Real Estate Blog - THE FIRST TIME HOME BUYERS TAX CREDIT EXTENSION - IS IT SOUP YET????? OR, IS IT STILL SAUSAGE???

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THE FIRST TIME HOME BUYERS TAX CREDIT EXTENSION - IS IT SOUP YET????? OR, IS IT STILL SAUSAGE???

WARNING! WARNING! WARNING! WARNING! WARNING!

ActiveRain members are posting articles claiming that the "FIRST TIME HOME BUYER CREDIT HAS BEEN EXTENDED".

IS THIS FACT?

OR IS THIS IRRESPONSIBLE RUMOR?????

SHOW ME THE LEGISLATION!

SHOW ME THE LAW!

SHOW ME THE RECONCILIATION!

SHOW ME THE FACTS!

Show me more than rumor. As I understand it, the extension has been proposed and passed by the Senate. THAT DOESN'T MAKE IT LAW.

There are two branches of Congress. One branch can pass and then it goes to the other branch. These are co-equal branches of Congress.

Any extension would, I would think, then have to be signed by the President of the United States.

"Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev."

"Senators agreed" "Senators agreed" "Senators agreed"

Doesn't make it law.

Be careful out there folks. Your posts are going on Google and, if you are wrong. . . . . . ?

Posted by Lenn Harley, Real Estate Broker, Maryland & Virginia on 10/29/2009 05:15 AM

Comments (128)

Tax Credit in the ActiveRain Channel

first time home buyer credit

Originally posted at: MD, VA Foreclosures, First Time Buyers Grants, CDA Loans MD, Rehab Loans MD & VA: THE FIRST TIME HOME BUYERS TAX CREDIT EXTENSION - IS IT SOUP YET????? OR, IS IT STILL SAUSAGE???

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128 Comments on THE FIRST TIME HOME BUYERS TAX CREDIT EXTENSION - IS IT SOUP YET????? OR, IS IT STILL SAUSAGE???

OCT

I read a post just a little bit ago in which someone announced it was "approved by the Senate".

Ok. Where's the soup???

I'm not posting a darned thing on this speculation until it becomes non-speculative.

Good post. Home buyers should not assume that the program will be extended until that happens.

Kris. Same here. When it is passed INTO LAW and not just one branch of the Congress, I'll put it on all my web sites Until then. . . . ?

Roy. I don't know what's going on. Can a Georgia propose something have it passed into law by the Senate???? That's news to me.

According to the notice I received from NAR just last night, It is not LAW!

Thanks Amy. I'll go read that.

Mmmmm. The latest post on Realtor.org is October 23rd.

I'm missing something. I don't get NAR notices.

Lenn,

Until the President's pen touches the paper and he actually completes his entire signature, this is not the law. Until that very moment, all it is is speculation.

That's one of the problems with 24 hours a day news - things that aren't really news (i.e. the President swats a fly) become news.

Lenn, thanks for the warning. I was going to reblog a post on this, but since reading your post this morning, I will wait and see if it does become law.

Lenn,

Shoulda, coulda, woulda. I'm keeping my fingers off the keyboard until something is finalized. Some people don't realize that once its out there in cyberspace, you can't pull it back.

Rich

Brian. Absolutely.

Sadly, I'm seeing posts all over ActiveRain by members posting that it a done deal. Are they irresponsible? Or, trying to mislead the consumer???? Either way, they need to be honest and accurate.

How much trouble did it cause when the SECRETARY OF HUD Donovan told the world that the tax credit could be used for an FHA down payment??? GEEZ! HE WAS WRONG!!!!! He covered without ever admitting HE WAS WRONG!!!!!! Are all of these AR members going to admit that they were wrong???? Doubtful.

The process of a bill becoming law is one of those things we learn in 7th grade, like basic copyright matters. Mmmmmm. There appear to be a few folks who skipped that class.

Rebecca. Me too. I watched the news all evening yestarday online and on the TV and as of this a.m., there's no action from the House on this.

Richard. Indeed. Let's get our facts first. I'm ready to make the announcement on all of my web sites, but until then. . . . . . .

It is yet to be seen if this will go through. We all remember when the thought was the credit was going to go to $15,000. Never happened. This may not as well.

Scott. Indeed. Sadly, there appear to be more than a few AR members who either don't know how a bill becomes law and are posting bad information.

