Real Estate info- buying, selling and everything in between: Fantastic Ranch for sale in O'Fallon IL (and tax credit close extension)

Tax credit extension passes Congress: U.S. homebuyers who are eligible for a Homebuyer Tax Credit now have until Sept. 30 to close the transaction and receive the credit. Congress has extended the closing deadline, which had been June 30, by an additional three months. President Barack Obama is expected to sign the legislation soon. The action affects an estimated 180,000 homebuyers who, because of circumstances beyond their control, had been unable to close on their purchase by the original deadline. Short Sale and REO transactions are holding up many of these closings. Qualified first-time buyers can receive a credit of 10 percent of the home price up to $8,000. Repeat buyers are eligible for a credit of up to $6,500.

 The National Association of Realtors estimates that 4.4 million people have received the credit since it was made nonrefundable in 2009. That includes 2.9 million first-time buyers and 1.5 million repeat buyers. © 2010 RE/MAX, LLC. RE/MAX Affiliates may share this article, provided they do not charge for it and this notice is included. All other rights reserved.