There are dozens of articles on this site about the Home Buyer Tax Credit. You can see them all here.
For the most recent news about the Home Buyer Tax credit, please see this article (July 2, 2010).
Will the $8,000 homebuyer tax credit be extended, or possibly even expanded?
Maybe”¦ Or maybe not. It’s politics after all.
Currently there are FIVE bills flitting about Washington, D.C. that would, assuming they are signed into law, either extend or expand the currently existing $8,000 homebuyer tax credit due to end on December 1, 2009.
Senator Johnny Isakson (R-GA) introduced Senate Bill S1230 ”“ the Home Buyer Tax Credit Act of 2009 ”“ on June 10. Senator Isakson created the original $15,000 homebuyer tax credit that morphed into the current $8,000 first-time homebuyer tax credit that became law when the Stimulus Bill was passed. This bill proposes a non-refundable tax credit up to $15,000, that can be split equally over two years, for all primary residence purchases ”“ not just purchases by first time home buyers. The bill has been referred to the Senate Finance Committee for further debate. It has 12 cosponsors, notably including Senator Chris Dodd (D-CT), the Senate Banking Committee Chairman. It would expire one year after enactment.
Representative Kenny Marchant (R-TX) introduced House Bill HR 2619 on May 21. This proposes to extend the existing $8,000 tax credit to July 1, 2010 and adds provisions for a tax credit of up to $3,000 for homeowners who refinance. This bill has been referred to the House Ways & Means Committee for further debate. There are currently no cosponsors.
Representative Eddie Bernice Johnson (D-TX) introduced HR 2606 ”“ the Home Buying Credit Expansion Act ”“ on May 21. This bill proposes to remove the first-time homebuyer requirement (allowing all principle residence purchases to qualify for a tax credit) as well as extends the bill through Jan 1, 2010. It has one cosponsor (Rep Timothy Bishop D-NY) and has been referred to the House Ways & means Committee.
Representative Howard Coble (R-NC) introduced HR 2801 ”“ the Home Ownership Move the Economy (HOME) Act ”“ on June 10. From the Department of Redundancy Department, this bill appears virtually identical to Rep Johnson’s in that it opens the tax credit up to all primary residence purchases and extends the credit to Jan 1, 2011. It has no cosponsors yet and has also been referred to the House Ways & Means Committee.
Representative Dan Burton (R-IN) introduced HR 2655 on June 2. It has picked up six cosponsors, four Republicans and two Democrats. It joins its cousins in the House Ways & Means Committee and also eliminates the first time home buyer requirement while extending the credit to Jan 1, 2011.
What does all this mean?
I am clearly not a political analyst. It is apparent however, there is interest in extending the existing home buyer tax credit. Why there are three virtually identical bills proposed escapes me. Perhaps it’s a power play where Congressmen want their name attached to the bill. Power plays in D.C. ”“ hard to imagine isn’t it?
Isakson’s Senate Bill proposes the most sweeping changes. Given that it is virtually identical to the original tax credit provisions in the Stimulus Bill, I think this one is going to have a rough road to passage. It was previously passed in the Senate, but the House squelched it. Seems they could just as easily do that again given the current makeup of the House.
The four bills in the House are all quite similar. None propose increasing the credit from the existing $8,000 limit. It will be interesting to see if Marchant’s proposed $3,000 credit for refinances gains any traction. All of the proposals eliminate the first-time buyer provision, which seems to me to be a good thing to do. The NAR recently reported that 40% of current home sales were made by first time buyers. Of course that means 60% were not (not factoring in investors and second home buyers, which are not an insignificant source of home purchases).
Expanding the availability of the tax credit to non-first time buyers seems prudent. There are no current bills that propose extending the tax credit to investors or second home owners ”“ all require the purchase to be a primary residence.
Will the existing $8,000 tax credit be extended or increased?
While it is purely speculation on my part, I think we’re likely to see the existing tax credit extended beyond its current end date of December 1, 2009 (to qualify currently, your home purchase must close on or before November 30, 2009). And we may just see the requirement that you be a first-time home buyer lifted. I’d be surprised if the $15K credit gets past the House, though it may clear the Senate ”“ Dodd’s co-sponsorship will help in that regard.
Of course we’re talking about politicians in Washington, D.C. so who the heck really knows what (if anything) will happen. Do not, I repeat do not plan on the tax credit being extended/expanded based solely on my speculation!
