I have several clients sweating
right now waiting to see if their short sale contracts will be
approved by the banks.I have people that have had contacts on short
sales from 4 and 5 month ago and now it is getting down to the
wire.The banks don't seem to understand the sense of urgency
for these buyers.Everybody is racing trying to purchase a home and
close by the November 30 deadline for the first time homebuyer tax
credit.
Indications are still leading towards our
government doing some kind of extension, they just can't agree
on what or how.An article just came out in the Associated Press
pointing out some of the options.Read more
here.
Top Democrats in the Senate are pushing a plan
that will extend the $8,000 tax credit but phase it out over the
next year.They are proposing a drop of $2,000 per quarter starting
in March of 2010 until it is finally phased out.This plan could
face a vote in the Senate this week.
This proposal is aimed as a counter to the more
generous bipartisan plan that will extend the existing $8,000 tax
credit for one full year but also increasing the income cap for
eligibility and opening the tax credit to all buyers.
This tax credit is a big deal to many first time
homebuyers.With most of the deals out there being on foreclosure or
bank owned properties, many of these homes are in need of repairs
and improvements.Many homebuyers are counting on the tax credit to
pay for those much needed repairs.
We will keep you posted as things
progress.
It's a good life,
Ian
