The High Road Papers - Latest Comments in Home Buyer Tax Credit Extension: Yet another bill introduced

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

Jay Thompson — Fri, 06 Nov 2009 01:42:55 -0000

For those following the home buyer tax credit extension, see this post for the latest developments. Credit extension and expansion passes both House and Senate:

http://www.phoenixrealestat...

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

corbitr — Tue, 27 Oct 2009 15:56:10 -0000

Hopefully this is extended and expanded prior to the deadline. Home prices in Florida are finally down to where I can afford to buy a home, and would like to be able to take advantage of this program. Also since 30yr fixed rates are near historic lows, there has never been a better time, and the tax credit is great incentive. By the way this is the only part of the stimulous that is actually working. The reason? Because it is a tax credit, not a bailout, not a freebie. Proof that tax cuts are what stimulate not handouts.

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

Gail — Tue, 27 Oct 2009 09:58:05 -0000

Apparently the credit will be extended till April and phased out over the next few quarters as discussed here: http://www.savingtoinvest.c...

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

BW — Fri, 23 Oct 2009 09:07:09 -0000

Well we pulled our offer on the short sale, and found another house that was a foreclosure. It was owned by Fannie Mae, and was such a smooth, efficient process! Our offer was accepted in a week, and we close on the 13th!

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

Rob — Thu, 22 Oct 2009 18:44:54 -0000

They should extend to credit to ALL buyers for at least another six months... but my suggestion would be to exclude all foreclosed and short sells from it. These sales are already a great deal to the buyer and don't need the additional incentive. The $15K idea seems a little far fetched and too costly, but the current 8K for all buyers except those under forclosure or short sale would be a good compromise.

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

Name — Mon, 19 Oct 2009 22:48:09 -0000

Been waiting for approval from BOA since JUNE!!!!!!!!!!

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

Name — Fri, 16 Oct 2009 17:06:15 -0000

We need an extension just to complete the purchase we started back in JUNE that is stuck in BofA "short sell hell"!!!

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

Danielle — Wed, 14 Oct 2009 17:04:57 -0000

I, too, am waiting on a short sale house. We had out offer in July and still haven't made it through Phase 1. There is no chance to close by Nov. 30th. If it is not extended, I will have to retract my offer. They need to extend it at least 6 months to compensate for the lack of sales in the winter months, IMO.

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

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Re: Home Buyer Tax Credit Extension: Yet another bill introduced

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Re: Home Buyer Tax Credit Extension: Yet another bill introduced

Kevin — Wed, 07 Oct 2009 09:50:33 -0000

I agree Tyler. There is no way that Congress is going to offer higher incentive to buy after this current cycle and announce it before the current offer expires. Which is probably why the senator is straddling multiple bills. Throwing everything on the wall to see what sticks.

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

samdodd — Fri, 02 Oct 2009 09:32:08 -0000

$15,000 would be a real boost to the Real Estate market, that is exactly why it will never happen. These clowns in Washington just don't get it. O well what can you do? I hope at the min they can push through an extension to June 2010.

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

jeannicole — Thu, 01 Oct 2009 12:44:07 -0000

It is the least the government can do. Recently all of my tax dollars have been going toward bailing out Wall Street fat cats, can I just get a little of my money back? Gheesh!

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

best bank rates — Wed, 30 Sep 2009 05:33:14 -0000

Proposed plan was of amount $15000 and got approval of $8000, almost half of it. I think now the plan of action is to be; propose the double amount or double days than what actually is required.
On serious notes, i wish new propose plan gets the approval.

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

Indianapolis New Home Builders — Tue, 29 Sep 2009 09:29:48 -0000

Fantastic idea Bruce!

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

andys2i — Mon, 28 Sep 2009 14:55:48 -0000

Remember when the fed kept interest rates low in the 00's. Look at the result of that. seems like de ja vu as the housing market is artifically proppoed. As discussed, http://www.savingtoinvest.c... , my opinon is that the existing credit will get extended for 6 months under the same conditions.

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

Jay Thompson — Sun, 27 Sep 2009 07:38:31 -0000

BW and Matt - There are a TON of factors that go into how long it can take a short sale to be approved. Not the least of which is the lender involved, and even the specific indivual loss mitigation officer assigned to the file. If two lenders are involved, it can get really complicated.

I've seen short sales close in as little as 4 weeks, and have had others take close to six months. Unfortunately you're at the mercy of many people, none of whom you have any control over and few of whom even care if the deal closes.

Would love to have you all come back here and let us know how it's going. Best of luck to you both!

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

sunshin49 — Sun, 27 Sep 2009 06:38:23 -0000

Let's just extend the tax credit - let's not get greedy and start adding more onto it. This is like being a kid in a candy store - your parents gave you one piece of candy now you are throwing a tantrum and want more

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

Bookkeepers Now — Fri, 25 Sep 2009 12:19:29 -0000

The existing program was put in place to help the economy and housing affordability but stretching the measure too far beyond its original scope is a bad idea. It costs billions of dollars and excludes millions of Americans who rent or bought their homes before the program was available.

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

bw788 — Fri, 25 Sep 2009 09:06:01 -0000

Same situation here....have been waiting 4 weeks on approval from the bank on a short sale. Curious to know if others are waiting more/ less time for short sales? If we cannot close by 11/30 and credit is not extended...will be pulling offer out.

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

Greg Dallaire — Thu, 24 Sep 2009 22:57:29 -0000

I remember getting my call to action letters to all my local representatives. As a Realtor any type of legislation like this will have a positive impact on the short term.

Being a fiscal conservative/libertarian i'm really starting to question the actual impact of trying to control a free market. We are starting to see this type of legislation in other parts of our economy. Once you implement these type of programs they are extremely hard to get rid of and become a norm instead of an actual short term incentive.

Are we trying to postpone the inevitable market correction? It's time we actually let a market do what it's supposed to do. Trying to control a free market is not capitalism it's something extremely different.

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

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Re: Home Buyer Tax Credit Extension: Yet another bill introduced

Brad Rachielles — Wed, 23 Sep 2009 12:09:00 -0000

Jay - Great post. I was hoping to add to the thought process, but find that your readers/commenters are also very insightful. The prospect of future extensions, upgrades and criteria changes for qualifiers may be having a detrimental effect on the first timer, and I concur with the writer who says that we just have so much that we (the taxpayers) can spend. It would seam that there would be benefit immediately for announcing that there would NOT be any new program, but that anyone in a transaction before the deadline could reap the rewards of this bill. This may spur the buyer to consider a short sale with it's longer transaction time a more viable choice. In my opinion, the better move would be to have real pressure exerted on lenders to impliment Real Loan Modifications, getting rid of the Ghost Inventory and returning to a market where prospective sellers see value in listing standard sales, increasing good inventory and returning to normalcy. I'd love comments - good or bad. Thanks Jay.

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

Joshua Bucio — Wed, 23 Sep 2009 00:31:34 -0000

Regarless of the outcome, I really hope the credit is at least extended into next year.

This has been an important tool in getting homes sold this year.

Re: Home Buyer Tax Credit Extension: Yet another bill introduced

Kyle — Tue, 22 Sep 2009 20:29:44 -0000

I totally agree with you about not extending it. There is only so much money in the barrel (of course, that all goes out the window when our government borrows like it does and the Fed prints like they do), and I think that the long term consequences of more government debt just doesn't justify the short run artificial boost it provides to the economy. But I'm a younger real estate agent, so naturally i have a lot longer timeline to worry about how bad the government is messing with my future earnings than all you old dogs... ;)