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NAR asks government to be flexible on homebuyer tax credit closing date deadline
Jun 2 2010 - 11:52am
Did you miss it? Near the bottom of today's press release about the NAR Pending Home Sales Index figures for April 2010 was this tasty little nugget:
“However, the recent housing cycle has brought long delays related to the short sales approval process by banks, and from ongoing appraisal issues. There could be a sizable number of homebuyers who responded to tax credit incentives, but may encounter problems meeting the settlement deadline by June 30.” Because of these market challenges, NAR has asked Congress to provide flexibility on the deadline for closing.
We haven't seen any mention of this elsewhere, but we'll be watching extra carefully for details.
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Is there any public comment
Is there any public comment whatsoever by anyone on the hill who has the authority to speak with regard to this subject? From what I see here, it doesnt look like it. This information is vital to buyers with short sale contracts as they decide whether to hold em or fold em.
Any possible extension would
Any possible extension would be a great thing! I have several short sales where the buyer's agent has stated if we cannot settle by the deadline, the buyer will walk and rent for another year. The completion of the tax credit to all those who bought before the deadline will enable not only home ownership to many who could not or would not have bought before, but also give the much needed funds back into the economy through purchasers with that credit. Everyone is backed up ... even HAFA short sales are not meeting deadlines due to the overwhelm!
Robyn Burdett, RE/MAX Allegiance, Fairfax VA
I had a client who just
I had a client who just recently found out that her claim for a $6,500. credit was denied because of closing a day or two TOO EARLY, in late '09. The date was set by the closing attorney on an arbitrary basis. If an adjustment movement takes place I would hope that those cases would be similarly honored.
JUST TALKING ABOUT THIS ISSUE
JUST TALKING ABOUT THIS ISSUE LAST NITE, GOOD TO SEE NAR ON TOP OF IT! BOB CHENERY WILKINS & CO REALTORS DANVILLE VA.