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First Time Homebuyer Tax Credit Extension:

Friday, July 2, 2010, President Obama signed into law H.R. 5623, the Homebuyers Assistance and Improvement Extension Act of 2010. This means that home buyers who were under contract on or before April 30, 2010 to purchase a home, now have until September 30, 2010 to close on residential real estate transactions and qualify for the homebuyer tax credit.

This is good news for short sales that have not been agreed to by the bank yet, but the contract was signed by the buyer and seller before April 30^th.

If the bank signs off before September 30^th (allowing time to close, approximately 30 days) buyer qualifies for the tax credit.