We’ll be watching these bills closely and will report when, or if, they make it out of Committee. Remember your High School civics class ”“ the vast majority of bills die in committee”¦
UPDATE Aug 11, 2009: All of the bills referenced above are still in committee….
UPDATE Aug 28, 2009: Yep, all of the bills referenced above are still in committee….
UPDATE Sept 21, 2009: Please see this post for the latest update on these bills, and a new one!
(Photo Credit: cliff1066 on Flickr. Creative Commons License)
The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...
Jay,
Great post. I have been telling people all year that the tax credit will most likely be extended unless the economy bounces back much more rapidly then is reasonable to expect.
It would be great to exted the credit to all home buyers. I know this was part of what was on the Seante floor this February.
I think a $8,000 tax break for all buyers would do a lot to stimulate the market.
Fingers crossed.
Rob
**Rob Graham´s last blog post..FHA Loan rules will change this fall for Seattle Condos</abbr></abbr>
Agreed, all qualified home buyers deserve the credit. On a side note, the next issue that should be addressed is the FHA/VA seasoning requirement that prohibits a buyer from purchasing a home from an investor that owns it less than 91 days. If this restriction were lifted it would drastically speed up the recovery process. Ironically, if the bank "buys" the house at auction they are exempt from this seasoning rule and can sell their home immediately.
**Marty Boardman´s last blog post..Why the Mainstream Media Hates Loan Modification Companies</abbr></abbr>
great post!.. thanks for the info
Georgia already has a $1,800 buyer credit for residents that expires 30 November. The home purchased must be a primary residence, and it also must have been on the market prior to 11 May – an effort to reduce existing inventory. It is not limited to first timers.
Although I share your pessimism about Isakson's bill, one thing you may not know is that Johnny Isakson was a Realtor. Let's hope he still has the negotiating skills that made that career a success for him.
Navy Chief, Navy Pride
**Joe´s last blog post..Georgia Homestead Exemption Abolished – For Now…</abbr></abbr>
I really like the idea of $15,000 tax credit for anyone purchasing a home, not just limited to first-time homebuyers. This would add an incredible boost to the economy in my opinion. Personally, I would put my house on the market and take advantage asap.
Recently, I've been hearing whispers that first-time buyers will be able to immediately use the tax credit towards their down payment and closing costs as opposed to having to wait until they file their tax return. I hope this is not the case….
**Barry´s last blog post..Milano Terrace Condominiums</abbr></abbr>
Jay,
1) I agree it will be likely be extended into 2010
2) I agree it "may" be extended beyond first time buyers
3) I think they should have let the $15,000 through in the first place, and now that they haven't, the idiot raising the issue should be shot at high noon. The last thing we need is people passing up on the $8,000 for fear/hope it will be $15,000. People will see that as a potential "loss" of $7,000 if they buy now, which dilutes the effectiveness of the $8,000 while they are maneuvering.
**ARDELL´s last blog post..Green Living – Authenticity</abbr></abbr>
I know that everybody in real estate is all excited about the 15k credit being extended to anybody who buys a primary residence, and I'm sure that it would provide a huge bounce to the housing markets, but really, can we show some restraint? We are facing the largest fiscal deficits in history, our global credit rating is teetering due to our borrowing and printing, and Obama is proposing massive new spending bills. Do we really want to lose MORE tax revenue to prop up a market that is recovering nicely on its own? I'm sure that this bill would be great for lifting our markets in the short term, but what happens when people have to go back to buying homes because they want to own one, not because they will soften their contribution to the charity we call the IRS? Not like its just this bill alone that will bring our country down…
And yes, I think that they will extend the deadline for the current 8k credit; we extended the freakin TV switchover date like 3 months so it can't be that hard to do an extension on something that actually has relevance to the country's economic health.
**Kyle Pearson´s last blog post..Apache Junction and East Mesa, Where the Deals Are</abbr></abbr>
Great point about people holding out for the $15K credit Ardell. It will happen. Someone is going to hold out hoping for a change that may never come to be — and potentially lose out on the current credit.
It should also be noted that in its current incarnation, the $15K proposal is non-refundable. Unlike the current $8K credit, people WON'T get a big giant refund come tax time. The $15K credit is limited to your tax liability. It can be split evenly over two years.
For example:
You buy a home in 2009.
Your tax liability (what you owe the IRS) is $3000.
With the existing $8K credit, your $3,000 would be paid, and you'd get a refund check of $5,000.
