Since it typically takes about two months to close on a house, prospective home buyers need to have a contract by about September 30 if they want the tax credit. Some in Congress are pushing for an extension, but nothing has been decided.
The looming deadline has set off a surge of first-time buyers and has even created bidding wars for homes in some parts of the country.
Source: Wichita Eagle, by Beccy Tanner, Monday, August 24, 2009
