Home buyers may get three more months — until Sept. 1 — to close on purchases they made prior to May 1 and still qualify for the federal tax credits.

Senate Majority Leader Harry Reid, a Nevada Democrat, introduced the proposal as an amendment to a bill that would extend jobless benefits through November. Reid represents the state with the highest foreclosure rate.

The National Association of REALTORS® has been lobbying for the extension because buyers whose purchases are delayed by slow-moving short sales and financial transactions will lose out.

“Time is of the essence,” said Lucien Salvant, NAR managing director. “It’s important for Congress to get this done, because there’s whole bunch of loans that aren’t going to close on time.”

Source: Associated Press, Alan Zibel (06/10/2010)

This may be great news for many buyers in the Bennington VT real estate market.

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