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October 30th, 2009 9:29 AM by David W. Welch
Buyer beware. The tax credit has not I repeat has not been extended yet. It is looking more likely with key Senators agreeing to extend the current credit through the end of April and even as far as July 1, 2010. There is also an agreement to expand the qualifications for the credit to higher income buyers and repeat buyers who have lived in their home for five consecutive years out of the last eight. Right now this agreement has not even been voted on in the Senate. This is just a tentative agreement to go forward with legislation. There are still a number of obstacles in the way including the House of Representatives where concern over fraud from the exisiting program may hold things up. It is estimated that up to 100,000 of the tax credits submitted may have been fraudulent. That is a lot of zeros, and adds up to an $800 million ripoff.
Many in the Realtor community believe that it is just a matter of getting some fraud protections in place before the credit is extended and expanded. For now, it is not a done deal so govern yourself accordingly. Get your deal closed by November 30, 2009. Be careful with that date too, because many lenders are taking an additional day to fund transactions. November 30th is also just after the Thanksgiving holiday. A lot of lenders and title agents like to take that time off too. I would really recommend trying to close before Thanksgiving just to be safe. If the tax credit is extended and expanded, I will have the details on my tax credit web page.
Orlando Real Estate, David Welch Real Estate Optimist