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15000 tax credit for homebuyers wiped out in compromise :(

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Donna1966
Regular Contributor

Re: 15000 tax credit for homebuyers wiped out in compromise :(


@rivernh wrote:

 

 

  I will be much more likely to immediately invest in some home improvements instead of waiting for a couple years.  If I do get it, I'm likely to hire a contractor to redo a bathroom.  If several homeowners do the same thing, that contractor is likely to hire an extra guy to help him, and both of them will be paying more in taxes and spending more.  Their spending will filter on through the marketplace. 

 

 


Exactly!  When we were in the process of buying our house, we didn't even know about the tax credit, we just wanted to buy a house.  So when we closed in Sept 08, we were surprised to know that we would be getting the refundable credit.  When we bought the house, our long-term plans were to finish the basement and update the house...well, we just finished the basement and updated some of the upstairs too, all because of this credit.  It would have been a few years before we would have been able to do this.   So we got the money, and boom, it went back to the economy via Lowe's and contractors!

Message Edited by Donna1966 on 02-12-2009 05:35 AM
Message 31 of 42
Anonymous
Not applicable

Re: 15000 tax credit for homebuyers wiped out in compromise :(


@Donna1966 wrote:

@rivernh wrote:

 

 

  I will be much more likely to immediately invest in some home improvements instead of waiting for a couple years.  If I do get it, I'm likely to hire a contractor to redo a bathroom.  If several homeowners do the same thing, that contractor is likely to hire an extra guy to help him, and both of them will be paying more in taxes and spending more.  Their spending will filter on through the marketplace. 

 

 


Exactly!  When we were in the process of buying our house, we didn't even know about the tax credit, we just wanted to buy a house.  So when we closed in Sept 08, we were surprised to know that we would be getting the refundable credit.  When we bought the house, our long-term plans were to finish the basement and update the house...well, we just finished the basement and updated some of the upstairs too, all because of this credit.  It would have been a few years before we would have been able to do this.   So we got the money, and boom, it went back to the economy via Lowe's and contractors!

Message Edited by Donna1966 on 02-12-2009 05:35 AM

Ah.... See, I was already on track to buy too and that's exactly what I will do as well if there is anything available to me in the next month or two after I complete my purchase. Good for you!

Message 32 of 42
valley_man0505
Established Contributor

Re: 15000 tax credit for homebuyers wiped out in compromise :(


@Anonymous wrote:

 

 

For me, the whole thing smells like a credit card that comes in the mail that says, "use our card and get cash back."  The offer may inspire people to make purchases, but the question is whether they should be making those purchases in the first place, or can afford the bills when they ultimately come due.


Keep in mind that the tax credit is not available up front as a down payment, so people still need to come up with downpayment money (and seller paid downpayments are no longer an option).  Also, keep in mind that you still have to QUALIFY for the mortgage.  They are giving away tax credits, but they are not giving away mortgages.  It is much harder to qualify for mortgages these days because they don't want people buying things they can't afford.  If somebody can't afford the house, they won't get the mortgage, regardless of whether a tax credit is in place or not.  Now, if the credit were available to use as a downpayment...that could get some people into trouble.

Message 33 of 42
Anonymous
Not applicable

Re: 15000 tax credit for homebuyers wiped out in compromise :(

I think it's ridiculous that so many people were angry over this. God forbid your neighbor gets something that you don't. This culmination of Wall Street greed and government corruption is going to cost this country atleast $5 trillion, and some people want to complain about a little tax credit being "not fair". So the $15,000 that your new neighbor could have gotten is also going to buy a $15,000 left-handed screwdriver from a corrupt government contractor. This is our tax dollars we're talking about, not the governments money. So the people getting this credit are only getting their money back. If you're upset about it, then direct your anger towards your Congressman. It's typical though that we let government tell us they need to give trillions to the banks to "save the system", instead of having an actual debate about whether we should have this "system" at all. They promise oversight and accountability now. But hey, the more things change the more they stay the same.

 

If they really wanted to stimulate the economy they could start by giving back our money that we've earned. Get rid of the federal income tax. That would put money in everyones pocket immediately and we could choose whether we wanted to save it (recapitalize the banks), buy a car (anyone really want a Chrysler?), buy some new clothes (get the retail jobs back), pay off debt (more money in the credit markets), or donate more to our churches and charities (help the needy instead of the government stepping in). Our property taxes pay for local stuff like police, firemen, and schools. Sales taxes and state income taxes pay for state services. So what am I getting for the $250 taken out of my check every week? I guess I get the satisfaction that we spend more on our military than all of the other countries in the world combined.

