$8000 first-time buyer credit extension drama

First-time buyers who were under contract by April 30th and closed by June 30th were eligible for an $8000 tax credit. We had a rush of people getting under contract by April 30th, but now we have a backlog and builders and lenders are having trouble getting these people closed. Historic Downtown Savannah was no exception and we had first-timers looking to take advantage of the tax credit, although not as many as there should have been--I still don't understand why more people didn't take the $8000. Last week the Senate approved a bill to give those buyers an extension on closing until September 30th. I can tell you I've closed all my first-timers except for one, and we are definitely eager to see whether this bill will now be approved by the House, and whether we'll the bill will pass before June 30th. Confused about how a bill becomes a law? A refresher: http://www.youtube.com/watch?v=mEJL2Uuv-oQ

Blogger Matthew Allan is a specialist in Savannah Real Estate, focusing on Savannah's downtown historic districts, including the Landmark Historic District, Victorian Historic District, Thomas Square Historic District, Starland Historic District, Baldwin Park, and Ardsley Park Historic District.