The Senate fell three votes short last week of passing legislation that would have given buyers until Sept. 30 to close on their deals. Now they’ll have to close by June 30 or lose the $8,000 and $6,500 tax rebates.Real estate agents are now worried about home sales collapsing if buyers can't close in time to get their tax credits.
Douglas Rill, broker at Century 21 in West Palm Beach, states: “For some people, the $8,000 was the icing. For others, it’s the cake.”
For example, Jordan Rodack’s closing on a townhome near Boynton Beach has been delayed because he can’t get flood insurance. He states: "The $8,000 credit was the reason I got into the market. Without it, it will be troublesome to close on this house.”
For example, Jordan Rodack’s closing on a townhome near Boynton Beach has been delayed because he can’t get flood insurance. He states: "The $8,000 credit was the reason I got into the market. Without it, it will be troublesome to close on this house.”
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