Today, the Senate approved a plan that will give homebuyers an extra three months to complete their transactions and qualify for the $8,000 federal tax credit.  This extension only applies to people who were under contract by the April 30 deadline.  Originally, homebuyers needed to complete their transactions by June 30, but many homebuyers were struggling to meet that deadline due to the extreme delays experienced with short sales.   Many buyers have been waiting patiently for months and months for banks to get around to issuing short sale approvals.  With this extension, an estimated 180,000 homebuyers who would have missed the deadline will now be able to take advantage of the tax credit.  These homebuyers now have until September 30, 2010 to complete their transactions.

For further information, check out this article from the Associated Press.