Hello PV,

You should get advice from your agent as to whether or not you should delay escrow. Delaying the close of escrow not only effects you, but also the seller and you have contractual obgliations.

The president is expected to sign the extention by the end of the week. The $8,000 maximum first‐timer credit will continue and will now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move‐up homeowners who have lived in their current residence for five of the prior eight years.

Good Luck! I hope it works out for you!

Lorraine Meier
Zypher Real Estate
DRE# 01439005
cityrealtorsf@gmail.com
415.596.9362

Damn, should I delay till this passes? Now with the increased income limit, I qualify for the credit. I'm in escrow and plan to close within the next couple of days.

Hi Hollie! It's been a hot topic among potential homeowners, current move-up buyers and of course the Realtor community for some time now. The last posting is quite accurate and indicates a push for the approval of an extension, more benefits as well as provisions to open the benefit to "move-up" buyers as well. The reason I am posting today is for two main efforts: 1) There has been debate about the actual cost to taxpayers today and into the future and I've seen "ranges" and some speculative numbers that I have been unable to verify and I have yet to see any posts deifinitively nail the number down. So if anybody wants to tackle that one then I could only ask that they also nail down just what if any available research results could tell us just how the effect on the economy with regard to the sellers purchasing after their sale to the "Tax Credit Buyer" and those as a result of that transaction and so on. And, 2) There is the claim and valid concerns for the criminal abuse of the current Tax Credit benefit. It's been published that people who truly did not "qualify" have gotten the credit. This brings up a sore subject and that is that the government has operated poorly in the "regulation" department and any time there is "loose power" (remember the not to far back in our memories "anyone can get a mortgage" environment were currenly paying for?) it's clear that income opportunities there is an element of greed that seeps in. We need tougher regulation for these criminals, many are the realtors and lenders we call industry colleagues... and ultimately give our industry's hardworking and ethical professionals a bad name. You can access the article by clicking the URL below under Web References.

Per a friend who is the Director of Capital Markets for a Mortgage Bank:

"The expected extension and expansion of the tax credit, probably the last one, is expected to be voted on as soon as today and probably signed in the next few days, at best. The signing may happen in spite of the administration preferring a slightly different version. The latest version, and this has not been voted on by the Senate, would extend the credit to home sales that go under contract by April 30 and close by June 30, 2010. A new, $6,500 tax credit would be available for buyers of owner occupied primary residences who have owned during five of the eight years prior to the purchase. Although the House may have its own version, this extension includes a few items such as the home price limit would be $800,000, and the annual income limit to qualify for the tax credit would be $125,000 if you’re single and $250,000 for couples."

Hi Hollie,

Yes, they are trying to extend the tax credit beyond the current Dec 1st deadline. My opinion is chances are good this will happen, but then I'm an optimist! I'm sure that as soon as there is any development regarding an extension you will see it here.

Good luck!
Lorraine Meier
Zephyr Real Estate
DRE# 0143905
cityrealtorsf@gmail.com
415.596.9362

From what I understand, the proposed extension would carry the tax credit through April of 2010. The extension opens the credit beyond first time buyers. For more info: http://www.examiner.com/x-19632-Salt-Lake-City-Headlines-Exa…

Take care and good luck!

Jason Chapin
McGurie Real Estate
jchapin@mcguire.com

Hi Hollie,it is most likely that they WILL extend the tax credit for 2010 .Here is a link with a recent senate update:


http://www.kcra.com/money/21456362/detail.html?treets=sac&am…

Jory Blake
theJORYgroup @ Keller Williams Realty of Riverside
951 742 3751