Am I the only one ANGRY that the June 30th deadline was not extended?
Lori made the post below about being angry because the Jue 30th deadline was not extended. I'm in agreement. They did not give enough time (60) days for an April 30 contract to close. They knew going in that it takes at least 90 to 150 days to get a short sale through the banks.
Congress voted NOT to extend the June 30th deadline to qualify for the $8000 or $6500 stimulus package - and you're not angry?
I have one Buyer waiting on Congress to vote to release more RD (rural development) funding before she can close. She's a single mother who has worked for a YEAR to improve her credit score and set aside money for closing. She desparately needs the $8000 stimulus incentive to complete some repairs after her purchase. She's already spent $1000 earnest money, $800 on inspections, $400 on appraisal and worked as much overtime as allowed to pay for that.
My Seller's Buyer is waiting on the $6500 stimulus money, and her Lender's Underwriter demanded that ALL repairs be made prior to closing (despite the fact that she has conventional financing and is paying 20% down), and we can't find available repair people who aren't already booked. [Expect a vent soon about Arvest Bank.]
We damn near killed ourselves before the April 30th deadline to get under contract. And Congress can't extend the time allowed for closing? Underwriting requirements are becoming more stringent, arbitrary and complicated - changing every day. Are our repair people, title companies and others in the industry expected to work 24 hours a day?
Congress voted NOT to extend the June 30th deadline to qualify for the $8000 or $6500 stimulus package - and you're not angry?
Stimulate the economy, then SHUT US DOWN? I'm ANGRY! This extension would cost nothing - and will adversely affect hundreds of thousands of potential home owners. Where is the outrage???!!!!
Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
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If you're looking for homes for sale in Midtown Tulsa, OK or just more information on Midtown Tulsa Real Estate, you can visit my primary website at www.loricain.com
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