With the proposed $15K credit, your $3,000 would be paid, but you would NOT get a refund of $12K. You could apply another $3K to the following years tax liability. But that's it. You're done with your "$15K" credit.
And you've just "lost" money using the $15K credit instead of the $8K refundable credit.
I 'd bet a LOT of money that if this $15K credit passes, this little tidbit will be missed by MANY.
As always, consult a tax professional. I am not one. This is my understanding of the proposed $15K credit. I could be wrong, or the proposal could change at any moment.
I think they should expand the income limits on this tax credits. The way it's right now, people who can afford and qualify to buy a house are not eligible for the tax-credit.
I really like the proposal to get people to refinance with a $3,000 tax credit.
There is a little tip that I give my client's, that in Virginia (only Virginia) if you refinance with the same lender then there is a "recordation tax exemption". One client insisted that I make this post into it's own page so I direct them now to my refinance page… click on my name above to read it.
Any Virginia agents should communicate this to their clients too!
**Doug Francis´s last blog post..Figuring out the Vienna Home Market… May 2009</abbr></abbr>
I agree with Marty, in my opinion they do need to lift the 91 day deed seasoning that prohibits a buyer (me) from buying from an investor. We are looking to buy right now and have ran into that issue a few times now. What is the point of that seasoning issue anyway? Thanks for everyones feedback.
**Brewer Caldwell´s last blog post..Brewer Caldwell is the BEST</abbr></abbr>
I've heard a couple of different explanations for this: (1) If the investor borrows the money for a flip and repays the loan in under 90 days the banks really don't make any profit on the deal; (2) When title changes hands multiple times in a short period of time there is the potential for the property's value to increase artificially. My guess is it is the latter of the two. However, in a depreciating market the banks and government should do whatever it takes to move excess inventory.
**Marty Boardman´s last blog post..The Millionaire Real Estate Investor Next Door</abbr></abbr>
The idea by HR2801 Rep. Coble makes good sense to me. First of all, it would extend the tax credit into 2011, which will allow people more time to buy homes. Right now there is a backlog of foreclosure properties. We don't want the upward home buying trends to stop in the Fall, especially if that's when the additional foreclosures are going to hit the market. Also, the provision could allow some people who sold recently, or even some who experienced foreclosure or short-sale problems, to get back into homes. That is, assuming their credit has not been totally destroyed.
Well said Kyle. All buyer incentifications create false demand. Stop screwing with the markets, it's prolonging the problem.
**Dave´s last blog post..Hitting the Number: NAR’s View of Appraisals</abbr></abbr>
Kyle and Dave…
The government spending has saved us from a major economic meltdown. I recently spoke to a high ranking authority on global economics. I too voiced concern that the government spending would negatively affect the markets, cause inflation, etc… His response: If they didn't do it, Microsoft out of business, GM out of business, Proctor & Gamble out of business, Cisco out of business, Motorola out of business, Eli Lily out of business… 50 to 60 percent unemployment in the United States. The Great Depression would look like a little dip. We'll deal with inflation later.
So stop complaining about the government interventions. They've saved our butts. Be thankful. And since housing is one of the biggest components of the problem, let's focus on that instead of handing hundreds of billions of dollars to the banks who just pocket the money, refuse to lend, and hand out bonuses to their executives.
Ask your representatives to extend the tax incentive to home buyers for the next couple of years.
@ La Jolla:
Yeah, since GM was running such a profitable business before the crisis… I'm really glad we have poured 30+ BILLION into a company that's gone bankrupt from years of previous mismanagement. How Microsoft and Eli "go out of business" without government intervention I'm kinda scratching my head about, since TARP was for financial institutions and not PC and drug makers.. unless Goldman Sachs and BofA are the primary buyers of Windows Vista and Cialis / Prozac… I also didn't know that those 6 companies are responsible for half of the workforce in the U.S…
Inflation is always easy to dismiss in the near term, then when prices shoot sky high everybody forgets that increasing an M1 supply of 4 trillion dollars to M1 of 5 trillion in a year's span "may have inflationary effects".
"And since housing is one of the biggest components of the problem, let’s focus on that instead of handing hundreds of billions of dollars to the banks who just pocket the money, refuse to lend, and hand out bonuses to their executives." Wait, didn't you just write that whole post saying that the government interevention was the saviour of our nation? If you were not referring to TARP when talking about government intervention and spending, I don't know what you're talking about. You certainly can't be referring to the $787B stimulus bill, where only a portion is used in 2009 (to clog our roads with unnecessary construction and put hi-speed internet in the ghetto and boonies) and a good chunk of the rest of the money goes towards campaigning for re-election of the legislature in 2010 right?
