New tax credit deadline would be 'sigh of relief'
Letters to the Editor
By Inman News, Friday, June 18, 2010.Re: 'Senate OKs new tax credit closing deadline' (June 16)
Dear Editor:
This amendment is a much-needed answer to the huge bottleneck the June deadline created. Every mortgage broker, appraiser, title company and Realtor I know in my local market is breathing a collective sigh of relief. The June deadline, coupled with the changes in lending practices, as well as the way appraisals are handled now, was unsustainable.
Yvonne Russell
RE/MAX Associates
El Paso, Texas
Dear Editor:
Most real estate listed with a real estate agent is marketed through a multiple listing service. Most MLSs require sales to be reported within seven days of a binding agreement or contract date. Therefore, verification of the sales date is relatively easily established via an MLS's records.
All the government has to do to ensure that no fraudulent "back-dated" sales contracts are used to claim the tax credits is to require that certification from an MLS verifying "contract date" be submitted with all tax credit claims on sales allegedly contracted on or before April 30 but closed after June 30 and Sept. 30, 2010. Case closed.
Barry Gazzard
President
Markcorp Worldwide Inc.
Georgia
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Submitted by Nick Chucales on June 21, 2010 - 5:59am.
Yvonne,
Let me see if I understand this. You are excited that the government has extended the deadline for a subsidy program that they have already extended at least twice before. I have no sympathy for those that waited until the last minute to purchase a home knowing when the credit expired and the potential for a backlog of sales. The only thing that the extension does is extend the reality of the dire situation the housing recovery and the economy are actually in. Time for the economy to stand on it's own two feet and the subsidies to end.
Nick Chucales
Submitted by Joe Salcedo on June 25, 2010 - 1:01am.
I agree..
I can understand well cited/trusted sites like calculatedrisk blog say that the $8,000 tax rebate DOES NOT help...because these buyers are going to buy in the first place.
But in reality, esp. in my market it is amazing how this tax break encouraged a ton of renters into buying. They told me it was one of their biggest reasons to buy...
In effect our MSI is down to 3 months! http://renohomeblog.com/2010/04/reno-real-estate-supply-update.php