Here is a simple question. If they extend and increase the tax credit, what is the incentive for buyers who are closing so near the Nov. 30th deadline not to try and push it further out, so they can reap the additional, additional bonus?
This is what some of my buyers have asked me that have closings in November.
What a mess this could be, don't you agree?
I had a buyer, today, say, well since we already have November 27th (a Friday)on the contract, what's the big deal to make it until the December 1st? This of course would only be a concern to them if the tax credit was increased. Well of course we can't just change the contract. But, do not think for one second that Buyers (or agents or mortgage brokers for that matter) can't become very clever in "reasons to extend".
Especially when a Buyer is looking to get back a possible 15,000 dollars. Just typing the figure makes me shake my head. That is just crazy talk. 15,000 dollars. If the government has that kind of money to allow back as a credit, why are we in such a crapfest? Anyway, that is a totally different blog and not what I came here today to post.
How are sellers going to feel? What? They need an extra week to close? Why? I can already see it coming.
I am concerned either way we go on this tax credit topic, to extend or end. I feel there are well argued points from both views. We won't really know the true outcome until time has gone, unfortunatley.
1. extending reminds me of my mom when she would say..Now, Jennifer, I am counting to 3. One, you better hurry. I meant it. Two. I am telling you right now, you must move your butt right now.....Two and a half...but some how, I managed to push my way. Ultimately, driving her crazy.
2. extending and increasing reminds me of when my mother would tell me to hurry, and when I didn't not only gave me more, 1,2,3's but a box of cookies to boot.
No, joking aside. This increase has HUGE potential to cause many problems.
I just wanted to see if anyone has thought of this, one, simple question?
Have a blessed day.