Lori,  your comment #108 is a reminder that a lot of times we tend to take on more responsibility than we are accountable for....it seems to me that you have done every thing possible for your client.  There are so many things in the process that are not in your (or my) direct control that we have to be very careful about taking on the mantel of others...if only to keep our sanity.

I do agree with Damon and Kyle...there are plenty of us who can guarantee a 30 day close.  It is unfortunate that consumers don't realize the real concerns they should be focused on...it ain't all about rate!

The tax credit could not go on and on...much as I wish all consumers could have the benefit.  And, IMHO, it was about as effective as the "Cash for Clunkers" program in reviving the auto industry.  People bought cars if they got the cash and the pool totally dried up when the cash was gone.  That is not a stimulus to the environment....it is a quarterly profit boost for the auto industry.

BTW, given the political clout attached to this bill I would not be surprised at all to see it "born again" under a different bill.

It dosn't mantter if they are in the majority if you Republicans insist on filibustering LITERALLY anything ane everything. Only one dem voted no.  It would have passed if they could have had cloture.  The use of the filibuster for literally every single piece of legislation is ludicrous and obstructionist.

If you guys get the majority back you spoiling for a fight and you are likely to get it.  The only answer for the dems will be   to do the same thing to you.  So nothing you want will get passed either.  If you want our legislation blocked totally - we can do the same thing to you. The chart below is from last year.  Its worse this year. 

I actually think we should have a big clock in Time Square that shows how much time the republicans have wasted in the Senate with Filibusters -

Reference:

Filibusters Skyrocketed As GOP Became Minority In Congress

Historic Obstructionism And Filibuster Use Finally Being Discussed

I have to disagree with you.  I don't think a buyer should be so dependant on the stimulus money that they can't close without it.  To me, it seems that someone that marginal has as much a chance of defaulting on their loan as the people who squeezed into property at the height of the crisis.

In my opinion, the stimulus money should be gravy to be used to make the first couple of mortgage payments, get new furniture, etc.  If the money is needed to actually close the deal, that tells me the buyer barely qualifies and may not have enough reserves.

We need to get back to the days when people bought with 20% or more down, didn't expect a handout from the Fed, and built equity over time not expecting rapid market appreciation.

Just a thought, but with all the turmoil and problems in this country, with all of the bail outs on the upper end that received billions of dollars, it made sense to have a home buying tax credit for a couple reasons. 

It helped cycle out forclosed/abandoned homes. 

The people receiving the tax credit were TAX PAYERS. 

I have to say I agree with the end of the stimulus, though for a slightly different reason.  The purpose of a stimulus is to "stimulate" obviously, and if a consumer knows that it is a revolving door of extensions, the urgency certainly disappears, therefore diluting the effectiveness of the credit in the first place.  This was explained to me by one of our GA state senators in February when he told our local board of realtors under no uncertain terms not to expect an extension.  I feel that in order to be most effective in the present and future, the initial boundaries placed on these economic "boosts" must be adhered to.

This certainly doesn't mean I don't feel for those who missed out for reasons beyond their control, only that exceptions cannot continue to be made, lest we raise spoiled consumers accustomed to getting their way.

I am sorry, I have read and re-read the comments and the original post. I don't see where the confusion was. For 6 months we knew when the tax credit deadlines were.  If a buyer was so dependent on the tax credit they should have got off their butts ahead of time. 

In good consious I don't see how anyone would allow a buyer to put up a deposit, pay for an appraisal and pay for a home inspection on a house when there is not any money in the coffers for the loan the buyer needed.

And it is Congress fault?

Someone please explain what I am missing.

Well, I would also say that I can see both sides of the argument.  I thankfully had buyers that did not wait until the last minute and they closed months ago.  During the rush in April, I referred several buyers to other agents. Why?  Because I required that they sign a hold harmless that stated that due to the nature of the current market and unforeseen delays, I was NOT going to be party to an agreement that fell apart at the last minute specifically due to obtaining or not obtaining the tax credit.  I think that I made the best decision for me, and as a result I feel like my time was much better spent with qualified buyers that were not buying because of a tax incentive, but were taking advantage of the fantastic interest rates and all of the extra inventory!

I too have many lenders that I would trust to close transactions in 60 days, but only with well qualified buyers that did not NEED the tax credit to afford the home.  There are so many people that are involved in every transaction and we as agents cannot take the credit or the blame for a buyer or seller that did not make the deadline that was well pronounced from the beginning.