 

I think people need to reprioritize what they think about government spending (taxpayer theft). Anything that gives money directly back to the people should be treated as a good thing. It seems most people think, "If I'm not getting anything, neither should you!" Meanwhile, just let your neighbors house sit on the market for another year further driving down the price of your own.

 

/rant 

Message 34 of 42
Anonymous
Not applicable

Re: 15000 tax credit for homebuyers wiped out in compromise :(


@Watchmann wrote:
Of course a $15k gift would be nice to tease potential homebuyers off the fence, but is it necessary?? 
In an economy where creditors are slashing credit just for shopping at Wal*Mart? For no reason? Other than perhaps you paid your other CC the day after it reports to the CRAs (so's you have a larger balance than normal)?
Might not be necessary, but it's nice, I'd warrant.
Home prices, like the stock market, have decreased so much in many parts of the country that they truly represent screaming bargains. 
Um ... yeah. If I saw a 1931 Bugatti Royale Kellner Coupe that was a "screaming bargain" at $400K (one just recently sold for $870K), do you think I'd buy it in the current economy -- just BECAUSE it's a bargain?
I think we need to put the word "bargain" into perspective. What's a "bargain" to you is still a helluva committment to others, I guess.
They are way below what they should be, even in this economy.  So if your job is not in jeopardy (+90% of Americans still have jobs) get out there and buy a house! 
And how in the hell do you REALLY know if your job's in jeopardy or not??? I know the world will always need doctors, lawyers and such, but how in the fudge do you know that there's not a gajillion of that particular people in that skill-set just itching to do your job for less money?
That happens ALL the TIME. No job is safe. Anyone who thinks so, in an economy where businesses are panicking and laying off workers and cutting costs by the fricking truckloads, is a loon. 
If you DO know whether or not your job is in jeopardy, chances are, you either need to watch out for accusations of insider trading or you'll be testifying in front of congress this week on why you just HAD to have that Bahaman vacation on the company/investor's dime.

'Nuff said. Please stop acting that you know fricking everything. 'Cause if you did, I'm pretty sure we'd be hearing your opinion on a national news network rather than in a thread on a forum.

 

TIA.

Message 35 of 42
Anonymous
Not applicable

Re: 15000 tax credit for homebuyers wiped out in compromise :(

Wonderin,

 

I read through what was posted by WM and initially thought it was a good post because I DO agree that this is a time to get out there and buy and if people continue to do so it will stimulate the economy.  However, I do agree that the tone taken in many of these posts (not just that one) by many posters is out of line. This whole tax credit situation has me on this little emotional teeter totter. It's hard to say what is "right" or what for sure is the best route....I feel like I read through this thread and it's like 1 point for this side, 2 points for the other. It's nuts.

 

However, there is no perfect world folks. If you missed the boat, don't cry about it. If you are entitled to a credit that is being offered, take it. The end. Life goes on. Many of the people whining about the tax credit issue are the same folks who remain silent about all the wasted spending in plan or was already wasted since the bailout. It's getting to be a bit comical actually.

 

Wonderin, if the complainers can't see the upside to this..such as reviving home values in their own neighborhoods and seeing their own home values start to stabilize....then let them sit in their own pity party and don't let it get you down. We all pay taxes. Hell, I OVERPAID tremendously this year because as a self employed individual, I needed to do this to qualify on paper to get the banks to give me a loan. Maybe if I get a little bit from this tax credit, I'll only get my money back and break even after not taking all the allowable deductions I was originally entitled to. Ya see, no one knows the situations behind everyone else's lives. People can assume all they want...but you know what they say about assuming.....

Message 36 of 42
Anonymous
Not applicable

Re: 15000 tax credit for homebuyers wiped out in compromise :(


@Anonymous wrote:

So the $15,000 that your new neighbor could have gotten is also going to buy a $15,000 left-handed screwdriver from a corrupt government contractor. This is our tax dollars we're talking about, not the governments money.

