tax credit extended

Asked by John, 33139 Sat Aug 22, 2009

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5
Ofelia Loret…, , Miami, FL
Wed Aug 26, 2009
John:

I reiterate the previous answers in that we haven't heard anything about an extension. Your best bet is to buy right now and go for a regular sale (seller to buyer). A short sale is out of the question and foreclosures can also be a lengthy process, since the purchase contract the banks use have basically no deadlines on responding to an offer or a closing date. If you have the money for down payment, go for it. I don't now if you're aware that buyers can ask sellers to help with closing costs, usually about 3% of sale price. This went away during the "flush" years, but it's back again in a big way. Even if it's not the full 3% you can at least get some money towards closing. Good hunting!

Ofelia
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Aug 23, 2009
GREAT IF it is .... however never depend on "what if's" if you are interested best start now and close.

FYI ~ you receive annual tax credits owning a home

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0 votes
Rosie Morot-…, Agent, Miami, FL
Sat Aug 22, 2009
John,
Everybody is hoping for an extension ,but so far we have not heard anything about it.
You propably have still time to buy a "regular sale" as for short sales, it's a different story, they can take a few
month to close.
Once we know more about it you should see Blogs on trulia.
Web Reference:  http://www.rosiemorot.com
0 votes
Bill Eckler, Agent, Venice, FL
Sat Aug 22, 2009
John,

The reality of this program is there is no flexibility for those that are in the process of closing when the program ends on December 1, 2009. There will be countless numbers of buyers tied up in their transactions that will no be able to close before the program deadline.

This alone, should be help turn the tide and extend the program......but, it's anyones guess at this time.
0 votes
Joseph Finne…, Agent, Bethlehem, PA
Sat Aug 22, 2009
There is a push on to extend the tax credit and possibly change it back to the original version that was proposed ($15,000 to any home buyer) but so far nothing has changed. The tax credit will expire at the end of November.

Regards,

Joe
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