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On Friday, July 2, President Barack Obama signed into law a three-month extension of the Homebuyer Tax Credit. The extension was expected, especially considering the backlog of.approved contracts sitting at many lenders’ offices.
However, this extension is great news for those awaiting lender approval on short sales.
For those who are unfamiliar with the term, a short sale is a popular method of selling a home.whereby the lender agrees to take less than the homebuyer owes on the mortgage in order to sell the property and clear title. The deadline for an approved contract under the tax credit was April 30, after which the parties had until June 30 to close the deal. However anyone familiar with the short sale process is well aware that a 60-day window on a short sale is way too optimistic.
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