I received this “hot off the press” in my mailbox yesterday, so technically it is not breaking news, but I know so many homebuyers who are upset about delayed escrows and extended timelines lately in the real estate process that this is good news for those worried about waiting on banks. Read on!

The Senate has approved a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale. The proposal would only allow people who already have signed contracts to finish at the later date. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline.

Remember this only applies to home purchases already in escrow with a signed and executed contract from on or before April 30th, 2010.

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