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Any confirmation on the extension of the 8K Tax credit?

Contributor

Any confirmation on the extension of the 8K Tax credit?

Just wandering has it been confirmed if there will be an extension of the 8k Tax credit.  I am still reading confliction reports. I hope so! i am one of those people that it would help, I was under contract by  April 30 (April 27) but it is a short sale and I am still waiting on bank approval of my offer. *sigh*

Message 1 of 9
8 REPLIES
New Member

Re: Any confirmation on the extension of the 8K Tax credit?

Anyone?

Message 2 of 9
Valued Contributor

Re: Any confirmation on the extension of the 8K Tax credit?

http://www.totalmortgage.com/blog/mortgage-rates/first-time-home-buyer-tax-credit-closing-extension-...

 


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Message 3 of 9
Super Contributor

Re: Any confirmation on the extension of the 8K Tax credit?

The tax credit extension is buried in a larger bill that has other items the senate is trying to filibuster, I believe there isn't even a vote scheduled.

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Message 4 of 9
Super Contributor

Re: Any confirmation on the extension of the 8K Tax credit?

Failed to pass by 3 votes.

 

http://djcoregon.com/news/2010/06/24/homebuyers-tax-credit-extension-fails/

Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

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Message 5 of 9
Contributor

Re: Any confirmation on the extension of the 8K Tax credit?

*Sigh* It would have really helped the little guy (well gal) like me! Big bank bail outs, but none for those who make 28K a year trying to buy a house! *sad smile* oh well, I hope I can still close on this short sale! Wish me LUCK!

Message 6 of 9
Contributor

Re: Any confirmation on the extension of the 8K Tax credit?

Good Luck with the short sale! While the credit sounded great, I find that all it did was allow the sellers to jack the prices up 8K or more and not be as flexible as they should be in this current housing market. I decided to wait out the credit and noticed that after 4/30 prices started to drop slightly, but I'm noticing after 6/30 they have dropped even more and sellers are offering incentives in the form of closing costs assistance along with reduced prices. I also notice that houses are back on the market probably from people rushing to sign contracts to get the FTB credit and the deals fell through. Im no expert, but I did my own "market analysis" and I am glad that I waited Smiley Happy


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Message 7 of 9
Established Member

Re: Any confirmation on the extension of the 8K Tax credit?

HTHSmiley Happy

 

http://www.irs.gov/irs/article/0,,id=225078,00.html?portlet=7

 

 

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Message 8 of 9
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Regular Contributor

Re: Any confirmation on the extension of the 8K Tax credit?

I was on the IRS website today checking to see if they received my package to get the homebuyer tax credit.  It clearly states that the deadline has been extended to September 30, 2010, as long as you were under contract by April 30, 2010.

 

Yip-peeeee for those of you rushing to close by June 30th but had complications with your settlement.  This gives you more time to get things in order.

 

Good Luck to ya. 


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