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Sometimes junkmail makes me smile... but all should be aware... $8k tax credit

I get my share of junkmail, as I'm sure many of you do. However, being in the real estate business, I try to be sure that the masses of real estate junk mail I get isn't legitimate business mail.

Today I ran across this [partial email] that made my day:

"I'm sure you have all seen on the NEWS over this past weekend all the advetising about the First Time Home Buyer's $8000 TAX CREDIT from the government if you purchase (MUST BE CLOSED) a home by November 30, 2009. It takes about 5 years to close your loan so we need to act fast. You still have time to take advantage of this GIFT! Interest rates are still terrific. "

I'm not sure if the email meant to say 'five days' or 'five weeks'... (assuming they really weren't boasting that this company could close a loan in 'five years') ....

What I do know is that I've been doing 'update' and 'recertification' forms for appraisals that I original filed about five months back to complete people's loans ... meaning that five months to go from 'pending sale' to 'sold' is somewhat realistic... sadly.

So ... buyer beware... you're $8,000 First Time Tax Credit might time might already be up...

Posted by Sara Goodwin - Portland, Oregon Appraiser on 09/15/2009 01:34 AM

Comments (5)

8, 000 tax credit, appraisal issues, junkmail

Post is included in group: Appraisers
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5 Comments on Sometimes junkmail makes me smile... but all should be aware... $8k tax credit

SEP

Hi Sarah....I think that loans, if the buyer is qualified is still 30 days... however, 5 mos would be a good assessment if they are attempting to buy a short sale.

I am presently working with a first itme homebuyer...and we absolutely are not looking at short sales, or even bank owned, (unless I know the agent and they have a good handle on the bank's present posture).

certainly from what you said....the mail piece was a bit unclear..but that would be true of a lot of things currently in our present market environment..

keeping a sense of humor...is important. I am wondering though, are these appraisals on open applications, on short sales you are doing? or tying up loose ends the appraiser is doing to complete a loan file (post close). muddy water everywhere...

gloria

Some people, you put a little money out there in front of them, and they do.say crazy things.

Hi Gloria - Honestly, most of these re-insections have been for refinances rather than sales of any kind. It seems as if lenders are still prioritizing sales. None were complex and certainly none should have sat in a queue long enough for the borrower's to lose their lock and incur additional fees. Still I can imagine a mad rush to the tax credit deadline might cause some bottle-necking soon.

Jim - I gotta say, if I was a first time home buyer and was considering my first purchase, $8,000 probably would have been enough incentive for me to buyer sooner than later...

Sara:

I had my crush of 1004D appraisal updates in February and March, mostly for appraisals that were 4-5 months old - perhaps the next wave is coming.

I'm sure it feels like 5 years to the borrowers.

SEP

Hi Jesse - You'd think that banks would hire temporary workers in these situations... you know, help boost the economy in other ways, too.

On a side note, I received a retraction to the original junkmail yesterday which stated "Sorry - I made a typo yesterday on the amount of time to close a loan. I meant to say "5 weeks" not "5 years". ... It's good to get that clarified :-)

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