Comments on: Say NO to Extension of the Federal Tax Credit for First Time Home Buyers!!! (???) http://www.prucalvoices.com/2009/10/say-no-to-extension-of-the-federal-tax-credit-for-first-time-home-buyers/ Conversations in Real Estate Wed, 08 Feb 2012 15:43:51 +0000 hourly 1 http://wordpress.org/?v=3.2 By: Shokoofeh Nowbakht http://www.prucalvoices.com/2009/10/say-no-to-extension-of-the-federal-tax-credit-for-first-time-home-buyers/comment-page-1/#comment-1799 Shokoofeh Nowbakht Wed, 04 Nov 2009 07:26:19 +0000 http://www.pruvoices.com/?p=2015#comment-1799 Jean, I have a first time home buyer who has been looking for almost one year. He has written 3 or 4 offers, but never ratified one. And, yes, he is still looking and not in contract yet. I guess he's out of luck by now. Shokoofeh Nowbakht www.shokoo.com Jean,
I have a first time home buyer who has been looking for almost one year. He has written 3 or 4 offers, but never ratified one. And, yes, he is still looking and not in contract yet. I guess he’s out of luck by now.
Shokoofeh Nowbakht
http://www.shokoo.com

]]> By: Jean Joh http://www.prucalvoices.com/2009/10/say-no-to-extension-of-the-federal-tax-credit-for-first-time-home-buyers/comment-page-1/#comment-1786 Jean Joh Mon, 26 Oct 2009 16:56:23 +0000 http://www.pruvoices.com/?p=2015#comment-1786 Dear Jessica & Aaron (and all first time home buyers out there), I totally feel your pain and for your sakes, am hoping that the deadline will be extended. I have a few clients who have also been looking for a long time and have been submitting good offers but have not been able to purchase yet, and it's especially difficult if you're dealing with short sales where the wait is not up to you. Just to make it clear, my blog was written somewhat tongue-in-cheek, and I personally would like to see the tax credit extended. It's not only good for first time home buyers but also for those who are trying to sell their homes and has the potential to "trickle up". Best wishes to you as you continue your home search! Jean Dear Jessica & Aaron (and all first time home buyers out there),
I totally feel your pain and for your sakes, am hoping that the deadline will be extended. I have a few clients who have also been looking for a long time and have been submitting good offers but have not been able to purchase yet, and it’s especially difficult if you’re dealing with short sales where the wait is not up to you.

Just to make it clear, my blog was written somewhat tongue-in-cheek, and I personally would like to see the tax credit extended. It’s not only good for first time home buyers but also for those who are trying to sell their homes and has the potential to “trickle up”.

Best wishes to you as you continue your home search!

Jean

]]> By: Jessica http://www.prucalvoices.com/2009/10/say-no-to-extension-of-the-federal-tax-credit-for-first-time-home-buyers/comment-page-1/#comment-1780 Jessica Sat, 24 Oct 2009 22:39:48 +0000 http://www.pruvoices.com/?p=2015#comment-1780 My husband and I are currently looking for a house, and we have been since we got married. I am a full on Type A personality, and I cannot be late for anything. BUT it is not our fault that deal after deal seems to fall away from us. It is ridiculous to say that it should not be extended because people should have closed before now!!!!!!! My husband and I are currently looking for a house, and we have been since we got married. I am a full on Type A personality, and I cannot be late for anything. BUT it is not our fault that deal after deal seems to fall away from us. It is ridiculous to say that it should not be extended because people should have closed before now!!!!!!!

]]> By: Aaron http://www.prucalvoices.com/2009/10/say-no-to-extension-of-the-federal-tax-credit-for-first-time-home-buyers/comment-page-1/#comment-1779 Aaron Fri, 23 Oct 2009 03:12:06 +0000 http://www.pruvoices.com/?p=2015#comment-1779 I am a first-time home buyer from Southern California who has put offers on 20+ houses and seen over 150 since february when my wife and I first started looking for a house. Just today did we receive our first counter offer! Despite our looking, and submitting offers, the demand here is so high that we haven't been able to even come close to buying a house. We are really hoping that we'll make the Nov. 30th deadline but we just can't say for sure, and right now the closing date on our counter is set for Dec. 3, so we may miss it by 3 days! Even extending the credit to people who are in escrow by Nov. 30 would be a good first step. I am a first-time home buyer from Southern California who has put offers on 20+ houses and seen over 150 since february when my wife and I first started looking for a house. Just today did we receive our first counter offer! Despite our looking, and submitting offers, the demand here is so high that we haven’t been able to even come close to buying a house. We are really hoping that we’ll make the Nov. 30th deadline but we just can’t say for sure, and right now the closing date on our counter is set for Dec. 3, so we may miss it by 3 days! Even extending the credit to people who are in escrow by Nov. 30 would be a good first step.

]]> By: Larry Franzella http://www.prucalvoices.com/2009/10/say-no-to-extension-of-the-federal-tax-credit-for-first-time-home-buyers/comment-page-1/#comment-1777 Larry Franzella Mon, 19 Oct 2009 18:13:19 +0000 http://www.pruvoices.com/?p=2015#comment-1777 Jean, A deadline seems pointless if it is just going to be extrended, however for those first time buyers who have been trying to get into contract and haven't been able to; it would be a great help. Larry Jean,

A deadline seems pointless if it is just going to be extrended, however for those first time buyers who have been trying to get into contract and haven’t been able to; it would be a great help.

