Will the housing stimulus be extended for short sales already in the process?

Asked by Frustratedbuyer10, Lake Mills, WI Thu Feb 25, 2010

We put in an offer & it was excepted by both us & the seller. However the house is a short sale which can take up to 5 months to complete. Will the tax credit be extended for short sales?

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5
Robert Pratt, Agent, Chicago, IL
Thu Feb 25, 2010
FB -

The laws are very clear in this regard, your offer must be accepted by April 30th and closed by June 30th of this year. There are no exceptions announced or in the works as of right now. Hopefully you have an agent that is willing to call the bank EVERY DAY to make sure the ball is rolling. No news is not necessarily good news when it comes to Short Sales and someone must be constantly vigilant if you want it to happen in an efficient manor.

Good luck!
Web Reference:  http://www.dreamtown.com
0 votes
Brian McMurr…, Agent, Tawas City, MI
Thu Feb 25, 2010
The Stimulus plan has specific deadlines. Focus on anything you can do to expedite the process on your transaction. I would be surprised if this program is extended.
0 votes
Bill Eckler, Agent, Venice, FL
Thu Feb 25, 2010
Frustrated,

It's anyones guess at to what the future will bring. Up to this point the Feds efforts to assist people has not targeted any specific market sector.

With this said, most experts will agree that there should be some form of governmental support beyond the current initiative and that the market corner with the greatest liability to the market and economy is the "short sale" market.

Without a doubt, something needs to be done to resolve the massive and growing number of short sales.

Our best advice is to not put all of your eggs in one basket.....keep looking in the event this doesn't work out and minimize the time you will lose if it doesn't.

Best wishes,

The Eckler Team
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Feb 25, 2010
0 votes
Donna Panico, Agent, Janesville, WI
Thu Feb 25, 2010
As of now, the answer is no. Based on today's standards, you will only be able to claim your credit if you are closed by June 30, 2010.
Web Reference:  http://www.scwihomes.com
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