WALTHAM, Mass – June 29, 2010 – Up to 3,930* Massachusetts home buyers will lose their tax credit through no fault of their own if Congress fails to pass an extension to the home buyer tax credit closing deadline of June 30. The National Association of REALTORS® (NAR) also estimates that up to 180,000 home buyers across the country would lose out on the tax credit.
“These numbers from NAR reflect what REALTOR® members are experiencing across the state,” said Massachusetts Association of RELALTORS® President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. “Home buyers who previously met all the requirements of the tax credit are in serious risk of not being able to complete the purchase of their homes by the June 30 deadline because they find themselves in a logjam with lenders, inspection companies or are facing other unexpected delays.”
REALTORS® are proposing that the home buyer tax credit closing deadline be extended an additional 90 days. If passed, this would give home buyers who signed binding offers to purchase by April 30, 2010 until September 30, 2010 to complete the purchase of their homes (from the current June 30, 2010 closing deadline).
“We echo the statement of NAR President Vicki Cox Golder in strongly urging the Senate and the House to act quickly to pass this legislation and ease the minds and pocketbooks of these home buyers,” said Sears.
*The Massachusetts estimate of homebuyers who will miss out on the home buyer tax credit was provided by the National Association of REALTORS®.
About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 20,000 members. The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.
Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.