Larry

]]> By: Lee Ginsburg http://www.prucalvoices.com/2009/10/say-no-to-extension-of-the-federal-tax-credit-for-first-time-home-buyers/comment-page-1/#comment-1776 Lee Ginsburg Mon, 19 Oct 2009 04:11:11 +0000 http://www.pruvoices.com/?p=2015#comment-1776 I think it is of vital importance for the feds to extend the credit. The Housing market is finally showing signs of stabelization and in our area of San Bruno, South San Francisco and Daly city showing slight increases. If they let the credit terminate on schedule I believe the Real Estate Market will fall backwards and lose all of the recent gains. We must remember that a new homeonwer will spend money at furniture, appliance, and hardware stores. We are still re-building the foundation. I heard some talk that only 15% of the buyers are taking advantage of the credit. That 15% is helping use up the inventory and stabelize the pricing and preventing others from going under water. That 15% might be true But that does not take into consideration the ripple affect. The new home buyer is buuying a home from a potential step up buyer. I blogged earlier about selling my mother's home in an adult community. Two of the agents told me that the $8000 credit is driving the adult comminity market. Without the credit the buyer of my mom's home would not be able to sell and therefore not buy in the adult community. That $8000 in my opinion has been one of the best moves the fed made to help us out of the economic mess. It would be wonderful if the buyer can use the $8000 instantly as an additional downpayment to decrease the loan and decrease the monthly payments. I am not saying the $8000 to be used as part of the minimum down of 3.5% but in addition to the 3.5%. It will give the homebuyers instant equity and the lenders more security. Bring on the Home Buyer Tax Credit Extention!!!! I think it is of vital importance for the feds to extend the credit. The Housing market is finally showing signs of stabelization and in our area of San Bruno, South San Francisco and Daly city showing slight increases. If they let the credit terminate on schedule I believe the Real Estate Market will fall backwards and lose all of the recent gains. We must remember that a new homeonwer will spend money at furniture, appliance, and hardware stores. We are still re-building the foundation. I heard some talk that only 15% of the buyers are taking advantage of the credit. That 15% is helping use up the inventory and stabelize the pricing and preventing others from going under water. That 15% might be true But that does not take into consideration the ripple affect. The new home buyer is buuying a home from a potential step up buyer. I blogged earlier about selling my mother’s home in an adult community. Two of the agents told me that the $8000 credit is driving the adult comminity market. Without the credit the buyer of my mom’s home would not be able to sell and therefore not buy in the adult community. That $8000 in my opinion has been one of the best moves the fed made to help us out of the economic mess.
It would be wonderful if the buyer can use the $8000 instantly as an additional downpayment to decrease the loan and decrease the monthly payments. I am not saying the $8000 to be used as part of the minimum down of 3.5% but in addition to the 3.5%. It will give the homebuyers instant equity and the lenders more security.
Bring on the Home Buyer Tax Credit Extention!!!!

]]> By: Kathy Wall http://www.prucalvoices.com/2009/10/say-no-to-extension-of-the-federal-tax-credit-for-first-time-home-buyers/comment-page-1/#comment-1775 Kathy Wall Fri, 16 Oct 2009 21:30:58 +0000 http://www.pruvoices.com/?p=2015#comment-1775 I understand where you're coming from, Jean, but I firmly believe they should not only extend the credit but should increase it and make it available to all buyers of residential properties. If I have my way, the credit would be a mnimum of $15,000 and would be available to everyone purchasing a home that would be their principal residence. I don't believe that investors should benefit, however. It should only apply to owner occupied properties. I believe this approach would really stimulate the housing market. Kathy Wall I understand where you’re coming from, Jean, but I firmly believe they should not only extend the credit but should increase it and make it available to all buyers of residential properties. If I have my way, the credit would be a mnimum of $15,000 and would be available to everyone purchasing a home that would be their principal residence. I don’t believe that investors should benefit, however. It should only apply to owner occupied properties. I believe this approach would really stimulate the housing market.

Kathy Wall

]]> By: Brian Boisson http://www.prucalvoices.com/2009/10/say-no-to-extension-of-the-federal-tax-credit-for-first-time-home-buyers/comment-page-1/#comment-1774 Brian Boisson Fri, 16 Oct 2009 21:06:36 +0000 http://www.pruvoices.com/?p=2015#comment-1774 Jean, I can understand you point about deadlines, but in many cases buyers are trying to get a property but are having difficulty getting into a contract. Maybe an extension with the same amount and rules that are currently in effect currently would be OK. I urge all in the industry (agents, lenders, title and others) to keep in mind the 11/30 deadline if they are in escrow. I wonder what the liability could be if someone in the chain drops the ball and escrow closes a day or two late and the buyer fails to qualify for the credit? Agents and others should always keep a log of activity with time and dates to protect themselves and I think now it would be especially important to do so. Thanks again Jean. Brian Jean,

I can understand you point about deadlines, but in many cases buyers are trying to get a property but are having difficulty getting into a contract.

Maybe an extension with the same amount and rules that are currently in effect currently would be OK.

I urge all in the industry (agents, lenders, title and others) to keep in mind the 11/30 deadline if they are in escrow. I wonder what the liability could be if someone in the chain drops the ball and escrow closes a day or two late and the buyer fails to qualify for the credit?

Agents and others should always keep a log of activity with time and dates to protect themselves and I think now it would be especially important to do so.

Thanks again Jean.

Brian

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