Lenn, Thanks for saying it! I saw a bunch of posts last night stating the credit is extended...but had a hunch that this was not the case...at least just yet. It is a shame for someone to post something so important to buyers right now and not have an official word. It is completely misleading.

Hi Lenn, Good post. Thanks for sharing.

Best - Sash

Lenn- Keeping my mouth shut and my hands off the keyboard til I see it signed. I have had a few calls from not only clients but industry people thinking it is extended and I have had to set them straight. Mmmmmmmmm is right!

Dixie

Lenn - Just because many Realtors "wish" it to be so , does not make it so. Just the mere fact that the extension had to be tacked on to another bill makes me abit nervous to begin with. Sounds as if there isn't "a meeting of the minds" yet and the "bill" may go through some negotiations before it sees daylight again.

Lenn...it should not surprise you that agents would be posting this mis-information. Why should you expect them to understand the legislative process? I would hazard a guess that most of those posting a rumor is a law have little understanding of any law. Our profession is rooted in the law. Rushing to post rumors as facts is sort of a "yellow blogism" ( yes, I coined a new word commenting on your post ). I would hope that consumers take heed and seek counsel elsewhere when entering the real estate process.

A wise choice would be to avoid those that spout rumor to promote themselves or lies that indicate either a lack of respect for the law or a total ignorance of the process.

Yea for saying this. I have been seeing it too and I will not post on it for Ann Arbor until it is a Law.

Signed into Law....

I know many agents are excited, (not me) but caution should be used.

GOOD MORNING LENN! Show me the data! -- Gabrielle

Assuming get many well intentioned people in trouble and really has no place in our business.

Lenn, yes the AR posts just keep coming about this. People need to do their homework and check the facts before posting.

I posted MULTIPLE comments last night telling bloggers they were jumping the gun. One person sent me a note and pulled their post. There are two bills HR 3548 and S 1699 to track and when the Senate and House versions come together and the President signs it THEN and ONLY THEN should anyone be posting that the credit has been extended. Anyone who wants to track the bills can go to www.opencongress.org and hit the track button to keep up with the latest information.

Betty & John. I've noticed that recent posts are more cautious. Some misleading ones are still active.

Mark. Agreed. It also reflects on us all.

Garbielle. When it's law, I'll blast it.

Missy. Agreed. Seems to me that our credibility must mean something.

John. Agreed. They are either ignorant of the law making process or seek to mislead to get leads. Either way. . . . .

Laura. Right now. . . it's sausage.

Dick and Dixie. Good for you. When the time comes, I'll blast it all over my web network.

Sash. My pleasure.

Cara. Agreed. Our reputation must mean something.

They have to extend it. .that is their modus operandus . .I have no doubt

Cindy. Thanks for the links. Perhaps that will help some bloggers AND CONSUMERS.

Are the local news agencies reporting it? Because unlike bloggers, they are really, and truly journalists -- who can not report rumour. They have to check facts, and check facts and if a story goes out that's not right . . . oopsie. This would be the type of story, that if it is "true" it will be a very big news worthy story of the day. I've not heard a thing on the wires.

Carla. Good analysis of "news reporting". Time will tell.

"Brian. Absolutely.

Sadly, I'm seeing posts all over ActiveRain by members posting that it a done deal. Are they irresponsible? Or, trying to mislead the consumer???? Either way, they need to be honest and accurate."

It does get tiresome, doesn't it?

Bad information from "professionals" breathlessly rooting for bad legislation, all out of short-sighted self-interest.

Lenn - so glad this got featured. Senate approval is very different from law, and there's still a great deal that can happen in the meantime.

With the news stories starting to circulate, the general public is going to be more confused than ever. Here's a MSNBC story from last night.

http://www.msnbc.msn.com/id/33522046/ns/business-real_estate/

When I first read it, I thought the bill had passed the Senate - on rereading, I'm not even sure it's passed the Senate!

YES, LENN! Last night I was quelling rumors all over twitter. Even one of our local associations called it -- and there WASN'T A VOTE! I believe it WILL happen, but we should NOT report that it HAS until it REALLY HAS!

It is RAMPANT on Twitter this morning that the tax credit has been extended. It HASN'T! Not yet, maybe not ever. Wonder what this is going to do to everyone who needs to close by November 30th? Hope they're staying on top of their lenders, buyers, and sellers - just in case.

