Up to 180,000 homebuyers may lose the tax credit if the deadline is not extended past June 30, 2010 -- and not by any fault of those buyers. NAR reports that in Maryland, that number is around 2,630 homebuyers. This is due to waiting on short sales, foreclosures, or lender delays, none of which these [...]
The tax credit extension bill did not pass in the Senate today. Those qualifying buyers who wish to receive the credit MUST close by next Wednesday, June 30, 2010.
The Senate voted and passed a proposal tax credit deadline for settlement for those who were under contract by April 30, 2010 from June 30, 2010 to September 30, 2010. This is GREAT news for buyers who are facing issues with either financing, short sales, or other issues which could have delayed their closings, due [...]
The tax credit contract deadline passed last night at midnight, so buyers who may have qualified yet were unable to get a legally binding contract in place are no longer able to get the credit, even if they settle by June 30, 2010. Though I did see an increase in the Baltimore real estate market [...]
Guest blogger, T Jeremy Loomis, Sales Manager for Wells Fargo Home Mortgage, talks of tax credit ending questions and concerns. Is it time to change how buyers view contract issues with the tax credit ending? Probably… We have seen a market recently that one would call a “buyers market”, where the buyer has more control [...]
The extended homebuyer tax credit deadline expires soon -- next Friday, April 30, 2010 to be exact. So what does this mean? Buyers who qualify and want to take advantage of the homebuyer tax credit need to have a fully executed and agreed contract BY next Friday, and settle by June 30. I expect this [...]
A discussion I have been involved with here in the Baltimore area about the crippling snow and the effect on the Baltimore real estate market has people in the real estate world wondering if the homebuyer tax credit may be extended again. On Monday, the Wall Street Journal wrote an article about the credit, and [...]
As we enter the fourth and final week of February, I am reminded as to where the market was last year at this time versus this year. I have seen showings become more frequent in the past week and the excitement over spring's arrival in the next few weeks definitely brings people out to look. [...]
Homebuyers who are claiming either the $6,500 move up credit or the $8,000 First Time Homebuyer Tax Credit cannot file electronically, according to the IRS. One of my past clients let me know of this after she read an article on MSN. (Thank you for the information and link!) The reason for this restriction is [...]
When the Homebuyer Tax Credit was extended to include long-time homeowners buying new houses and getting a $6,500 credit, a whole new group of questions came into play. Unfortunately for a few clients of mine (and I am sure many others out there), the answers were not what they were hoping. One person owns a [...]