Aren't you glad you didn't hit the panic button?
I'm talking to you folks who bought a house this spring before April 30th and were told you could get the government's tax credit AS LONG AS YOU CLOSED BEFORE JUNE 30th! So what did you do? You kinda rushed and thank God! You got an offer accepted by April 30th!
Whew! But wait... a new stress thing! You need to close by June 30th! OK, sez you. But it wasn't really up to you was it? Your bank had to get their stuff done in order for you to close. Really almost had NOTHING to do with you at all.
So you kept in touch with the bank.... "are we OK ?"... "did we get the committment yet?"... "are we 'cleared to close'?"... "hey that June 30th date is getting close! We are depending on that $8,000 credit you know!"...
There were many out there who were sweating bullets! Yup, they didn't think the bank was going to get the file closed in time! Oh no!!!! In fact there were a few that were threatening to cancel ther contract because of this.
What's going on ???? Well, any time a deadline is imposed, everyone and their brother is "pushing" toward that date! The banks were "overwhelmed"! So the powerful banking world lobbied our fearless leaders and asked for a NEW date.
So guess what? Here's what your government is saying now, " As long as you really did have a contract by April 30th... we are going to extend the deadline... Your bank will have until September 30th!"
Well, it's not totally OK yet... the House has to approve this measure... but the Senate already did... Keep your eyes and ears open! Your government is all over it!
Good luck my friends!