Tax Credits Are Still Alive - Short Sale Fundamentals
 
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17
Jun

Tax Credits Are Still Alive

Homebuyer tax credit extension

tax credit extension

Okay, so maybe you CAN have your cake and eat it too.

I recently told you about the dramatic drop in home prices around the end of April. You may remember that as the time that the home buyer tax credit was set to expire.

So everyone jumped on the bandwagon and tried lowering prices to keep demand up. And it seemed things sort of balanced out for a while.

Now of course Washington has voted to extend the tax credit deadline. Due to the massive influx of applications that flew in right before the end of April, lawmakers want to make sure everyone has a chance to cash in.

So if you’ve got lowered prices and a tax break, I guess you can have your cake and eat it too.

Now you’ve got till September 30th to get under contract to benefit from the tax credit. And I think this means you can expect to see a slight hike in home prices over the summer.

But still, this should help manage the “shadow” inventory looming in the background which could break the market any day. Harry Reid in the Senate feels it’s helped Nevada, and boy do they need it.

So keep an eye out in the coming weeks and watch how asking prices fly. See if you can use the news to your advantage when hunting for new investments.

And, of course, let me know what you find.

  • LeAnn

    Corey, I don't believe you are correct. According to everything I've read the June 30 closing deadline has not been extended…but it was accepted as an amendment to the Tax Extenders Bill. Under the amendment, borrowers who signed purchase contracts by April 30 would be given three extra months to close their loan and still qualify for the homebuyer tax credit. The new deadline would be September 30, 2010. Meaning they have to have been in contract by April 30, but have until Sept. 30 to close escrow. Please let us know if I'm not correct. Thanks – LeAnn

  • Dave Hackiewicz

    What is the new contract date? If you want to have any effect you must score new contracts to close in the new extension. What's the scup?

  • JD

    LeAnn I think you may be correct – If Cory has different info – hopefully he will footnote his Legislative source. This way we can confirm B-4 we go half informed.

    If Cory fails to respond to this inquiry – well you can decide for yourself!

  • Shitsale Arkansasjoe

    Well, it's as accurate as the rest of the overhyped crap that seems to be flying out for $997 these days!

    It is in fact WRONG that the credit has been extended for buyers after April 30. It was extended because the banks have forgotten how to do an actual 'loan' (they were used to just approving anything and taking the loan fees).

  • Brent

    you are write, our government is not that stupid.

  • Liz N

    LeAnn is correct that the extension was just to process those sales under contract as of April 30. This should help clear out short sale deals that might otherwise have died because of buyers backing out when their tax credit failed to materialize.

  • Kevin

    I've spoken to several people and looked on the C.A.R. website and everything says that you still had to be in contract by April 30th and now they are just extending the deadline to close escrow. I KNOW that Cory got this wrong. You WILL have to be in contract by 4/30/10 and close by 9/30/10 PERIOD.

  • BETTY SCHERER

    I PAY A BILL EVERY MONTH FOR A 2ND HOME THAT IS UNDER WATER. I AM TIRED OF PAYING MY BILL AND PAYING A PART OF ALL THE BILLS THAT SHOULD HAVE BEEN MORE CLOSELY EVALUATED TO GET A LOAN.I NEED TO SEE IF THE ASKING PRICE FLYS, AND HOW TO USE IT TO MY ADVANTAGE. KEEP ME POSTED!!



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