Home buyers stuck in the pain-staking process of closing may get three more months of eligibility of the Federal Tax Credit. Legislation introduced last week may do just that.
"The National Association of Realtors said many home buyers will not be able to meet the June 30 closing deadline because of the surge in loan volume and delays related to home appraisals and short sales, transactions in which lenders allow struggling homeowners to sell their homes for less than they owe on them.
The association estimates that as many as 180,000 people who signed a contract by April 30 would not be able to meet the current closing deadline, said Lawrence Yun, the group's chief economist. 'Under normal market circumstances, most people would have been able to complete a deal in a two-month time span,' Yun said."