TAX CREDIT TO CONTINUE INTO 2010

By
Real Estate Agent with REMAX 100

All the inside information coming from the House states that a bill will be passed this week to extend the " First Time Homebuyers Tax Credit" into 2010.  This gives buyers more time to find their new home while helping to stimulate economy and the houseing market. 

The House and the Treasury Dept is also looking into other incentive programs for nuyers to help soak up this drenched market with an abundance of short sales and foreclosures.  These programs will not be geared for first time homebuyers, but for any buyer loooking to purchase a home.

Another bit of news on the short sale market this week.... Treasury Dept and Hud are working on how to get banks to move quicker on approvals of short sales.  Banks need to be held accountable for the rediculous amount of time they take before an approval is given on a short sale.  I have worked with many banks recently that have done a wonderful job in getting a short sale approval in less than 60 days, but the big guys like Bank of America, GMAC and a few others still do not have their act together.

If the package is sent in correctly with all the necessary paperwork this should be approved in under a week.

Let's hope the ABA helps them get their act together so a short sale can settle in 30 days just like a regular sale and a foreclosure can.

Comments (3)

Ginger Moore
Wilkinson & Associates Realty - Gastonia, NC

Hi Stephanie,  Well, this is surely a great thing to hear. I know we can get more buyers off the fence with this tax credit.

Oct 27, 2009 01:56 PM
Stephanie Corley
REMAX 100 - Prince Frederick, MD
Home Sales - Maryland

I agree Ginger and if the length of approval on short sales is knocked down to days rather than weeks imagine how many buyers can take advantage of this extension.

Oct 27, 2009 02:01 PM
Leo Namiot - SimplerHomeLoan
Canopy Mortgage - Leo Namiot - Saint Augustine, FL
Before you chose a lender check my rates and fees

It appears that this bill will be extended and modified. It's amazing how many people have not taken advantage of the current offer thinking that the market has not yet hit bottom. The news yesterday was very good that home values continued on the upswing. All the fence sitters may want to start rethinking their so called master plans.

First Time Home Buyers Tax Credit To Be Extended

Oct 28, 2009 12:18 AM