Let’s make this simple: If the Senate doesn’t extend the June 30 closing deadline for the $8,000 tax credit, NAR estimates that 3,890 buyers in Virginia will miss out.The House has already voted overwhelming to do so, but the Senate is still thinking about it.
These are not people who tried to slip in at the last moment. These are folks who met every qualification, but had their closing delayed by things out of their control — lenders, the non-renewal of the National Flood Insurance Program, and so on. In other words, by any reasonable standard, they ought to get the tax credit.
NAR is following the action in D.C., of course, but time is tight. If it isn’t passed today (June 30), those buyers will be out of luck.
Read the NAR release and get more info. And keep your fingers crossed.