Uncle Sam Should the Closing Date for the Tax Credit be Extended? Ann Arbor Area buyers and sellers, do you think the Tax Credit should be extended for the closing date?

The Missy Caulk Team was incredibly busy the whole month of April with buyers who put homes under contract to get in on the $8000.00 First Time Home Buyer Credit and the $6500.00 credit for move up buyers.

Now it is time to get those homes closed by the June 30th deadline and people are panicking because of appraisal issues or they chose to work with lenders who haven’t been able to get the job done.  To say nothing of a few short sales (10) that have been under contract for 4 or more months.


NOTE: THIS IS NOT AN EXTENSION OF THE CREDIT, only an extension of the closing date to September 30th, 2010.

Today the Wall Street Journal wrote on post on how FRAUD could enter the picture IF agents back dated the contracts. This is a complete NO, NO.

Any Realtor who does this should lose their Real Estate License in a heartbeat.

Since the Amendment to the Bill has already passed the House and the Senate has wide support it will probably pass…but who knows.  I am in favor of the closing date being extended with a paper trail to show the home was really under contract and not backdated.

The National Association of Realtors is in support of the extension.

“NAR estimates the number of home buyers who have qualified for the tax credit and met the contract deadline of April 30, but who would not be able to close their transaction by the June 30 deadline, could go as high as 180,000. Realtors® have reported as many as one-third of qualified applicants have been notified by lenders that their mortgages will not close before June 30 due to the sheer volume of applications in the pipeline.”

What say you?

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