Countdown to tax credit deadline
Letter to the Editor
By Inman News, Friday, June 25, 2010.Re: 'Hope alive for extension of tax credit deadline' (June 25)
Dear Editor:
The Senate needs to get with it and extend the closing deadline for buyers to enable them to achieve their tax credits. Most buyers have acted in good faith and now, because of "red tape" on the appraisal and lending side, are being held hostage by Congress.
We are approaching the end of the month, and with the deadline looming ... buyers, sellers and Realtors need this resolved now.
Ted Griffin
Keller Williams Consultants Realty
Dublin, Ohio
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Submitted by Nick Chucales on June 28, 2010 - 8:22am.
Ted,
Apparently 3 months wasn't long enough to get everything in order?
Submitted by Ruthmarie Hicks on June 28, 2010 - 9:55am.
To Ted,
These days escrows in NY are often running longer than 60 days - even if eveyone dots their "i's" and crosses their "t's". The banks are being ridiculous and you just can't ram the deals through that pipeline.
The lenders talk a great game - but customer service? THERE IS NONE!
I had one buyer who was chasing his tail around to find additional documentation after five closing delays. The bank kept saying - "oops - we forgot one more thing." The final straw was the banks wanting documentation that the wife's 3 month leave from her job THREE YEARS AGO was due to her returning to school for a semester. This required that they extract a letter from the human resources department of her job and produce official transcripts of the courses taken to ensure that she was full time. Come on! I don't use that lender any more. But it doesn't seem to matter - they are all equally awful.
So NO!! TWO months - not THREE is not enough.