Dean's Blog

Two days ago, the House of Representatives agreed to extend the closing date for the first-time home buyer’s tax credit from June 30, 2010 to September 30, 2010. Today, the Senate agreed to the same thing. All that is required now is the President’s signature.

While this doesn’t provide a new opportunity for buyers who missed out on the credit, it does allow those buyers who signed a purchase contract on or before April 30, 2010 extra time to get their loans closed.

There are many transactions that involve foreclosed properties or short sales which can take longer to process. This extension gives those buyers extra time to complete the process.

Many lenders and escrow companies, including those here in Burlington, Mount Vernon and Anacortes, have seen increased volumes due to the deadline which came and went yesterday. Not helping is the furlough days that Skagit County is taking, which shuts down the recording office.

So, if you’ve needed more time to close on your home purchase, it’s likely you’ll get it.