Question Details

Kathy Weber…, Real Estate Pro in Temecula, CA

Extension of Home Buyer Tax Credit Deadline

Asked by Kathy Weber (951) 551-7587, Temecula, CA Sun Jun 13, 2010

Congress "could" possibly extend the homebuyer tax credit deadline from June 30 to September 30. The April 30th guideline for the contract remains in effect.
Do you think this will help the bottleneck of files in title/escrow, or is it possible that the escrow process will be drawn out longer since there isn't the "urgency" factor?

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You would have thought that any escrow/title company would have anticipated this surge and brought on maybe some prior laid off workers to get through the higher volumes. Of course many did not and that is what is causing some of the slowness in processing. Even with the "bottleneck" I just can't imagine a contract written within the April 30th deadline can not close prior to the June 30th deadline.

I think the date needs to remain what it is. We need to see what the market is doing without inflated figures.
0 votes Thank Flag Link Mon Jun 14, 2010
I did recently read an article about this possible extension. Who knows the why of Congress' latest thought. Since it does nothing to allow others to partake of the credit (April 30th was the cutoff) we can only offer conjecture.

Your point is taken and Mr. Chase also makes the point of essentially manipulating home sales data. I guess it's a wait and see in hindsight kind of thing.
0 votes Thank Flag Link Sun Jun 13, 2010
I think it is a mistake. The contract was drawn up knowing the conditions. Changing the conditions after a contract is complete is just plain wrong.

Could this be an attempt to keep house sales showing up over a longer period of time so the bad news of less sales after 5-1-2010 does not show up so quickly?
0 votes Thank Flag Link Sun Jun 13, 2010
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