclosures of people who have made tremendous sacrifices in order to AVOID foreclosure.

Related posts:

1. Tax Credit a bad thing??
2. Tax Buyer Credit Extended!!
3. Fannie Mae needs 8.4 Billion dollars???
4. Tax credit being extended!!
5. Credit repair after a short sale or foreclosure