Add to the fact that there are so many versions floating around, the only thing anyone truly knows is nothin'.

FYI to Cindy's comment above...the web link is www.opencongress.org (not .com).

I agree...show me the money!

Lenn - At my last check, only the Senate committee has passed some sort of extension for the first-time homebuyer tax credit. It STILL has to be voted on by the Senate AND the House, and then it still has to be signed into law by the president. Until signed into law, the first-time homebuyer tax credit has NOT been extended.

Right on Lenn. Reminds me of the old commercial, 'where's the meat?'. I'm a natural skeptic, and I'll believe it when I see it.

Lenn - YES! THANK YOU! I read a bunch of posts about the tax credit being extended last night on AR. It is my understanding also, that it still has to go through the house and yes, then it still has to be signed by the president. Also, I'm sure it's possible that details could change before it's all said and done too.

We can't believe in everything we see on the news...

One of my mortgage broker friends with a lot of "ties" has told me it's a "done deal", too. I ain't announcin' nuthin', tho.

Our local news station said that it must get passed by the House. It also stated that the House supports the extension of the credit.

Lordy Lenn- I just saw two more announcements come down the blog roll saying it is extended. Lenn, you got to be fit to be tied. I am reblogging this so as to counter some of this.

THERE IS NO CONFIRMATION THAT THE TAX CREDIT HAS BEEN EXTENDED...actually I have heard talk it may noy be put back into place until beginning of 2010. As realtors, we have to know what the status is and it is so important no one say that to a prospective buyer as it is not true; no matter how hard we may wish for it (at least not yet)

Some agents are being so reckless and ignorant. In their haste to be the "first to report", they are harming the entire industry. Thanks for scolding them Lenn!

Tina in Virginia

Lenn, Thanks for your post. I went to NAR this morning and found nothing but I knew I would get the real scoop from Active Rain. I sure do hope it is passed:)

Lenn:

This is the article that I read on this. "Senate Leader Back Extending the Home Tax Credit:

http://www.boston.com/business/articles/2009/10/29/senate_leaders_back_extending_home_tax_credit/

It is very interesting but it is certainly not a done deal.

I reblogged a post on the "breaking news". I think that it was fair and accurate, and included an adequate clarification to readers. It's nice to hear that at least someone is considering this.

I don't like misinformation either, but welcome to web 2.0.

From my post----

"Now, none of this is certain in any way, but an extension applicable to all home buyers would be very good for the housing market. If this amendment passes today, it still has to go through the House of Representatives and then the final bill must be approved by both chambers of Congress, then the President must still sign it. It is encouraging news, watch for more details as they emerge!"

IF "they" are going to extend, or expand this credit, I don't think that we will know about it until the final moments of it expiring.

When and if I post about this it will be after you Lenn! LOL Thanks for bringing this to our attention.

Yeah, it happened the first time it was being considered, too. And then, when it finally passed, there was about three or four weeks of bloggers trying to clarify it.

Here's the deal, if it does pass, anything I post will say, "You should check with your accountant for the rules regarding your application for this extended and new tax credit." I'm a Real Estate Agent.

Thank God this one got a feature, Lenn.

Lenn, great post. I don't think many in our country actually understand how it all works. Who can initiate a bill, the steps it needs to become law, and what is involved in the process. They also need to understand the balance of powers between the legislative, executive, and judicial branches, and who is responsible for what.

From what I hear, Its not a done deal yet. I think there will be some sort of extension, but probably modified in some way.

Lenn, Am I to assume the health care bill has passed too? It has a good chance but you are right to point out that telling clients" it's done" can have consequences. Great post

Whether it's this topic or any other that impact our industry, blogger agents should have a SOURCE of information other than another agent who "said" something. I've been looking for a valid source for the approval of the extension and haven't found one yet. Until that happens, my lips and keyboard are sealed.

It's annoying having to correct people. A mortgage guy at my BNI meeting proudly announced that it was passed and in effect. I questioned him but he was confident that it was done.

I think everyone wants to be the first with the breaking news. Who is going to get their post featured on the news when it actually passes.

Yep. lots of articles floating around out there, even videos of the news casts. I bet folks are even telling their buyers it's a done deal. Waiting....

