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J. Graeme Ma…, Real Estate Pro in VA,

Who thinks the Government will extend the Tax Credit program?

Asked by J. Graeme MacHorton, VA, Sun Mar 21, 2010

Officially, the program will end on April 30th. Contracts ratified by that date must be closed or settled by June 30th in order to qualify for the Tax Credits. Whether the banks/lenders can move short sales within that time-frame is another matter: the buyer loses out big time if not.

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I have been saying no way it would not happen. But just a few minutes ago they passed the health care bill. The dems could do anything.
1 vote Thank Flag Link Sun Mar 21, 2010
For the sake of my third party approval listings, I hope it does not get extended. For the sake of every other seller (including me), I hope it does. I'm torn. I did have a lender from CA say that she heard it was but, like other posters, I haven't heard the 'buzz' like last time. We'll see. There is a lot of money out there to help sellers with programs like HAP but they aren't doing much good with buyers who won't wait a few months to get approval because they want to insure they close in time. I almost want to see it end. It's kinda like tearing a band-aid off.
0 votes Thank Flag Link Mon Mar 29, 2010
According to Inman News, only the state of California has extended the buyer tax credit. No word if any other state has followed.
Web Reference:
0 votes Thank Flag Link Sat Mar 27, 2010
They just did until the end of the year.
0 votes Thank Flag Link Fri Mar 26, 2010
Seems to me there isn't any buzz regarding any further extension of the Fed tax credit. I've heard nothing in the media or read anything from other realtor posts. On top of that the Fed is soon to stop buying mortgage backed securities and that may create a hike in interest rates for loans.

Here's the link for the NY TImes article;

Since short sales can take a long time to close, those buyers may not be able to take advantage of the tax credit either. Time is truly of the essence.
0 votes Thank Flag Link Fri Mar 26, 2010
Even now at a time when people should be out rushing to find a house before they lose money it looks bad. We had an all time low number. With such poor results while it is currently in why should it be extended?
0 votes Thank Flag Link Fri Mar 26, 2010
I think we would have heard something by now. I'm sure they have noticed this program did not solve the crisis. I'm sure the government is searching for something different that will. I hope they choose a plan to reduce the principles on loans.
0 votes Thank Flag Link Fri Mar 26, 2010
Although I thought I read that NAR is lobbying for an extension, I don't think it will be extended. The low interest rates and the tax credit have been a boon to sales in my area of Northen Virginia.
Web Reference:
0 votes Thank Flag Link Fri Mar 26, 2010
i think the tc has lost steam, i don't think it will or should be extended
0 votes Thank Flag Link Sun Mar 21, 2010
Not me! Before the last deadline, we were hearing a lot about work being done behind the scene by NAR to get it extended. This time- nothing!

I am not showing Short Sales to my Buyers trying to get the tax Credit unless, I am talking to the list agent in advance to find out if there has been some positve communication with the bank, how many SS lenders are involved & who they are, and if the agent is skilled in presenting Short Sales.

Even if we put in an offer on the SS, we are continuing to look.
0 votes Thank Flag Link Sun Mar 21, 2010
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