Please see more updated posts on the” tax credit extension” where some of these questions & answers & dates are addressed.
There are many confusing points and valid questions at the forefront of the “tax credit extension” and new credit for second time buyers, and in delving further, I am not finding the answers needed. I am hoping that once the bill is signed by the President, we will be able to see the bill and be able to clarify a few more points.
Here is a good comparison chart provided by the National Association of REALTORS. It does not appear to address whether if a buyer is under contract NOW for the $6,500 and settling after December 1, if they would or would not be eligible. The effective date of the bill is December 1, 2009.
Again, I am hoping for more clarification once it is signed by the President. I wonder if we will see a large amount of settlements extended into December if it is the case!