Short Sale Song- Glenn Erath- Corky’s Pest Control
-
Quick Response on Termite Inspection Reports and Repair Work
-
Lowest Price Fumigation
-
4 Year Guarantee!
-
Call Glenn Erath (760) 216-8433
Senate OKs new tax credit closing deadline
Senate OKs new tax credit closing deadline
Backers of amendment cite backlog of 180K homebuyers
By Inman News, Wednesday, June 16, 2010.
HYPERLINK "http://www.inman.com"Inman News
The Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit.
Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.
The amendment to HYPERLINK "http://thomas.loc.gov/cgi-bin/bdquery/z?d111:h.r.04213:"HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010" — which primarily extends unemployment insurance benefits — was approved in a HYPERLINK "http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=2&vote=00191"60-37 vote Wednesday. The vote was mostly along party lines, with only four Republicans in favor and one Democrat opposed.
"While I am disappointed that more Republicans did not support this common-sense measure to strengthen the economy and reduce the deficit, I am committed to ensuring that more Nevadans and Americans can become homeowners and that this amendment becomes law," Reid said in a HYPERLINK "http://reid.senate.gov/newsroom/pr_061610_homebuyersextensionpassage.cfm"statement.
The House passed an earlier version of the bill in December, and the Senate approved its own version in March. The Senate is currently working on resolving differences between the two bills.
The National Association of Realtors supports the amendment, saying Realtors have reported that as many as one-third of qualified applicants have been told by lenders that their loans will not close before June 30 because of the sheer volume of loan applications in the pipeline.
The amendment does not extend the deadline for homebuyers to qualify for the tax credit, NAR said in urging lawmakers to approve it, but simply extends the deadline for closing transactions already in contract.
"Since these applications were already in the pipeline and figured into the program's cost, the extension of the closing deadline should not incur any further government costs," NAR President Vicki Cox Golder said in a HYPERLINK "http://www.realtor.org/press_room/news_releases/2010/06/extension_senate"statement.
There has been some speculation that some homebuyers will attempt to submit fraudulent claims for the tax credit by backdating documents showing they were under contract by April 30, and that extending the deadline for closing would expose the government to more fraudulent claims.
Is a housing shortage coming?
| Is a housing shortage coming? Source: money.cnn.com It may be hard to believe as the nation struggles to bring itself out of the worst housing crash since the Great Depression, but a new housing bubble may be coming to a locale near you. |
 |
: Important SDAR Fraud Alert
.
Important Fraud Alert
Recently a female REALTOR® in Point Loma was contacted by a man named “Charles” who said he was relocating to San Diego from Vermont. He described himself as a widower and firefighter, and told the agent he would be paying cash for a home anywhere coastal in San Diego up to $2.25 million with at least 2,500 square feet, views, and privacy. When the agent requested more information, “Charles” e-mailed back, providing only a cell phone number. The agent did some additional research and discovered a “REALTOR® Safety” article that described a scam whereby someone disturbingly similar to “Charles” has been luring female agents to vacant properties. To read the article, click here.
SDAR would like to remind all agents to exercise caution when meeting with potential clients. If you suspect any criminal activity, contact the local authorities. If you suspect real estate fraud, contact SDAR so we may share this important information with the real estate community.
Sincerely,
Call for Action: Congress Abandons Critical Housing Programs – Again
|
| |
California RPA Contract Notes
|
|
||||||||
|
||||||||
|
|
||||||||
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
Happy Mothers Day
We wish all the Moms a special and Happy Mothers Day.
