Comments on: Homebuyer Tax Credit Extended?

By: ann bone

ann bone — Tue, 05 Jan 2010 16:04:27 +0000

Questions are coming in as to whether the state of Georgia has extended their $1,800 ITC beyond 12/31/09. No, not yet. I can’t even find any reference to proposed legislation to do so when the 2010 session opens in January.

Buyers should not wait to see if this happens or not. Remember that homes must be under contract by April 30, 2010 and close no later than 6/30/10 to take advantage of the up to $8,000 ITC for first-time homebuyers and up to $6,500 for qualifying “move-up” buyers.

By: Brad Carlton

Brad Carlton — Sat, 07 Nov 2009 13:35:14 +0000

Judy, I read that only 12 House members voted “NO” with everyone else voting “YES”. I wonder who those 12 are? This is just another great way for people to get excited about buying and/or selling a home in this market and I’m glad to see it coming! Just as the MHA program, it’s going to be vital that agents educate themselves on this program and help educate the public!

By: Gerard Dickson

Gerard Dickson — Sat, 07 Nov 2009 05:54:16 +0000

Well, the wait is over. Start calling those borrowers sitting on the fence and help them get into an affordable home. Don’t forget about the move up buyers who have been waiting for a break to help them as well.
Happy selling!

By: Valerie McDonald

Valerie McDonald — Wed, 04 Nov 2009 18:06:00 +0000

Judy — Read this update the other day. We are still waiting for the extension. While it may well be enacted, it certainly was important to have the correct information.

Inventory is down at many price points. And houses are moving at least in some areas at the price points most affected by this program. It is certainly wise to keep on target for the end of the month deadline until an extension or new program is a reality.

I do know of several people who have benefitted from this porgram & their closings were happy events.

By: Elizabeth McGee

Elizabeth McGee — Mon, 02 Nov 2009 17:58:38 +0000

Thanks so much for keeping us updated. I too am working with alot of first time homebuyers. The price range and homes we are looking at are short sales and foreclosures. The banks don’t seem to be in any hurry to answer our offers as we are trying to meet this Nov. 30th deadline. So I am truly hoping they will extend to help the honest people out there.

By: Judy Jones

Judy Jones — Mon, 02 Nov 2009 14:11:27 +0000

I think everyone in our industry agrees that an extension of the existing tax credit and a possible expansion for more tax credit dollars for homebuyers is desperately needed.

But, until there is a vote and the President has signed the bill, I would strongly encourage everyone who has a home under contract to make every effort to close by Nov. 30.

There will be extended turn times in underwriting and closing attorney’s closing calendars will get filled quickly. The best way to ensure that you or your buyers close under the Nov. 30 deadline is to provide EVERYTHING that is needed TODAY to your mortgage lender.

By: Dottie Wise

Dottie Wise — Sat, 31 Oct 2009 14:58:44 +0000

Thank you Judy..,as always you keep us informed with correct the information! We all need to contact our Senators and Congressmen ASAP. The proof of success with the program is in the numbers. Check out SmartNumbers months supply in the first time home buyer sales price range! The recent sales are like the little engine that could, “I think I can, I think I can” We just need one more big push to roll that engine again and it is in the hands of Washington.

By: Arthur Harris

Arthur Harris — Fri, 30 Oct 2009 20:40:36 +0000

Judy,

It is crucial that the Tax Credit gets extended as a lot of my buyers this year were actually first time home buyers that benefited from this program. I have a few more buyers still on the fence waiting to see what decision the Government will make within the next few days.

By: Mark Broyles

Mark Broyles — Fri, 30 Oct 2009 19:26:46 +0000

Judy: Thank you for staying on top of things for us. This is not just theory, we all have clients waiting in the wings for a decision that will control how they move forward. I am currently negotiating a transaction scheduled to close 11/26. If the tax credit is extended, it will sure give us some breathing room. Over fifty per cent of my business is from Buyers who are benefitting from the tax credit. I think it is vital to our recovery.

By: Judy Jones

Judy Jones — Fri, 30 Oct 2009 13:07:21 +0000

Pat,
It’s a shame that the IRS did not hire you to create their workflow system for filing the tax credit. Your suggestions are exactly what should have been done and would have prevented the majority or all of the fraud that occurred. Your suggestion to have the folks provide a copy of their HUD 1 possibly could have saved the IRS $600 million in funds they have handed over to folks who do not qualify!

In fact, The Treasury Inspector General for Tax Administration, Russell George, warned the IRS that there would be fraud if they did not ask people to provide documentation of the closing. The IRS ignored the advice. This resulted in the $600 million that has been given to fraudulent filers. It is possible that there is much more that has been claimed fraudulently as the investigation is just beginning!

By: Pat Viohl

Pat Viohl — Fri, 30 Oct 2009 12:39:34 +0000

Isn’t it always true that the few spoil things for the many?? I am not sure what the IRS requires to be submitted other than their tax credit document, but it seems to me if they also required a fully executed copy of the HUD-1, AND if closing attorneys were required to go online to a security site and “log” the closing into an IRS system, the government might catch suspicious activity before those tax credit checks are issued. It’s not a perfect system, but it would certainly beat trying to get this money back from the perpetrators after the fact.