Home Buyer Credit Passes FIRST Senate Hurdle Tonight

By a huge maring of 85-2, the U.S. Senate voted to end the debate on the first-time homebuyers credit coupled with unemployment benefits issues.  The U.S. Senate won't vote until next week at the earliest on proposals to extend both an $8,000 tax credit for first-time homebuyers and unemployment benefits for the nation's jobless.

While it appears both bills will pass, there are a number of stumbling blocks for the issues.  As of today, it looks like both the home-buyer credit and the unemployment benefits will be passed, but with all that is going on in the economy, anything is possible.

It's scary to hear REALTORS telling cliens that there is an extension of the home buyer credit, when that is not the truth.  Moreover, if the current proposals pass, the home buyer credit will be even stronger than the current proposal.  It would be wise for REALTORS to wait until the final vote, before telling clients the credit will be extended.  If economic factors defeat this bill, there are going to be a many REALTORS that could have legal liability for telling clients the credit will be extended.

One final note.  If the bill does pass, it will be even stronger for buyers, as it will apply expand the income restrictions and the proposed bill will apply to an additional group of prior home owners.

BUT . . . be careful what you tell clients.  There are a lot of thing that can happen to defeat this bill.

Alexandria Real Estate Information - Looking to Buy or Sell a home in Alexandria? Email or call your Northern Virginia Real Estate Expert, Susan Craft, REALTOR®, CRS - Susan@SusanCraft.com or (703) 216-4501 - Susan's Website - SusanCraft.com

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