/rant 




I could tell you stories (DH is Fed Government). But I won't. It's too early to be giving out heart attacks. :/
Message 37 of 42
Watchmann
Valued Contributor

Re: 15000 tax credit for homebuyers wiped out in compromise :(


@Anonymous wrote:

 

However, there is no perfect world folks. If you missed the boat, don't cry about it. If you are entitled to a credit that is being offered, take it. The end. Life goes on. Many of the people whining about the tax credit issue are the same folks who remain silent about all the wasted spending in plan or was already wasted since the bailout. It's getting to be a bit comical actually.

 


Gee, isn't that just about what I said in my post?  I'm sorry some folks get twisted off when I post, but there is just so much whining here.  The $15k freebie went the way of the dodo bird.  You win some, you lose some.  We can debate forever whether it would have been good policy or not.  I think it would have been bad policy, so why does that make my comments 'out of line'?  Can't we accept different opinions?  It does not negate the fact that house prices are getting more fairly priced every day.  In some areas (East and West coasts) they may still be high, but in many parts of the country there are good bargains.  In a couple of years people will be complaining that they missed the boat on the bargain prices.  My view is to take personal responsibility and seize the opportunity.  I'm not sure why that attitude seems to offend people. 

 

 

Message 38 of 42
Anonymous
Not applicable

Re: 15000 tax credit for homebuyers wiped out in compromise :(


@Watchmann wrote:

Gee, isn't that just about what I said in my post? 

 

Nope. You used plenty of attitude. She didn't. UpUpUp gets kudos for being able to say what you felt without being a jerk about it.

 

 

I'm sorry some folks get twisted off when I post, but there is just so much whining here.  

 

Yup, and you were one of those who whined the loudest. Something about a "poke in the eye with a sharp stick?" Anyone? Anyone?

 

The $15k freebie went the way of the dodo bird. You win some, you lose some. 

 

And since you "won" you're happy, right? 'Cause that's been the gist of your posts all along. "Oh, that's not fair! I paid my mortgage and didn't go under -- but since I don't get a shot at the $15K, it's not fair that others who're taking a HUGE risk in this market get to!"

 

That sure sounds like whining to me.

 

 

We can debate forever whether it would have been good policy or not.

 

That's NOT what you were debating. You were debating about how "unfair" it was. BIG difference, Kemosabe.

 

Since you're pretty much answering my post by proxy (hiding behind UpUpUp's skirts, BTW), if you actually read my post, I made that distinction. FICOScott discussed the policy -- you whined about how it wasn't fair.

 

  I think it would have been bad policy, so why does that make my comments 'out of line'? 

 

Your whiny attitude did. Your attempts to demean the risks those entering the housing market in this economy made them "out of line."

 

Can't we accept different opinions? 

 

PKB, to utilize some NetSpeak. That means "Pot calling the kettle black." Also called "back-pedaling" sometimes, too.

 

Meaning, you weren't accepting anyone else's opinions. It was all unfair -- and since your butt didn't directly benefit from it, it was BAD.

 

It does not negate the fact that house prices are getting more fairly priced every day. 

 

Pbbbt. Maybe in YOUR area. In mine, they're still falling. And falling HARD.

 

But do go ahead and make assumptions about things you have no idea about -- you're awfully good at it.

 

In some areas (East and West coasts) they may still be high, but in many parts of the country there are good bargains. 

 

Following your chain of logic: Everyone should quit their jobs and move THERE!! Smiley Wink

 

 

In a couple of years people will be complaining that they missed the boat on the bargain prices. 

 

Or complaining that they're not getting a tax break even though they paid their mortgage on time for oodles of years, right? Like getting a poke in the eye? Like that?

 

My view is to take personal responsibility and seize the opportunity.  I'm not sure why that attitude seems to offend people. 

 

The view to take advantage of those sales is NOT what's offensive. Your attitude about those taking such risks in this economy IS. Dismissing someone else's personal situation/fears, etc is offensive. And unfortunately, despite my explaining that to you, I'll betcha 100 FICO points, you still don't get it. o_O

 


Message 39 of 42
Anonymous
Not applicable

Re: 15000 tax credit for homebuyers wiped out in compromise :(

BTW, just wanted to extend apologies to the Mod who's going to have to come up behind me and remind us to play nicely with each other. I know your job's not an easy (or fun) one and I don't mean to make it harder. Smiley Sad

He just REALLY rubbed my rhubarb the wrong way. Smiley Mad
Message 40 of 42
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