Coldwell Banker DuFour Realty - Chico, CA Real Estate

Monday, June 28, 2010 @ 3:53:00 PM - Written by MW

Due to the challenges associated with purchasing short sale and foreclosure properties, many home buyers who signed contracts prior to April 30 to take advantage of the federal home buyer tax credit are concerned escrow may not close prior to the June 30 deadline.As a result, the Senate added an amendment to a bill this week that, if approved, will extend the deadline to close to Sept. 30, 2010. If the Senate passes the bill, it will go back to the House of Representatives for approval prior to reaching the president’s desk for his signature.

Another issue drawing the attention of home buyers is the lapse in the National Flood Insurance Program. Flood insurance is required for mortgages on properties in the 100- year floodplain. Congress has allowed the program to lapse three times this year, forcmany real estate transactions to be put on hold and, in some instances, cancelled. The U.S. House of Representatives passed a short-term extension of the NFIP yesterday, funding the program through Sept. 30, 2010. The extension still must pass the Senate.

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