I, for one, am hugely relieved the extension is going to pass. My buyers have turned their lives upside-down for the past four months trying to close on a short sale that Bank of America has done everything in their power to screw up. As proof, the sellers have already lost two other buyers due to their slow response (we are now the fifth buyers in the past two years). My buyers would have closed more than a week ago but good 'ole Bank of America couldn't get the sign-off from Freddie Mac in time and that has now been the story for a week running. Funny how that has never been a problem with any other deal I've worked on in the past seven years. After years of distressed property sales, the truth is that banks like this are still largely incompetent and understaffed when it comes to short sales. You'd think they'd have wanted the darn thing off their books at the end of June, especially since it is in the finals throes of the foreclosure process. It comes as no surprise whatsoever that tens of thousands of transactions may be hanging in the balance altogether without the assurance of the tax credit extension. Pass it and put these these poor people who have suffered so much at the whims of the greedy bankers out of their freakin misery already!

Will it never end? No, I don’t think that. The Government is going to extension of the expiration deadline for the credit for a minimum of 3 month more. The problem is that Fannie Mae and Freddie Mac are still bleeding big money so the Government must help the market to hold up the prices otherwise can we get a new Lehman Brothers of Fannie and Freddie.

A better idea is for the Senate to pass one amendment to extend the Tax Credit for Home Buyer to Oct 31 with a closing dealine by Dec 31, 2010!

I've got buyers under contract purchasing a new construction home, and we are going down to the wire with the June 30th date. A few weeks extension to allow for a new construction home to be properly completed would be welcome relief!

Excellent ~ that was my read on it too. Of course I gave them all the usual disclaimers (I don't purport to be a tax professional either), however I would be very surprised if they wind up having to give the money back. Then again, crazier things have happened so I guess only time will tell.

What I can't see to find any information or confirmation of is whether my clients will be able to collect the $6,500 "trade-up" credit when they close on a short sale property later this week. The owner of the property accepted their offer prior to April 30th but of course the bank didn't approve it until last week. My understanding from the research I've done is that the federal government refuses to take a clear stand on whether or not homebuyers in this situation will benefit from the tax credit. So far I have been telling them to put the tax credit in an account, file their taxes as usual, and prepare to have to give it back should there be any sort of clarification on this issue over the next year or so. What do you think? Whose accepted offer counts toward the tax credit in this situation, the seller's or the bank's?

Somehow I think they are probably going to keep extending this credit. With other real estate markets in the G8 showing some rapid recovery, it might have to be continued so the US can catch up. Neda

In a way, it just shows how inept these guys have been at dealing with the entire financial mess. They windup in these positions after years of law school (as if that prepared you for anything beyond arguing) and have to make important and complicated decisions that they aren't qualified to make.

I say we take some advice from Germany and stop with the constant spending and let the chips fall where they fall. Perhaps then, we can get on with something closer to a "market".

Will it never end? Like I've said before, the politicians should just let the free market correct the real estate downturn.

@marty, I'm getting the 8,000 and you read my mind!

Sure, I get the point that many of the transactions that met the April 30 deadline may not meet the June 30 deadline. But this leaves the door open for further extensions, will there be an end or will we (the taxpayers) continue to subsidize (i.e. pay) for people to buy homes?

I wish I could be there the day these people get their $8,000 check from the IRS. I picture a 52" LCD HD TV being delivered by the Best Buy truck along with a surround sound system and Blu-Ray player. If they have any cash left over a nice dinner at Outback Steakhouse to celebrate will certainly be in order.

I, for one, am hugely relieved the extension is going to pass. My buyers have turned their lives upside-down for the past four months trying to close on a short sale that Bank of America has done everything in their power to screw up. As proof, the sellers have already lost two other buyers due to their slow response (we are now the fifth buyers in the past two years). My buyers would have closed more than a week ago but good 'ole Bank of America couldn't get the sign-off from Freddie Mac in time and that has now been the story for a week running. Funny how that has never been a problem with any other deal I've worked on in the past seven years. After years of distressed property sales, the truth is that banks like this are still largely incompetent and understaffed when it comes to short sales. You'd think they'd have wanted the darn thing off their books at the end of June, especially since it is in the finals throes of the foreclosure process. It comes as no surprise whatsoever that tens of thousands of transactions may be hanging in the balance altogether without the assurance of the tax credit extension. Pass it and put these these poor people who have suffered so much at the whims of the greedy bankers out of their freakin misery already!

Will it never end? No, I donu00e2u0080u0099t think that. The Government is going to extension of the expiration deadline for the credit for a minimum of 3 month more. The problem is that Fannie Mae and Freddie Mac are still bleeding big money so the Government must help the market to hold up the prices otherwise can we get a new Lehman Brothers of Fannie and Freddie.

If you are following this homebuyer tax credit closing deadline extension, be advised the Senate failed last night to end a filibuster, effectively killing the bill -- and the tax credit extensions. More here: http://www.phoenixrealestateguy.com/bill-to-exten...

A better idea is for the Senate to pass one amendment to extend the Tax Credit for Home Buyer to Oct 31 with a closing dealine by Dec 31, 2010!

I've got buyers under contract purchasing a new construction home, and we are going down to the wire with the June 30th date. A few weeks extension to allow for a new construction home to be properly completed would be welcome relief!

Excellent ~ that was my read on it too. Of course I gave them all the usual disclaimers (I don't purport to be a tax professional either), however I would be very surprised if they wind up having to give the money back. Then again, crazier things have happened so I guess only time will tell.

What I can't see to find any information or confirmation of is whether my clients will be able to collect the $6,500 "trade-up" credit when they close on a short sale property later this week. The owner of the property accepted their offer prior to April 30th but of course the bank didn't approve it until last week. My understanding from the research I've done is that the federal government refuses to take a clear stand on whether or not homebuyers in this situation will benefit from the tax credit. So far I have been telling them to put the tax credit in an account, file their taxes as usual, and prepare to have to give it back should there be any sort of clarification on this issue over the next year or so. What do you think? Whose accepted offer counts toward the tax credit in this situation, the seller's or the bank's?

Somehow I think they are probably going to keep extending this credit. With other real estate markets in the G8 showing some rapid recovery, it might have to be continued so the US can catch up. Neda

In a way, it just shows how inept these guys have been at dealing with the entire financial mess. They windup in these positions after years of law school (as if that prepared you for anything beyond arguing) and have to make important and complicated decisions that they aren't qualified to make.

I say we take some advice from Germany and stop with the constant spending and let the chips fall where they fall. Perhaps then, we can get on with something closer to a "market".

Will it never end? Like I've said before, the politicians should just let the free market correct the real estate downturn.

@marty, I'm getting the 8,000 and you read my mind!

Sure, I get the point that many of the transactions that met the April 30 deadline may not meet the June 30 deadline. But this leaves the door open for further extensions, will there be an end or will we (the taxpayers) continue to subsidize (i.e. pay) for people to buy homes?

I wish I could be there the day these people get their $8,000 check from the IRS. I picture a 52" LCD HD TV being delivered by the Best Buy truck along with a surround sound system and Blu-Ray player. If they have any cash left over a nice dinner at Outback Steakhouse to celebrate will certainly be in order.