Federal Tax Credit Extension Approved by the House of Representatives

I appreciate the update and will look to you for up-to-date informtion regarding the tax credit approval process. Thanks Pat!

Hi Pat - Thankfully, I didn't assume we would get more time and I managed to get all of my qualifying transactions closed before the end of the month.  I do hope it passes though because according to NAR there are 180,000 qualified transactions that haven't yet closed through no fault of the parties, so I hope they can get that extension passed.

Thanks for the update, Pat and I hope it passes, for the sake of all those who thru no fault of their own have been delayed.

Phew, that was in the thirteenth hour. My short sale buyer might hang around now.

One of my colleagues has a 203K buyer that is hanging out there waiting for the lender to be ready to close.  This is great news, now if everyone else that has to sign this also sees the light.

This should be a no-brainer.  However, I would have wanted my buyers to be safe rather than sorry and might have counseled them on the short sale/foreclosure risks.  But, no steering, their decision.  Just give 'em the facts and hope for the best.  We can only hope our legislators "get it". 

Pat, I never could understand why they tied it to a bill that had to do with unemployment. I'm glad to see it is stand alone now.

I believe this is a good policy due to the fact that this is often the banks cause to the delay!

Patricia,

Thhis is really a great news for  me. I have a client, and she, a single mom, agreed to the BoA counter, but we can't have them move to close tomorrow.

This will be a very good news for her.

Thanks

They sure did wait until the last minute!  It will be a nail-biter to see if it makes the final hurdles in time.

Featured @ Club Chaos

Thanks for sharing. It will be interesting to see if this passes the Senate.

 Blooming for home buyers.

I still, for the life of me, can't figure out how someone would have their buyer write on a short sale with a specific deadline attached.  In larger terms, taking this tax credit out of it, what if a client walks into our office and says, "I need to be moved in 90 days."  Do we show them short sales?  If we do, shame on us.

Good news. It can be great news if the Senate gets it together and passes the darn thing.

I have a closing that is scheduled for today. But if it was delayed and the extension was not approved, he stood to lose the credit he was eligible for. This is good news for sure.

Thanks for the update, Pat!  I know that this has MANY buyers (and agents) breathing a sigh of relief!

Good news for the entire nation! I hope some of the lender will start lending! Instead of hording the stimulus money!

Thanks for sharing,

Adam

That will help a lot of people to extend this tax incentive deadline, Pat...

Good news and let's hope the Senate passes the bill.

Pat:

I saw the Inman News article - hopefully this will happen, although I personally don;t have anyone who can benefit from it. I've heard mixed predictions about the Senate. My gut tells me YES.

Jeff