June 29, 2010
Realtors: Closings In Danger Of Missing Deadline
By Matthew L. Brown
The Massachusetts Association of Realtors is pleading with the federal government to extend the closing deadline for transactions involving the $8,000 first-time homebuyers' tax credit beyond the Wednesday deadline.
MAR estimates that without an extension, nearly 4,000 transactions that involve the tax credit in Massachusetts could miss the deadline. The National Association of Realtors estimates that 180,000 buyers could lose out on the credit without an extension.
To be eligible for the credit, homebuyers were required to have a purchase and sale agreement in place by the end of April and to close the transaction by June 30.
The NAR wants the deadline to be extended by 90 days.
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