My point is that the government machine is so inherently corrupt, it will never function as effeciently as a good market. I never said that the 8k credit didn't help stabilize, because it sure has. I just don't think that we need to increase the credit and lose more tax revenue when housing seems to be finding its bottom now.
**Kyle Pearson´s last blog post..Win-Win-Win-Win Situation</abbr></abbr>
Kyle… There are lots of pieces to the puzzle, and you have to be just a little more forward looking in order to see how the thing was playing out. You say "How Microsoft and Eli “go out of business” without government intervention I’m kinda scratching my head about, since TARP was for financial institutions and not PC and drug makers.." Well, let's see… if there is 60% unemployment, who's going to buy a PC? Then again, anyone who had a little money saved would probably need to buy Prozac, so maybe Eli would have been OK. But most of our large US corporations would be back in the garages of the employees. And yes, GM had major issues and doomed itself with lack of creativity, clutching to ugly car designs and failing to respond to consumer expectations. But they employed so many people in the US and around the world that I think it was the right thing to do to try to bail them out. Can't win 'em all.
The bank intervention was needed (and is proably still needed)… but the banks didn't cooperate in lending the money the way it was prescribed. In my opinion the TARP money should have had more strings attached. But instead of losing all of the banks, at least so far we've only lost a few of the big ones and a larger few of the small ones.
It's ironic that all of the angry demands for more laissez faire government policies come in response to the solutions to the Bush Administration's failed laissez faire policies.
LJH,
Just because a "high ranking authority on global economics" says something, does not necessarily make it so. I accept that it doesn't make it "not so" either. It is increasingly difficult to know who to believe on such matters.
As popular as it is to do so, I'm not sure I'd singularly blame the Bush Administration and their policies for this mess. This has been in the making for decades.
I am certainly no authority on global economics, but I do realize (after the past five years) that you shouldn't be buying a home unless you can reeaaalllyy afford it. It's my belief that a tax-credit and other incentive plans brings out a significant amount of fringe buyers. Buyers that, perhaps, should not be buying a home…with or without a tax credit.
Just my thoughts.
**Dave´s last blog post..Hitting the Number: NAR’s View of Appraisals</abbr></abbr>
I agree that it'll probably be extended and it would be great if they'd expanded it to all home buyers, but like you said who knows what will happen.
Celina Home Builder
Great post, it's nice to have the bills so well laid out. With all these bills, the tax credit is bound to be extended and hopefully the first time buyer provision will be lifted.
Frisco Homes for Sale
LJH,
First off, 60% unemployment is an absolutely absurd number. We wouldn't go straight from 7% unemployment to 60% in one month… that would take years and years at a record pace. We shed jobs as fast as this country has ever seen in the first quarter, and unemployment went up what? 3%? To reach 60% would mean that the entire economic engine would literally shut down completely and the entire world come to an end.
" but the banks didn’t cooperate in lending the money the way it was prescribed". So you're saying that politicians are better qualified to run banks than people who have dedicated their whole lives to understanding financial systems? Remember, government gave us Fannie and Freddie, who were responsible for creating that sub-prime bubble because somewhere in the constitution they thought it said that "everyone in America deserves to own a home". For 50 years, mortgages were one of the safest investments you could make, so what happened? Oh yeah, gov got involved…
I'm saying that when government gets involved in markets, nothing good ever happens. Remember Lehman Bros? 3rd largest investment bank? Failed. Stock market: plunged. World end? No. Bear Stearns? Failed. Stock Market: plunged. World end? No. In fact, Bear Stearns was bought by JP Morgan, because that's what happens when bad companies fail, the good ones are able to take advantage and become stronger.
**Kyle Pearson´s last blog post..Win-Win-Win-Win Situation</abbr></abbr>
I think the credit probably will be extended, though for how long I'm not sure. It's possible it'll only be a month, and in that case I'm not sure how much benefit that would really have overall. Winter is a low season for home sales/purchases so there probably wouldn't be much of an effect unless it's extended until at least next summer. And I highly doubt that it would be raised to $15k, though I could see the possibility of the first-time buyer requirement being taken out.
I think the $15k tax credit could be good and bad…I have this fear that there will be stipulations and regulations on how it's used, how it is received & how much you "really" will be able to get out of it… It almost seems that it could "be too good to be true". I'm apprehensive about it honestly…But if it works out and has the same guidelines as the $8k tax credit it may prove to be very beneficial to our economy. Fingers are crossed for the right thing to happen!
