The $8000 tax credit has been successful getting more buyers into the market.  Its been so successful in the lower price range that most homes are getting multiple offers and bid up.  So should it get extended?

A loan officer I work with suggested to me yesterday that it might get extended to those who are under contract by November 30th. I LOVE this idea for a couple reasons:

1) There are a few late arrivers to the incentive that have just now decided to buy a house. Its not likely though to actually secure a home right now and close by November 30th.  So their motivation may be a bid waste of time for ALL involved unless they extend the credit a bit.

2)  A potentially more explosive situation:  What about those who go around contract now or are currently under contract and expecting to close by Nov. 30. But  thanks to various scenarios that are out of their control like title issues, short sales taking too long, underwriting changes to their loan. All the sudden get their closing bumped back a few days into December.  Imagine the frustration, the lawsuits, the stress this will cause?!?!

Just based on those two points I think the tax credit should be for fully executed purchase agreements by November 30 or even October 30th if they want to limited a bit to those who were proactive enough to potentially close by November 30th.

Chuck Carstensen - RE/MAX ASSOCIATES PLUS Inc.

Serving: Isanti, Sherburne, Wright, Washington, Hennepin, Chisago, Anoka, Mille Lacs, and Kanabec Counties in Minnesota.  612-290-3809