Senate OKs Tax Credit Extension for Homebuyers….Maybe….Maybe Not

By
Real Estate Agent with RE/MAX Insight

 

Senate OKs Tax Credit Extension for Homebuyers….Maybe….Maybe Not. 

All week long my inbox has been filled with articles with similarly encouraging (and misleading) headlines…

Senate Approves Extension of Tax Credit Closing Deadline

The Senate Approves Plan…

The Senate Has Passed An Amendment…

All of which would lead the unwary reader to believe that this is a done deal...that the Tax Credit Closing Deadline had actually been extended until September.  However, if you read the fine print (if, in fact, they bothered with the fine print which some did not) you would realize that the only thing that was actually “approved” was tacking the proposal on to a hotly contested Senate Bill, which, among other things, included an extension of jobless benefits, substantial aid to cash-strapped states and a series of tax credits aimed at both businesses and individuals. These include a measure allowing businesses to write off research and development expenses, and one letting individuals to claim state sales tax against their federal tax burden.

The very same Bill that is right now dying a slow death by filibuster on the Senate floor.

In the meantime, countless Loan Originators, Processors, Underwriters and Prospective Home Buyers and Sellers have been lulled into a false sense of relief, thinking they have been given a reprieve.

Maybe….maybe not.

 

 

Comments (5)

Barb Fischer
Big Block Realty - La Mesa, CA
San Diego and La Mesa Real Estate

 Thanks Joy, that's enlightening. Thanks for alerting me before I blogged all this false info to my database

Jun 24, 2010 12:39 PM
Joy Baker
RE/MAX Insight - Salem, NH
So NH RE & Short Sale Specialist

You're welcome Barb.  I heard so much about it being passed that I started to think I was confused but then I finally found a full article about it  and it doesn't look good.  I've actually been rooting around trying to find an update about what happened on the Senate floor today.  When I find it, I'll update!

Jun 24, 2010 12:43 PM
Joy Baker
RE/MAX Insight - Salem, NH
So NH RE & Short Sale Specialist

I believe you are correct Michael and the word is the Senate will not try to unpack the bill and try to revisit individual issues.  So much for a reprieve.

Jun 24, 2010 12:57 PM
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

Only time will tell on this one.   With the report that came out yesterday regarding the fraud in the program, getting an extension might not be as easy.

Jun 24, 2010 01:29 PM
Joy Baker
RE/MAX Insight - Salem, NH
So NH RE & Short Sale Specialist

The larcenous will always find a way to beat the system, Rodney!

Jun 25, 2010 04:18 AM