Great post. I am a new Dallas Realtor and I have had a lot of people wanting to buy when this great tax credit came out. I thought this was great, but come to find out, people are ready to buy, but no one can get a loan. How are people able to benefit from this tax credit when lenders are so stringent?
**Sarah´s last blog post..FHA Extends Credit to Purchase</abbr></abbr>
Great post. You guys are fantastic with the updates and information that is out there. I always appreciate a great dialogue and looking at all sides of the discussion. Keep up the good work.
Extending the tax credit is going to be a must I think. Ardell is absolutely correct, the idiot that keeps bringing up changing the amount to 15k IS NOT HELPING. That ship has sailed. @Kyle where do you think JP Morgan got the money to buy Bear Stearns?
**Charles´s last blog post..Las Vegas Housing Market: Foreclosures Down, Sales Up</abbr></abbr>
The tax credit has made an impact on the Las Vegas homes market but there are still a lot of potential buyers sitting on the fence waiting to see what happens with the economy.
There definitely needs to be an extension of the tax credit if we want to see continued stabilization in the real estate industry.
I agree; I think we will see it extended and I am keeping my fingers crossed that the credit will be extended to more than just first time home buyers. But like you said, it is politics, so who knows what the big wigs might end up voting for-we will soon see!
Jay,
What has been done so far to stimulate the real estate market hasn't worked that well. The tax credit should've been given to everyone to begin with, but I guess better late than never. And a larger amount, too, would help. The Senator's bill would make a nice difference.
I don't think the credit will be increased, but I could certainly see the deadline being extended. It will be interesting to see where this goes.
So many bills and all to either expand or extend the tax credit. We'll see what will happen.
Prescott Real Estate
Hmmm… let's not blame Bush, or Obama….. how about we get to the real point of it ALL when Bill Clinton DEREGULATED the banking system. The regulations that were instilled during the Great Depression.
This is the source of all the corruption.
Not a Housing Bill, not a tax credit, not shady lenders/brokers….
letting the bankers jack the system, find the loop holes, spend millions in lobbying…. that is the problem.
This will back up my above statement.
http://www.wsws.org/articles/1999/nov1999/bank-n0…
Extension of the home buyer tax credit is a must. I think it's one of the better programs available to help ease this mess we are in.
**San Francisco Kid´s last blog post..San Francisco, CA Median Home Value</abbr></abbr>
FOR ALL WOULD BE FIRST TIME HOME BUYERS:
Please read my post at:
http://www.thefinancialspot.blogspot.com
(the second post – called "The Other Mortgage Crisis".
READ BEFORE YOU BUY.
Can someone tell me if tax credits like these apply to US Permanent Residents.
All we can do now is trust our new elected president, Clinton is the one who had put our country in such mess hope we can get through it.
All we can do now is trust our new elected president, Clinton is the one who had put our country in such mess hope we can get through it.
All we can do now is trust our new elected president, Clinton is the one who had put our country in such mess hope we can get through it.
All we can do now is trust our new elected president, Clinton is the one who had put our country in such mess hope we can get through it.
All we can do now is trust our new elected president, Clinton is the one who had put our country in such mess hope we can get through it.
I could not agree more. I think it will be very important that the existing tax credit be expanded and at a minimum apply to all home purchased. I thought that Congress missed the boat last year by not going with the $15,000 credit for everyone. I honestly believe that would have provided a stimulus to the market. I think the First Time Home Buyer Tax Credit has helped but we know that these purchases make up a smaller percentage of the overall market. Not only do I think it should be extended and expanded to include all home purchases, I think it would help to have one year of a $15,000 credit.
I could not agree more. I think it will be very important that the existing tax credit be expanded and at a minimum apply to all home purchased. I thought that Congress missed the boat last year by not going with the $15,000 credit for everyone. I honestly believe that would have provided a stimulus to the market. I think the First Time Home Buyer Tax Credit has helped but we know that these purchases make up a smaller percentage of the overall market. Not only do I think it should be extended and expanded to include all home purchases, I think it would help to have one year of a $15,000 credit.
I could not agree more. I think it will be very important that the existing tax credit be expanded and at a minimum apply to all home purchased. I thought that Congress missed the boat last year by not going with the $15,000 credit for everyone. I honestly believe that would have provided a stimulus to the market. I think the First Time Home Buyer Tax Credit has helped but we know that these purchases make up a smaller percentage of the overall market. Not only do I think it should be extended and expanded to include all home purchases, I think it would help to have one year of a $15,000 credit.
