Tax Credit Extension

The tax credit was extended. If you entered a purchase agreement by April 30th you had until June 30th to close escrow. Under the legislation the passed these households now have until September 30th to close.

This is mostly because buyers are experiencing delays due to getting loans closed on time. These delays are caused by the huge amount of transactions that are short sales, which may take longer to close. There was a rush of transactions being processed by lenders from buyers who submitted contracts before the April 30th deadline.