Jeff

Lenn, I saw it as not been voted on yet!
I hope you are having a super week,
Paul

Lenn: Maybe we need to add a government class to continuing education since laws affect our industry so much. I guarantee you that some people posting this as fact have no clue that a law must go through the Senate AND the Congress, THEN signed by the President. Somebody needs to find those old Schoolhouse Rock animations and post them here for all to see.

Thanks for your post. I posted a link to an article and mentioned the details in a members only post, but was not clear enough that it is not yet law. I have pulled that post to avoid confusion. Have a great day.

Lenn - I agree.....we should never ASSUME anything.

You said it sister. I started getting the tweets last night, and checked Realtor.org and noticed that nothing had been updated.

Lenn- good point I started seeing them last night. I researched a bit and found that there are plenty other parts of the same bill that are still being negociated. I posted that it was looking like it might be extended but put HUGE disclaimer as the first line saying that it is not yet official, just one step in the right direction. The right direction if you are for the credit. A lot of my personal buyers are really hoping this goes through. Personally I don't agree but if It's here I'm using it.

The problem is with the headlines that most people read.

For example, here the headline for a UPI story today:

Move-up Buyers to Get Homebuyer Tax Credit

There's no uncertainty in that headline at all. It's a definitive statement. Fortunately they explain at the end of their story the process that has to take place, but how many people get that far?

Once the homebuyer credit reaches the Senate floor in the form of an amendment to legislation extending unemployment benefits, passage is expected to be easy. ...

Enactment also should be quick and easy, and the credit may reach the President's desk as soon as next week. The unemployment benefits bill is sure to pass the Senate and has already passed the House of Representatives. Differences between the House and Senate versions will be worked out quickly in a conference committee and returned to each body for a single up or down vote. There will no opportunity to vote on specific amendments.

Hi Lenn: Soup, sausage or just plain Silly! This is how the news causes rumors to fly ... people hear half of the message and mis-interpret the other half ... anything to draw attention to the tax credit will do (lol)

It is supposed to be "signed" into legislation today (Friday), we shall see

Great Post!

It is important to link the correct information when linking information such as first time tax credt extension. Everyone is waiting for the news.

Hi Lenn ~ Thanks for this post. I actually thought I might be missing something and this had been passed without me catching it! That's how definitive these folks are about the extension... Not good. As you pointed out. You can't take it back later once it's posted all over the Web!

Denise

Yes, I read several tweets about this last evening and thought, "I'm not posting squat until I check this out on Active Rain!"

Forget NAR for being my source. I'm checking in with Lenn! :-)

Lenn - it hasn't even gone to a floor vote in the senate yet, it is both premature and irresponsible to say that it has passed.

Lenn - I too saw the blogs and was amazed. The bill was proposed and the proposal approved, but not yet voted in the Senate. There are still quite a few steps missing in the process before it becomes law. Thanks for the post and for the warnings.

You are absolutely correct. It still has a few stages but we are getting closer. People should hold off of sending posts until it is finalized. Many things can still change.

Lenn-Thank you for posting this. I have been watching these premature postings and hope this is not providing false hope to potential home buyers!

This is one of the reasons that home buyers were so clueless about the tax credit in the first place. Misinformation creates confusion, confusion creates distrust and makes us all look bad.

Until it becomes law, no one should be spreading innuendo and portraying it as fact.

Hi Lenn. I think it is partly due to some people misinterpreting what the media claims. "Control the media. Control the minds of Americans." One place of many that I check is for the Senate roll calls here. ~ Lana

We need to be vigilant. The other side is mobilizing! They already have thousands of calls being made. CALL YOUR SENATORS AND TELL THEM THAT WE NEED THIS BILL!!! Click the link below to get the phone numbers!!!

http://patrick.net/forum/?p=17154

Please oppose the $8000 debt-slave bait!

By Patrick on Wednesday, October 28th, 2009 at 4:00 pm | 2269 views | rss | email this | add a comment

The U.S. Senate will be voting on an amendment this week that would extend the first-time mortgage-slave tax credit.

The NAR is supporting the Dodd-Lieberman-Isakson amendment because they hope to get commissions for ruining more lives with debt.

This amendment would:

-Provide the $8,000 tax credit to ANY buyer (not just first time) so realtors can take more commissions at taxpayer expense.
-Set income limits absurdly high at $150,000/$300,000 for single/married buyers.
-Make the credit available until June 30, 2010, rigging the housing market to postpone affordable house prices.

