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Wednesday, June 30, 2010

$8000 Credit May Be Lost

Cheyanne Mahoney and her fiance almost lost out on an $8,000 tax credit for first-time home buyers."We didn't think it would take from April 30 to June 30 to close," Mahoney said.June 30 is the deadline for people to close on their homes to get the federal tax credit. Mother Nature didn't follow the schedule."We never anticipated the flood delaying everything by two months," Mahoney said. The home in Green Hills the couple was buying flooded. That pushed the closing date too close for comfort, just eight days before the deadline. They're the lucky ones. Nearly 4,000 Tennesseans may not make it at all, according to an estimate by the National Association of Realtors. The Association said nationwide, 180,000 homebuyers are likely to miss out on the tax credit. It predicts that 20 to 30 percent of people eligible will not be able to close on time.There are a variety of reasons for the delays. In some cases, the banks couldn't finish the paperwork in time. Some buyers were required to have flood insurance, and right now, the government isn't selling any new policies. Mahoney's realtor, Tom Fussell of Fridrich and Clark, said another reason some Nashville closings are being delayed is that the banks want a second appraisal."What we're seeing is that appraisers are having to go back and check the condition, because Nashville's a disaster area," Fussell said.In Washington Tuesday, the House voted to push the deadline for closings until late September. The Senate is expected to take up the bill Wednesday.Mahoney is thrilled their house closed just in the nick of time."It's the best thing ever," Mahoney said. "I'm still in my twenties, and we have a house!"

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