Tyler Flaherty's Blog

The deadline for the home buyer’s tax credit is fast approaching and many are asking will it be extended.
Obviously this tax credit seemed a little odd to end before the end of a tax year (December 1st 2009) so it seems almost certain an extension is in our future. The only problem is when.
There currently are many initiatives

 (see many of them here  http://www.govtrack.us/congress/bill.xpd?bill=s111-1230&tab=related )

calling for the extension and even increase of the current home buyer’s tax credit.

To summarize or highlight a couple I will start with H.R. 2655: To Amend Internal Revenue Code 1986.  This bill expands the credit to not just first time home buyers but to all home buyers and extends the credit through 2010.

H.R. 1245: Home buyer Tax Credit Act of 2009.  This bill was introduced in March and is currently in committee as are many of the others.  This bill ups the ante for everyone as well, expanding through 2010, but takes it a step further by boosting the tax credit up $15,000 instead of $8,000.  Interestingly enough the bill is sponsored by both Republican Sen. Johnny Isalson (R-GA) and  Democrat Sen. Christopher J. Dodd (D-Conn). 

I have numerous first time home buyers trying to make the cu-off for the current tax credit and I hope for their sake an extension is passed soon.  Since we are already two weeks into October you better believe that the minutes are running out for first time home buyers to take advantage of this credit.  A first time home buyer needs to close escrow prior to the deadline not just be in escrow to receive their tax credit.  In essence we have just about reached the threshold of the 45 day escrow.

I will be keeping a watch-full eye on the sight above.

Home buyers can now choose which title company they want to use. The may appear like a small thing but can drastically help out the most important purchase of your life. Good escrow officers can make and break a deal.