The NAR is distributing "Legislative talking points" on the Dodd-Lieberman-Isakson Amendment $8,000 "Homebuyer" Tax Credit so realtors know how to spin the issue in public.

Patrick.net is asking for your help in generating phone calls to your senators in Washington, DC.

Please request to speak to each Senator's Tax Legislative Assistant and ask them to OPPOSE the Dodd-Lieberman-Isakson amendment. We need to generate as many calls as quickly as possible. Here is a list of the phone numbers for our Senators:

http://www.senate.gov/general/contact_information/senators_cfm.cfm

Feel free to repost this article anywhere you want.

Thank you!

Great post and not a minute too soon! I was dumbfounded to see all the misleading posts out there to the consumers.

ON issues such as this, I always wait for two verifiable sources that are trustworthy before Ipost.'

Lenn, it 2as on the news this morning, so it must be true... and they also said it MAY be extended to home owners of 5+ years who want to purchase a 2nd home!

In today's digitial world, so many people want to be the one to "Break the Story" that they don't digest the soup or the the sausage at all.

I remember when Senator Craig made his statement after his "airport bathroom incident" that it was his "intent to resign" and the media and everyone rebroadcasted immediately that he "had" resigned. Later, when people had to go back and "listen" to what he actually said, the soup de jour for the media had them eating crow.

Loosing your credibility is like loosing your virginity - you never get it back!

And this has caused our market to go stale again.....REALTORS need to learn to keep their mouths shut until it is a fact. This Rumor mill is killing us. Thanks Lenn

Oh...and yes....unless the Constitution of the United States has been changed it needs to pass both the House of Representitives and the Senate and be signed by the President......

Maybe CNN has a way around that?

Personally I hope they do extend it... but I have no expectations our congress can make any cohesive decisions right now... too busy acting like bad children... posturing and trying to create the sound bite of the day.... very disappointing...

Done deal? I dont think so. But that's not how I read it too. Perhaps some did make it sound real, but I dont think that's what they mean??? Surely they are not! But everyone wants to be the first to make that an announcement to their readership. I know I would too. But I will handle it with caution.

A few months back, I thought about doing a blog that had headlines, "First Time Homebuyer $8,000 Tax Credit Extended". The information contained within the blog was going to reference how anyone can publish false information these days. I've already started receiving emails about how the tax credit has been extended.

NAR just pushed an email via their "Broker Involvement Program" stating "there is no agreement on how to attach this tax credit to the pending Unemployment Insurance bill, or whether to offer the tax credit agreement on another bill . . . and after Senate action, the tax credit must go to the House of Representatives for Action"!

I could not find 1 similar version between 2 articles. This is going to be tough to jump and celebrate too early.

After the last time we experienced some premature excitement, I am not celebrating yet. It will be interesting to see where this goes.......

You make a good point, Lenn. It is easy to get caught up in the hype. I received an email from a lender this morning regarding this extension. He did not even include a link to the source. While I do not think he would intentionally send out false info, I want to see some concrete proof. The last thing we agents need to do is cause a false sense of urgency (especially for our own benefit).

Thank you for the post, Lenn. We all must be diligent in verifying important information such as this, before spreading the word.

Lenn - what's wrong with these agents... do they want to be the first one to spread the news rumor and then perhaps have to retrack this later. What kind of reputation does this do to them?....wait until you have proof.

Lenn, you are right. I "heard" on the radio yesterday, and my broker sent an email today about the "possiblility" of this extension and additional incentive happening. But, until it is passed and signed off on, I'll wait before posting anything on it.

I saw all of the announcements hit Active Rain, Twitter, and Facebook... It's a little premature! Great reminder...thanks!

P.S. I also think this is a TRIAL BALLOON -- floating up above. Trial balloons can become lead balloons rather quickly -- so LENN is RIGHT . . . . on a lot of levels!

Lenn - Believe it or not, I actually had a lender call me yesterday and mention that it was extended!

I saw a news flash yesterday and immediately went looking for the full story online and couldn't find any details. I later saw some of the posts with video from CNBC indicating again that The Senate had done it, but still little on details.

Hi Lenn -- That is shocking, especially from AR members who should be even more in the know due to the power of this platform.

Personally, I do NOT want to see the credit extended, as I feel we are borrowing from the next generation's futures, including my kids. The Treasury is bailing out GMAC for the 3rd time. When is this madness going to end?