I could not agree more. I think it will be very important that the existing tax credit be expanded and at a minimum apply to all home purchased. I thought that Congress missed the boat last year by not going with the $15,000 credit for everyone. I honestly believe that would have provided a stimulus to the market. I think the First Time Home Buyer Tax Credit has helped but we know that these purchases make up a smaller percentage of the overall market. Not only do I think it should be extended and expanded to include all home purchases, I think it would help to have one year of a $15,000 credit.
I could not agree more. I think it will be very important that the existing tax credit be expanded and at a minimum apply to all home purchased. I thought that Congress missed the boat last year by not going with the $15,000 credit for everyone. I honestly believe that would have provided a stimulus to the market. I think the First Time Home Buyer Tax Credit has helped but we know that these purchases make up a smaller percentage of the overall market. Not only do I think it should be extended and expanded to include all home purchases, I think it would help to have one year of a $15,000 credit.
Thanks for the update!!! I will be purchasing my first home at the end of August/September of next year so I'm really h0ping for an extension. I'll keep my fingers crossed.
Thanks for the update!!! I will be purchasing my first home at the end of August/September of next year so I'm really h0ping for an extension. I'll keep my fingers crossed.
I personally think it needs to be expanded. We need to include a wider range of persons willing to invest in properties. We need to improve our housing market, as quickly as possible. The wider the range the better.
I personally think it needs to be expanded. We need to include a wider range of persons willing to invest in properties. We need to improve our housing market, as quickly as possible. The wider the range the better.
For anyone following this thread, all 5 bills to possibly extend the first time homebuyers tax credit as still in Committee.
For anyone following this thread, all 5 bills to possibly extend the first time homebuyers tax credit as still in Committee.
Jay,Thanks for a great synopsis and keeping an update going on this post. With the recess now and health care to dominate on return, extension/expansion of the (first time) home buyer tax credit could be delayed until the 11th hour (fitting for all things real estate to come down to that, isn't it?). I referrenced your post on my blog today http://tulsasmortgagelender.blogspot.com/2009/0…..and hope that I creditted you properly. If an update or edit is needed, please let me know.Tim
Jay,Thanks for a great synopsis and keeping an update going on this post. With the recess now and health care to dominate on return, extension/expansion of the (first time) home buyer tax credit could be delayed until the 11th hour (fitting for all things real estate to come down to that, isn't it?). I referrenced your post on my blog today http://tulsasmortgagelender.blogspot.com/2009/0…..and hope that I creditted you properly. If an update or edit is needed, please let me know.Tim
Jay,Thanks for a great synopsis and keeping an update going on this post. With the recess now and health care to dominate on return, extension/expansion of the (first time) home buyer tax credit could be delayed until the 11th hour (fitting for all things real estate to come down to that, isn't it?). I referrenced your post on my blog today http://tulsasmortgagelender.blogspot.com/2009/0…..and hope that I creditted you properly. If an update or edit is needed, please let me know.Tim
If you are following this post about extending the first time home buyers tax credit, please see today's article: http://www.phoenixrealestateguy.com/home-buyer-…..Another bill for extension has been introduced.
Jay,Thanks for you research and updates. You have done a great job in gathering the information.Carl The Seattle First Time Home Buyer
Yes extend the 8,000 please I made an offer on a shortsale in july and the bank doesnt answer .I saved 20% down plus closing costs.I am not the one who is holding out on buying because of the chance of it being changed to 15,000 Im ready Now! My apr offered for a mortage is 4.50% and the winter is on its way this home isnt winterized so it has the potential of the pipes freezing then bursting then water everywhere. I am an actual First Time home buyer only 28 years old.This house needs appliances,a fence,new bathrooms,some flooring,the basement is unfinished.So dont get me wrong having the 8,000 uped to 15,000 would be great since past owners have let the home go never fixing up anything. This is the only home I will buy everything else is horrible in my price range. So Im ready I want to close the begining of November but the bank wont let that happen.SO please extend the 8,000 or its going to be a long winter with no appliances.
In this business we should think about the future things for better getting of profits.
Hopefully the future will be a lot brighter than the present = )
I think the market may be looking up. At least I hope : /
From what I've been hearing all over, it may be a few more years yet before the market starts to change for the better. I just hope it doesn't get worse before it gets better