Will the $8000 Tax Credit be extended?

Passed by the House early in October was a bill extending the $8,000 home buyer tax credit next year for military, diplomatic and intelligence personnel serving overseas. This increases the likelihood that Congress will write an extension of the $8000 tax credit program into 2010 but of course there is no guarantee. Hopefully, lawmakers appreciate the tax credit program, currently slated to expire November 30, as a critical component in "saving and creating" jobs.  The $8,000 tax credit for first-time homebuyers is scheduled to expire on December 1, 2009.  However, in order to qualify, the transaction must be closed on or before November 30th, essentially leaving first-time buyers with less than 35 days to complete the process.  At this point, this assumes a "Chinese Fire Drill" approach in order to take advantage of this program if you haven't already began the process.  While the urgency of trying to find and close on a home before the deadline may seem stressful, it doesn't have to be, unless you want it to be a... "Chinese Fire Drill".  “Yes, the tax credit is encouraging first-time homebuyers, but we’re concerned that people could miss out on this unique money-saving opportunity if they haven't anticipated the time necessary for closing,” said Coldwell Banker Schmidt Realtors General Manager Tom Gray.  “While every home purchase is a unique experience, we are encouraging first-time homebuyers to be under contract within the next few days in order to participate in this "soon to not likely be extended"... Chinese Fire Drill.”   Please assume your positions.

 

 

Posted by Fred Schmidt @ 3:56 PM on 10/26/2009
Tags: 8000 tax credit Forclosures Get a steal grand traverse county real estate Marketing ideas Mistakes buyer make Mortgage Real estate Real Estate Blog Traverse City MI real estate traverse city michigan real estate twitter USA Today wall street news