Hi Lenn, we've got some great details (including press release) on our site: Administration Calls on Congress To Pass $8,000 Tax Credit And Other Pro-Housing Measures http://bit.ly/4BEbtb

I am with you, I checked the NAR website, Wall Street Journal web site, Denver Post, no mention of it on those sites, wishful thinking by a few I think.

Everybody wants to be first..... sheesh!

Agreed upon but not voted on yet.

Very likely to pass

Remember what we all like on our contracts? Wet Signatures. I'll wait until I know a Wet Signature has been added to a certain presidential document!

I don't think it's the fact that everyone wants to be first here at AR. I just think there are a lot of buyers waiting in the wings expecting this to pass because lenders/agents told them they "thought" it would. I'm not sure what made them think it would, but I think most of us had a "gut" feeling that something would be passed.

Here's to hoping it dies in committee. I have sold NO house because of the $8000 credit and NO one should buy a house just to get the $8000 tax credit. It is my opinion that the ones that were able to get in on the cash for clunkers program were most likely going to buy a car anyway - same as with a house. Of course that's my HUMBLE opinion on the matter. GO NAR!

You all are right. There has been no vote yet in regards to the tax credit. They tried to tie it to the Unemployment Emergency Benefits, H R 3548 in the Senate. But if one pays attention to the Senate proceedings no action has yet been taken. The same is happening in the House.

If you want to follow these issues I recommend to things. First the websites for the House and the Senate, they are very "user-friendly". Also Live coverage can be seen on C-span.org

Glad you wrote this Lenn-

We have a responsibility to be accurate especially if it does influence someone's decision. Just last week at a closing even though I had the buyers early on they qualified...it came as a huge pleasant surprise to them to rehear the news at closing. Nice to know a family that will benefit from it.

durango colorado real estate I did post a link on my facebook fan page to an article stating it may be extended and what the extension potentially would include. However, I did not state anywhere that it would I simply stated that in the article I read and reposted what the current form of this bill looks like and what might happen.

I agree that it is not responsible to post something that is not law but I feel that if you are mearly sharing with the public what is being discussed about the extension you are not misleading anyone but simply sharing information

So glad to see this! I have seen quite a few posts, which always makes me go back and check to see, but nope, not passed yet. For a minute there, I thought I had missed some announcement somewhere.

Right on Lenn - from what I understand it isn't law yet.

Lenn, well said! Rumor Rumor Rumor! Just because it appears it will, doesn't guarantee that it will be, and what the specifics will be!!!

This reminds me to go look at the email from the legal staff at RE/MAX 100 today!

Lenn, agreed, senators agree = zip, nada, zero. It seems we have more etiquette here on this blog by using the term "in my opinion" and facts substantiated with data. It appears the media (and many others) have forgotten the terms proposed, proposal, in the process, and so on. I could not care less who is first to break a story, just do it accurately!

What tax credit? Oh.....that tax credit. I have actually been to busy to keep track with what was going on with extending this. So thank yiou for setting me straight and keeping me informed.

Just got an update from Jerry Giovaniello at NAR - NOT LAW YET is correct. It didn't get attached to the unemployment bill yesterday and may proceed as a standalone under the terms you outlined - scheduled to expire in April but expandable to June if yiou are in escrow. No doubt film at 11:00.

I agree that it is incredibly irresponsible to report this as though it is a done deal. By the way, I am including you in my AR scavenger hunt for a post by a blogger with more than 500 points.

Your right Lenn, its not a done deal yet.
Of course, you knew that already. But it does look like its going to happen and soon. Its suppose to be attached to the unemployment bill for passage soon. Here's a link from today's 10/29 Bloomberg,

http://www.bloomberg.com/apps/news?pid=20601087&sid=aoI9KTlHpwzI

Awww...would someone pass Lenn a tissue. I guess you will be working on a way to sue these horrible agents now. Give me a break!

Lenn, thank you for bringing this up. When I first read it on Facebook yesterday, I immediately checked a few news sites to follow up. It is easy to get sucked up into all the hype. It begs the questions: why are we so anxious to get the first word out before understanding the facts first? Who benefits from hearing this first, us or the client? No high horse here, just my attempt with some critical thinking on the matter...

