Don't believe the rumors...looks like the buyer credit extension is dead. Is there still hope?

Amy,

Oops, that's the news for me. And we have a buyer, who is not going to be able to close before the deadline, as it is a short sale, and it just taking longer

Actually... I do believe the vote WAS 57 to 41... but the vote needed sixty votes to stop the Republican filibuster, which was holding up a vote on the bill.  I will check this to make sure... but there are 41 Republic Senators in the Senate... and 41 votes against cutting off the filibuster... which needed 60 votes... to bring the measure to the floor of the Senate, where it was sure to pass in a regular vote.  Again, I will check.

Amy, and John, I just checked the second link in this post... and YES... I was correct.  Every Single Republican voted AGAINST this measure.  As of right now... unless three Republican moderates break with Mitch McConnell and "cross the aisle" and vote WITH the Democrats... the tax credit extension is DEAD... and all those deals hoping to close by June 30th, but cannot, and end up falling into July... are also DEAD.  Gotta love those Republicans.

they tied this to the unemployment benefits... and i think democrats are not happy with that either.. not everyone thinks unemployment benefits soudl be extended another 2 years... I wish they would vote on each item and not tie a bunch of things into one bill... that is a slick system made to push things thru that would not stand on their own merit...

nice post by the way with the links to the senate and the article... well done.. thank you!

Many did tend to overlook the details.  When the Senate passed it earlier, most only read the headline.  They tended to forget that the Senate by itself can't put it into effect.

Thanks for the news!   I had heard that the House and the Senate passed the bill, but couldn't reconcile their differences in their bills......   Same thing, as it doesn't work for those buyers.   We closed our transactions, thank goodness- just did them early, and the owners are still there for a few weeks...

Any way that this tax credit was structured was going to leave some people out in the cold.  I don't think the deadlines should be extended.  There was plenty of time before April 30th to find a house, and 60 days to close is about all anyone should have.  I know short sales sometimes take longer, but the April 30th and June 30th deadlines were not covert information, so those buyers should have been quicker to act!  It all has to end sometime!

I also think that anyone writing a sale and just getting it in under the April 30, 2010 deadline... and writing it on a short sale... was just being way, way unrealistic about the ability of that sale to close by the June 30th deadline.  Even WITH the hoped-for 90 day extension for closings... until September 30, 2010... some of those short sale contracts could still not be approved.

The agents writing those contracts... with the short sales... perhaps they were not very familiar with how long some short sales take to close.  Or perhaps they were just being overly-optimistic.  Whatever.  But the buyers and sellers will now suffer.

Debra:  I was not aware that the bill was also trying to extend the unemployment benefits of those that were expiring... for another two years.  That seems both excessive, and frankly, unbelievable.  Please post a link to the story where you got that information, if you would be so kind.  I would really like to read it.  I cannot believe any Democrat would try for an additional two years extension. 

And Rodney:  I really don't think anyone on Active Rain thinks that only one part of Congress, in this case, the Senate, can get a bill passed into law... all by itself without the concurrence of the other part... which in this case would be the House of Representatives.

Amy:  Thanks for the link to the article.  I just read the entire story... and the part I wondered about... the "two year unemployment benefits extionsion" mentioned above... was not true.  The extension in the bill was for six months.  I just knew that the 2 years mentioned could not possibly be true.

And... of the 41 votes against... one Democrat voted against it, Sen Ben Nelson of Nebraska.  Since there are 41 Republicans in the Senate, that meant that either one Republican either voted for it... or did not vote.  I would have been curious to see who that was.  Again... thanks for the link.

This is some great information.  I knew it wasn't extended but gained lots of insight and information from both you, Amy, and from Karen Anne.  Thanks!

unemployment benefits for some people have ow bee 2 years they want to extend it another 6 months now   and more later... no matter what... the 2 bills should not be tied together

i think calling the senators is a good idea and wish NAR would think of it... anyone ever heard of a call to action?

again thnaks for a good post with a call to do something not just blame people...