[UPDATE: June 17, 2010 - The AP is reporting the extension has been approved.]
There are times in life when you are instructed to hurry up. You do, and then you find you must wait. That is happening in the lives of many home buyers who met the April 30th deadline for the federal home buyers tax credit. Many folks endured the dash to find, negotiate purchase terms and seal deal by the required date and, with all intentions of meeting the second criteria – close on the sale no later than June 30th – have found it very difficult to do so.
The reason for the problem is simply that there are a great many people all trying to close at the same time.
So there is a proposal in Congress to extend the deadline until September 30th. It’s a good idea.
There is more to getting a property closed than meeting at the attorney’s office and arranging for movers.
There are home inspections, pest inspections, loan applications, title searches, nervous breakdowns. And all these have to be scheduled, performed, reviewed and sometimes new negotiations entered into. Whereas I can have a nervous breakdown with a moment’s notice, other things take time.
So, I say, give it to the nice people who are scrambling to do what they were encouraged to do.
