THE FIRST TIME HOME BUYERS TAX CREDIT EXTENSION - IS IT SOUP YET????? OR, IS IT STILL SAUSAGE???

By
Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372

WARNING!               WARNING!                WARNING!                 WARNING!                 WARNING!

ActiveRain members are posting articles claiming that the "FIRST TIME HOME BUYER CREDIT HAS BEEN EXTENDED".  

IS THIS FACT?  Agent

OR IS THIS IRRESPONSIBLE RUMOR?????

     SHOW ME THE LEGISLATION!

     SHOW ME THE LAW!

     SHOW ME THE RECONCILIATION!

     SHOW ME THE FACTS!

Show me more than rumor.  As I understand it, the extension has been proposed and passed by the Senate.  THAT DOESN'T MAKE IT LAW. 

There are two branches of Congress.  One branch can pass and then it goes to the other branch.  These are co-equal branches of Congress. 

Any extension would, I would think, then have to be signed by the President of the United States. 

"Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev."

"Senators agreed"   "Senators agreed"    "Senators agreed"  

Doesn't make it law.

Be careful out there folks.  Your posts are going on Google and, if you are wrong. . . . . .  ?

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Dick and Dixie Sells 10/29/2009 12:51 AM
  2. John Cassels 10/29/2009 03:06 AM
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Rainmaker
1,348,634
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566
This reminds me to go look at the email from the legal staff at RE/MAX 100 today!
Oct 29, 2009 10:19 AM #109
Rainer
215,478
Frank & Jodi Orlando
Frank & Jodi Orlando Get Us A Home Realty Atlanta Homes Sale - Cumming, GA

Lenn, agreed, senators agree = zip, nada, zero. It seems we have more etiquette here on this blog by using the term "in my opinion" and facts substantiated with data. It appears the media (and many others) have forgotten the terms proposed, proposal, in the process, and so on. I could not care less who is first to break a story, just do it accurately!

Oct 29, 2009 10:48 AM #110
Rainmaker
1,141,818
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

What tax credit? Oh.....that tax credit. I have actually been to busy to keep track with what was going on with extending this. So thank yiou for setting me straight and keeping me informed.

Oct 29, 2009 10:55 AM #111
Rainmaker
227,896
Gene Wunderlich
1st Action Real Estate - Murrieta, CA
Realtor & Legislative Liaison

Just got an update from Jerry Giovaniello at NAR - NOT LAW YET is correct. It didn't get attached to the unemployment bill yesterday and may proceed as a standalone under the terms you outlined - scheduled to expire in April but expandable to June if yiou are in escrow. No doubt film at 11:00.

Oct 29, 2009 11:04 AM #112
Rainmaker
526,628
Dr. Stacey-Ann Baugh
Century 21 New Millennium - Upper Marlboro, MD
A doctor who makes house calls.

I agree that it is incredibly irresponsible to report this as though it is a done deal.  By the way, I am including you in my AR scavenger hunt for a post by a blogger with more than 500 points.

Oct 29, 2009 11:06 AM #113
Rainer
29,171
Dan Grammatica
Realty Experts, LLC - Torrington, CT
e-PRO

Your right Lenn, its not a done deal yet.
Of course, you knew that already. But it does look like its going to happen and soon. Its suppose to be attached to the unemployment bill for passage soon. Here's a link from today's 10/29 Bloomberg,

http://www.bloomberg.com/apps/news?pid=20601087&sid=aoI9KTlHpwzI

 

Oct 29, 2009 11:22 AM #114
Anonymous
Jim Morgan, PHD

Awww...would someone pass Lenn a tissue. I guess you will be working on a way to sue these horrible agents now. Give me a break!

Oct 29, 2009 11:30 AM #115
Rainer
22,970
Carin Arrigo-Zimmer
TopBroker Network Real Estate - Orange, CA
TopBroker Network Real Estate

Lenn, thank you for bringing this up. When I first read it on Facebook yesterday, I immediately checked a few news sites to follow up. It is easy to get sucked up into all the hype. It begs the questions: why are we so anxious to get the first word out before understanding the facts first? Who benefits from hearing this first, us or the client? No high horse here, just my attempt with some critical thinking on the matter...

Oct 29, 2009 11:34 AM #116
Ambassador
3,061,339
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi Lenn!  Interesting but, I saw this when you had just a couple of comments and am just now getting back to it and I see over 100 members realize that it's not over til the fat lady sings!  Like Jason, I had a lender send me an email yesterday telling me that it had been extended.  Thankfully, it's not one that I use--or I might just not be using them after that!

Have a great evening...

Debe in Charlotte

Oct 29, 2009 11:48 AM #117
Ambassador
890,680
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

I was looking for the proof last night and found a few news reports that made it sound like it was a done deal...  Others said it was just through the Senate... others correctly stated that the idea had solidified in the Senate, but that they were looking for a bill to attach it to... 

