The U.S. Senate passed two bills last evening previously passed by the House. Both bills still need President Obama's signature to become law, but that's expected to happen quickly.
Homebuyer tax credit
The Senate passed HR 5623, which extends the mandatory closing date to qualify for the homebuyer tax credit. The contract deadline does not change - homebuyers must have a contract signed by April 30, 2010 (an exception for active duty military) - but the previous closing deadline of June 30, 2010, has been extended to Sept. 30, 2010.
This is great news for buyers who are awaiting bank approval of the terms of their short sale contracts. Although many had acted in a timely manner, it appeared that the deadline would come and go and there was no rushing the bank negotiators.
What a great act of good faith from the government at a time when it is needed most.