Up to 180,000 homebuyers may lose the tax credit if the deadline is not extended past June 30, 2010 — and not by any fault of those buyers.
NAR reports that in Maryland, that number is around 2,630 homebuyers.
This is due to waiting on short sales, foreclosures, or lender delays, none of which these homebuyers have any control over.
According to NAR President Vicki Cox Golder,
“These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a workflow jam with lenders or other delays such as lapses in the National Flood Insurance Program, Rural Housing Service, and new home construction, and might not be able to complete the purchase of their homes by the current deadline,” said Golder. “It would be a tragedy for them not to be able to complete the purchase in time to claim the credit.”
This is bad news for these qualified buyers who have done everything in their power to meet all deadlines for the tax credit that they are eligible to receive.