Oct 29, 2009 11:56 AM #118
Rainer
24,302
Shana Haugen
Century 21 - Gold Key - Fargo, ND

There's speculation about what bill it will be added onto... but that sounds like trouble.  Even if the Senate WANTED to pass the credit, who knows what kind of bill it will become a rider to.  Then who knows how the House will mangle it.

I've also been hearing a lot of negative buzz about it - stories about 4 year olds receiving the credit, etc.  Who knows what will happen! 

Thanks for your post.

Oct 29, 2009 12:29 PM #119
Rainer
76,706
Mike Sparks
The House Company Galveston Texas - Galveston, TX
Galveston Island Real Estate

Good reminder Lynn, in Washington as well as anywhere, don't count your chickens till the eggs hatch.  Although my own blog comment on the senate proposal stated that it was just that, a proposal put forward by the Senate majority leader... we all need to remember our civics lessons... a bill is proposed in either the house and senate, or both... it then must be passed by either or both branches, then any changes go to a confererence committee of both houses. only then does a final version get voted on by both houses.  Until then there are many variations and possiblities.

Oct 29, 2009 03:47 PM #120
Rainmaker
135,600
Paul Francis
Francis Group Real Estate - Las Vegas, NV
Las Vegas Real Estate Agent - Summerlin Homes

Well stated... you would think this is the greatest thing since sliced bread with the way everybody is announcing it.

So... when should everybody start the campaign to extend / expand it again?

Oct 29, 2009 03:55 PM #121
Rainmaker
354,640
Damon Gettier
Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert - Roanoke, VA
Broker/Owner ABRM, GRI, CDPE

Figures Jim is a PHD........that type is always smarter than knowledgeable people.

Oct 29, 2009 04:30 PM #122
Rainer
85,729
Marianne Snygg
ERA Herman Group Real Estate - Monument, CO
ABR, ASP, GRI, SFR

@Mr. Morgan: If you had a PhD, you'd know how to type it correctly.

Oct 29, 2009 04:40 PM #123
Rainmaker
199,540
Mark Velasco
Sharpstone Realty, Inc - Whittier, CA
Listing Agent-Whittier & Surrounding ciities

Thanks for the update Lenn. You are always so helpful.

Oct 29, 2009 05:25 PM #124
Ambassador
2,731,393
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Thanks all for the comments. I tried to respond to all this a.m. but ActiveRain dumped me.  I don't have the patience to start all over. 

I read all and thank all of you.  We must remain true to the facts if at all possible. 

Oct 29, 2009 09:04 PM #125
Ambassador
163,680
Monica Bourgeau
New Phase Business Coaching - Portland, OR
Business Coaching

Lenn - it's amazing how quickly bad information spreads. Several of the news articles I read yesterday made it sound like this was a done deal already and I saw people Tweeting about it all day. Thanks for the article and update.

-M

Oct 30, 2009 03:05 AM #126
Rainmaker
68,059
Nelson Carrillo
McMillin Realty - Phone: (619) 940-6560 - Bonita, CA
South San Diego, CA Homes For Sale

Lenn, thank you for posting this.  It's important that we watch what we say or blog about.

Thank you for reminding us to verify everything before we start opening our mouths..

-NElson

Oct 30, 2009 08:14 AM #127
Rainer
28,875
Eliud Gautier
Acre Mortgage & Financial, LLC - Deptford, NJ
Branch Manager

I found this to be the best source of information - www.FixHousingFirst.com - here is there explanation of the process:

As you may know, the Senate reached a deal on extending and expanding the home buyer tax credit, and they plan on attaching it to the unemployment insurance bill. You can see a copy of the bill here. The tax credit provisions begin on p. 14 (read it for yourself)

Near as we can tell at this moment, the process from here will go like this:

1. There will be a cloture vote at 5 pm on Monday, Nov 2nd in the Senate on the new Baucus substitute. If it succeeds, it takes 30 hours to "ripen," i.e., before the bill can be brought to the floor.

2. Thirty hours later it's Tuesday night. There will likely then be a cloture vote on the full unemployment insurance bill, as amended.

3. Thirty hours after that, it's Thursday morning, when the Senate will vote on final passage of the bill.

4. The House could take up the bill as early as Thursday afternoon or Friday.  They likely will just accept the Senate bill and vote on that.  If their bill differs from the Senate bill, then the whole thing has to back through Conference. That's unlikely at this point - and undesirable.

5.  The plan/hope is to have the bill on the President's desk as soon as next weekend.

Obviously, this is all subject to change without notice. This is the Congress, after all.

You can see from the above that it is important to keep weighing in throughout the week - and sending this link to your network of friends, colleagues, family, neighbors, customers, employees, suppliers and urging them to do the same.  The amount of emails being sent through the Fix Housing First site has been fantastic - keep it up!

www.FixHousingFirst.com

I hope this helps but also educates us about how other bills pass through Congress.

Oct 31, 2009 11:56 PM #128
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