Best Realty's Lake Oroville Real Estate Blog

With the stroke of his pen the President of the United States has extended the deadline for first time home buyers to close their real estate transactions to September 30, 2010.
As with the old deadline, the extension only applies to home buyers that were under contract on or before April 30, 2010.
The extension will allow an estimated 180,000 first time home buyers, many of whom are in the Lake Oroville and Paradise real estate markets, whose loans got caught up in the backlog of files that lenders encountered by being less than prepared for the easily foreseeable crunch of home loans that resulted from buyers making a mad dash to beat the April 30th contract deadline.
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Tuesday Tax Time: the “Home Buyers Credit Extension” Edition  thriveal.com)

Image via Wikipedia

FIREWORKS over Lake Oroville show starts Sunday July 4th 9:30pm.  Food and drinks will be sold on the dam.
This event is made possible by Feather Falls Casino’s new Feather Falls Brewing Company, Bidwell Canyon Marina, the City of Oroville, the Oroville Area Chamber of Commerce and the Lake Oroville Marina at Lime Saddle.
We certainly apprecaite their efforts and Thank Them for this show.

More good news for first-time homebuyers in the Lake Oroville, Paradise, and Chico California real estate markets who missed the June 30, 2010 deadline for closing the escrow on the purchase of their home.
The U.S. Sentate, last night, passed H.R. 5623 which, when signed by the President, will extend the deadline of closing a transaction that was under contract before May, 1, 2010. The new deadline will be September 30, 2010.
There is estimated to be 180,000 homebuyers that were unable to close their transactions by the June 30th deadline due to delays in getting their loans processed.
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Extension to Home Buyer Tax Credit Deadlines Resurrected by House of Representatives  findwell.com)
Closing Deadlines for Home Buyer Tax Credit Extended  findwell.com)

This just came across the wires and I wanted to make sure all of you in the Lake Oroville and Paradise Ca real estate markets hear it here first:
(June 29, 2010)—The United States House of Representatives has just passed HR 5623, the Homebuyer Assistance and Improvement Act of 2010, by a vote of 409-5. This bill extends the deadline for closing tax credit eligible transactions from June 30 to September 30, 2010. The bill moves to the Senate where the outcome is much less certain. I will continue to update you as the events move forward.
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Will Congress Extend the Tax Credit Closing Deadline?  blogs.wsj.com)
Today in Congress  dailykos.com)
Extension to Home Buyer Tax Credit Deadlines Resurrected by House of Representatives  findwell.com)
U.S. House Extends Closing Deadline for Homebuyer Tax Credit  businessweek.com)

The United States Senate failed to pass a bill yesterday that, among other things, would have extended the home buyer tax credit until September 30, 2010.
The bill, H.R. 4123, included an amendment allowing home buyers the three-month extension on the tax credit. The extension, though, only applied to buyers who signed purchasing contracts before the original April 30 deadline.
With a backlog of transactions waiting to be processed, and in danger of not closing by the required deadline of June 30, 2010,  the National Association of REALTORS®, as well a mortgage lender groups, had urged Congress to extend the time for escrow closings to the proposed September time frame.
Unfortunately for those of you in the Lake Oroville real estate market and the Paradise real estate market in danger of not closing your transaction on time, the provision for the extension was added as an aside to an unemployment bill that had become a political hot potato.
Why Congress can’t do the common sense thing, (oh wait, my English teacher told me never to use the words Congress and common sense in the same sentence), and vote on these unrelated issue separately is beyond me.
If you are in danger of missing this deadline you might want to turn up the heat on your loan officer, as loan processors and underwriters could really care less about your time frame
There is still an outside chance that this extension amendment and be added to another bill or simply be voted on on its own merits. My advise though is don’t assume anything.
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Tax Credit Extension is Dead in the Water  zillow.com)
Tax Credit Paperwork Extension Denied  rerockstar.com)
200,000 could lose out on homebuyer tax credit  money.cnn.com)