Lori, you are right, your situation is one that is truly heart wrenching and I applaud you for being there with your buyer and sticking to trying to do everything in your power to make things come together.  But in the end, you cannot be the only person that is responsible.  There are too many factors for you to feel all the blame.  Please keep doing your job to the best of your ability and accept that you cannot win them all.

There are so many things that now need to happen to help the market correct itself.  Let's focus on getting things to a new normal where the best qualified buyers are the best use of our time and they can take advantage of some of the lowest rates and prices in history!  As far as sellers are concerned, there are still buyers out there and they are the ones that are able to discern price and value.  Let's price homes for the condition that they are in.  At least in my area, there are homes in all price ranges that are receiving multiple offers from well qualified buyers in what most people would consider a buyer's market. 

We all knew that there was a segment of the market was going to be a struggle to get to closing, especially in areas where foreclosures, short sales and REOs are the norm. So to those buyers that purchased under those conditions, I hope that they really feel as though the great price that they got on a home far outweighs receiving the tax incentive or not.

Thank you Lori for stimulating this conversation!

Keep smiling,

Karen

Sorry, but again...  I had a troubled buyer with numerous issues close on a problem property in WAY less than 60 days.  My mortgage dude is turning closings in 21 days... 

Short sales and special circumstances are different... BUT YOU KNOW THAT GOING IN!

The only thing accomplished by the tax credit was to take sellers that would have purchased in the near future and hurry them up a little... and the plundering of our childrens' and grandchildrens' pockets. 

If you want to be pissed about something, be pissed that this administration is throwing up every roadblock they can to private sector jobs.  If we are going to turn the housing market, it won't be because of some tax credit... but rather from JOBS.

Amen Lane! 

Geeze- I'd like $8K or even $6500 for not losing my house and for not collecting unemployment. I'd like a government gift for not adding to a high inventory of houses and staying put. Wouldn't everybody like a tax payer funded gift. Nobody paid me to buy my house- I bought it because I wanted it and could afford it. 

Hi Lori -

By my count, Congress hasn't extended the homebuyer tax credit

And Congress hasn't extended flood insurance

And Congress hasn't extended unemployment benefits

One thing you can be sure of....Congress is showing no favoritism when it comes to throwing people under the bus. I think they need a bigger bus.

Looks like it is now a standalone bill that has been OK'd by the House and now is waiting for Senate approval.

It is on Inman News but I'm not sure everyone can see it now if they're not registered and paying members.  Approval is not guaranteed but at least it was given a 2nd chance.

Cliped from a note recieved from NAR yesterday. Apparently their lobbying efforts were effective.

Thank you for taking action recently on our Call for Action regarding the continuation of the National Flood Insurance Program and the continuation of the 502 Rural Housing Program. Last night, the Senate passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension.

NAR members sent more than 250,000 letters to Members of Congress encouraging them to extend the program.

Additionally, Congress passed an extension of the closing deadline for the Homebuyer Tax Credit, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed. The legislation is designed to create a seamless extension; the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law. Extending the tax credit closing deadline will help provide additional stability to real estate markets across the nation.

Our Government Affairs team worked closely with Congressional leaders on both sides of the aisle to enact this important legislation.

NAR is still working on restoring the 502 single-family rural housing loan guarantee program. Language is included in H.R. 4899, the Emergency Supplemental Appropriations bill, that is currently in conference between the House and Senate. We expect the House to pass that bill shortly and are hopeful the Senate will do the same when they return the week of July 12. When that bill passes, the program will be restored through the end of the fiscal year.

Once the extension was separated from the $33 Billion bill the Dems were pushing, the extension passed - unanimously.  So - the Republicans were FOR the extension all the time - just NOT FOR making it dependent on the other stuff the Dems wanted to push through!  

Well they're for being re-elected, a major crux with our political system and how we're all just passing the debt on to the next generation without a second thought on how they're going to pay it off. 

You can rationalize it all you want, but if $8,000 of other people's money is what it took for you to want to buy & close on a home, well maybe you should not be buying a home. NONE of my buyers/investors needed any incentive other than the low prices for them to step up and buy.

Our grand-kids will be paying off this program that did nothing more than to be a bump in the road.