Goodbye Tax Credit?

By
Real Estate Agent with The Freedom Group - Keller Williams Realty Infinity 471.009781

It's June 29 today.  Only 1 more day until the $8,000 tax credit expires.  The House today passed a bill on to the Senate that would extend the tax credit until September 30 for buyers who have been unable to get their would be homes closed in time.  I saw a video today that stated there are 200,000 buyers, 180,000 REALTORS and 97,500 loan officers who were unable to get tax credit deals done. 

A lot of loan officers might want to go on vacation for awhile until everyone calms down!Help

I have 2 buyers who are going to miss out on the tax credit.  The first was a difficult loan and I don't blame the lender.  The second, on the other hand, was the lender's fault.  They claim an underwriting guideline changed in the middle of underwriting the file and that they had to resubmit.  We should be able to close on Friday for both buyers.  Missing by 2 days is pretty aggravating and the only hope is that 99 senators (I think the Senate is only short 1) extend the tax credit to that all those people who tried to take advantage can still qualify.  Given the number of short sales in my market, it is clear now that this should have been the time frame all along.  Banks simply are not able to get short sale deals processed fast enough to allow a buyer to close in under 60 days.  Even if the home went under contract in January, its probably still only 50-50 that it closes by June 30.  I wonder how many deals will fall apart if Congress does not extend the tax credit deadline.  In the very least, there will be about 477,500 unhappy constituents for any politician who votes against passing it. 

Angry Sun

Posted by

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Steve serves the real estate needs of buyers and sellers in Shorewood, Plainfield, Joliet, Crest Hill, Romeoville, Bolingbrook, Oswego, Minooka, New Lenox, Aurora, Naperville and NW Will County.  Specializing in short sales, investment properties and first time home buyers, Steve attacks problems with a tenacious outside the box approach and keeps working where many others would have given up.   

To learn more visit steveroake.kw.com or download my mobile app. Specializing in Shorewood IL Real Estate, Plainfield IL Real Estate, Joliet IL Real Estate, Minooka IL Real Estate, Channahon IL Real Estate, New Lenox IL Real Estate, Oswego IL Real Estate, Bolingbrook, IL Real Estate, Romeoville IL Real Estate, Naperville IL Real Estate. Buyers can save between $1,000 and $5,000 by working with us! 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Illinois Will County
Tags:
home buying
tax credit deadline

Spam prevention
Show All Comments
Rainmaker
509,381
Shar Sitter
Rooms With Style - Minneapolis, MN
Home Staging and Redesign Minneapolis/ St. Paul, M

What a mess.

Jun 29, 2010 04:06 PM #1
Rainer
36,494
Ryan Smith
Allison James Estates & Homes - Temecula, CA

All you need is Senate approval and a Presidential ratification.  Call me an optimist, but I think it will happen. 

Good luck with your buyers!

 

Jun 29, 2010 04:26 PM #2
Rainer
232,345
Sara Woolford & Steve Golson, ALHS
iTexas Realty Co. - San Antonio, TX

Hi Steve-

We are hoping that it all works out and that these buyers get closed!

--Sara in San Antonio

Jun 29, 2010 04:32 PM #3
Rainer
366,102
Scott Hayes
(512) 786-8300 - Austin, TX
Realty Austin, Broker Associate

I have a client in the same boat. A late credit report correction pushed them back in to the first week of July. The creditor has agreed to correct it, but it will cost my folks 8k

Jun 29, 2010 04:40 PM #4
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
76,641

Steve Roake

Get Moving With Steve
Ask me a question
*
*
*
*

Additional Information