Hi Lenn! Interesting but, I saw this when you had just a couple of comments and am just now getting back to it and I see over 100 members realize that it's not over til the fat lady sings! Like Jason, I had a lender send me an email yesterday telling me that it had been extended. Thankfully, it's not one that I use--or I might just not be using them after that!

Have a great evening...

I was looking for the proof last night and found a few news reports that made it sound like it was a done deal... Others said it was just through the Senate... others correctly stated that the idea had solidified in the Senate, but that they were looking for a bill to attach it to...

There's speculation about what bill it will be added onto... but that sounds like trouble. Even if the Senate WANTED to pass the credit, who knows what kind of bill it will become a rider to. Then who knows how the House will mangle it.

I've also been hearing a lot of negative buzz about it - stories about 4 year olds receiving the credit, etc. Who knows what will happen!

Thanks for your post.

Good reminder Lynn, in Washington as well as anywhere, don't count your chickens till the eggs hatch. Although my own blog comment on the senate proposal stated that it was just that, a proposal put forward by the Senate majority leader... we all need to remember our civics lessons... a bill is proposed in either the house and senate, or both... it then must be passed by either or both branches, then any changes go to a confererence committee of both houses. only then does a final version get voted on by both houses. Until then there are many variations and possiblities.

Well stated... you would think this is the greatest thing since sliced bread with the way everybody is announcing it.

So... when should everybody start the campaign to extend / expand it again?

Figures Jim is a PHD........that type is always smarter than knowledgeable people.

@Mr. Morgan: If you had a PhD, you'd know how to type it correctly.

OCT

Thanks for the update Lenn. You are always so helpful.

Thanks all for the comments. I tried to respond to all this a.m. but ActiveRain dumped me. I don't have the patience to start all over.

I read all and thank all of you. We must remain true to the facts if at all possible.

Lenn - it's amazing how quickly bad information spreads. Several of the news articles I read yesterday made it sound like this was a done deal already and I saw people Tweeting about it all day. Thanks for the article and update.

-M

Damon and Mirianne, are these the best comments you can come up with? Lenn is very self serving and has no problem sueing agents if they even think of looking at one of her maps. She is very public about this and often repeats her stories of making money from these agents.

If someone comments on news of the day and Lenn wasn't the first to post it.....you'll get "WARNING...WARNING...WARNING..."...."LOOK OUT FOR AGENTS IN MY MARKET AREA MAKING COMMENTS ON NEWS THAT I HAVE NOT COMMENTED ON FIRST..THEY ARE BAD...I AM GOOD" ....give me a break Lynn.

I don't expect one comment from an agent agreeing with me since many of you drool for her referrals. Stick to marketing your website and company and stop slamming other agents...it was old 3 years ago and is still old today.

Lenn, thank you for posting this. It's important that we watch what we say or blog about.

Thank you for reminding us to verify everything before we start opening our mouths..

-NElson

NOV

I found this to be the best source of information - www.FixHousingFirst.com - here is there explanation of the process:

As you may know, the Senate reached a deal on extending and expanding the home buyer tax credit, and they plan on attaching it to the unemployment insurance bill. You can see a copy of the bill here. The tax credit provisions begin on p. 14 (read it for yourself)

Near as we can tell at this moment, the process from here will go like this:

1. There will be a cloture vote at 5 pm on Monday, Nov 2nd in the Senate on the new Baucus substitute. If it succeeds, it takes 30 hours to "ripen," i.e., before the bill can be brought to the floor.

2. Thirty hours later it's Tuesday night. There will likely then be a cloture vote on the full unemployment insurance bill, as amended.

3. Thirty hours after that, it's Thursday morning, when the Senate will vote on final passage of the bill.

4. The House could take up the bill as early as Thursday afternoon or Friday. They likely will just accept the Senate bill and vote on that. If their bill differs from the Senate bill, then the whole thing has to back through Conference. That's unlikely at this point - and undesirable.

5. The plan/hope is to have the bill on the President's desk as soon as next weekend.

Obviously, this is all subject to change without notice. This is the Congress, after all.

You can see from the above that it is important to keep weighing in throughout the week - and sending this link to your network of friends, colleagues, family, neighbors, customers, employees, suppliers and urging them to do the same. The amount of emails being sent through the Fix Housing First site has been fantastic - keep it up!

www.FixHousingFirst.com

I hope this helps but also educates us about how other bills pass through Congress.

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