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Tax Credit Deadline Coming Soon

By
Real Estate Agent with Next Home Team NC 167273

It appears that the unemployment bill that the Senate had added the tax credit extension to has been voted down.  Those who were thinking they or their clients were going to be ok with a July closing because a few people on Twitter, Facebook and even Realtor.org jumped on the "Tax Cedit has been extended" bandwagon.  It was very scary to watch the tweets, retweets, status updates and hear office jibber jabber that the tax credit had been extended.  It was very misleading to the consumers. 

This recent reposting and use of misinformation should serve as a reminder that having a knowledgable, experienced real estate professional working with and for customers and clients is critical.  It has also lead to an excellent reminder that we as REALTORS need to verify important information before reposting or sharing information we just heard on social networking sites.

If you are a consumer in the Triangle NC area please feel free to call us with ANY real estate related question.

Comments (5)

Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

I am so bummed about this not passing...I have 3 I am trying hard to get closed....it is going to be so close...and 2 of them are with HUD nonetheless!    It is so stressful!

Jun 25, 2010 12:27 AM
Sheri Spain
Next Home Team - Raleigh, NC
Wake Co. NC REALTOR Apex to Raleigh to Wake Forest

Deborah,

We are bummed too for the 2 buyers we will not be able to get closed by June 30th because their lender wont be able to get it done.  But, I remember lecturing buyers and all my agents to lecture buyers that waiting until the last minute was not a good idea but 100's of thousands did it anyway and it appear over 150,000 lost that gamble with time :(

Jun 25, 2010 12:33 AM
Roy Kelley
Retired - Gaithersburg, MD

Good post and a reminder that too much incorrect information is posted on the internet. All should be careful with what they say.

 Blooming for home buyers this summer.

Jun 25, 2010 12:34 AM
Linda Kemp
Keller Williams Realty Infinity - Naperville, IL
Stager and Relocation Professional

Why wouldn't the Senate support re-building the exonomy?  Our political leaders are a bit misguided.  Greed is still standing in the way of our recovery.  I just experienced a judge in a divorce case tell the husband and wife to just let their home go into foreclosure!  What was he thinking?  He should have advised them to seek the advise of a real estate professional, financial consultant and real estate attorney.

Our local government needs to step up to the plate as well.  I pray that these leaders big and small begin to recognize their responsibility and the impact it has on everyone.

Jun 25, 2010 12:37 AM
Sheri Spain
Next Home Team - Raleigh, NC
Wake Co. NC REALTOR Apex to Raleigh to Wake Forest

Roy - Yes it was scary that Realtor.org made the initial mistake and that mistake was multiplied within minutes.  It is important to continue to seek the answers ourselves first before misleading the consumer.

Linda - Even though I have been in real estate my entire adult life, I have to admit I live on the other side of this arguement and think it is time for the tax credit to end.  The government doesn't have any more money to spend, I don't want to have to send them anymore than I already do, and sometimes foreclosure is the best option for all parties.  Divorce is a very touchy subject that I have been through and depending on the situation that may have been the best advise the judge could have given them in any economy.  It is my humbled opinion that the giving in part needs to come from the banks but they are not going to figure out a way to continue to profit as long as they are being bailed out of every situation by the government.  I understand this will effect the housing market, but as someone who has rode a wave or two over the last 18 years of practicing real estate I feel that this too will work itself out.... But I also understand that all areas are different and local governments may need to step in to help out the local economy in certain areas and I also understand that I may be in a minority in our industry but having the right to have differences in opinions is one of the things I love most about living in the USA :)

BTW; thanks guys for commenting so early in the am:)

Jun 25, 2010 12:51 AM