The U.S. Senate voted on yesterday to give homebuyers another three months to close on their contracts and take advantage of the $8000 tax credit for first-time buyers
The Senate voted 60-37 in favor of the extension.
Makes perfect sense to me. Some short sale transactions take quite a while to close after the accepted purchase contract is signed off between buyer and seller.
The credit is only for those homebuyers who have already ENTERED into a contract by April 30th.
The good thing is that the credit is an actual credit that can be used on your tax return, and given an individual taxpayers situation, may result in a refund check.
