Comments on: Has the Homebuyer Tax Credit Lost Its Luster? http://blog.hsh.com/index.php/2010/03/has-the-homebuyer-tax-credit-lost-its-luster/ Things you should know about consumer news and finance. Thu, 09 Feb 2012 13:21:21 -0800 http://wordpress.org/?v=2.8.5 hourly 1 By: Tim Manni http://blog.hsh.com/index.php/2010/03/has-the-homebuyer-tax-credit-lost-its-luster/comment-page-1/#comment-76524 Tim Manni Thu, 08 Apr 2010 13:32:20 +0000 http://blog.hsh.com/?p=9042#comment-76524 Steve, Hopefully HAFA (which began Monday) will help to speed up the short sale process. Steve, are you buying a home that's being sold via a short sale, or is your property the one that's in the short sale? I think our readers would be very interested in hearing more about the process. Let me know, thanks for commenting, Tim Steve,

Hopefully HAFA (which began Monday) will help to speed up the short sale process.

Steve, are you buying a home that’s being sold via a short sale, or is your property the one that’s in the short sale? I think our readers would be very interested in hearing more about the process.

Let me know, thanks for commenting,
Tim

]]> By: Steve http://blog.hsh.com/index.php/2010/03/has-the-homebuyer-tax-credit-lost-its-luster/comment-page-1/#comment-76456 Steve Thu, 08 Apr 2010 00:10:53 +0000 http://blog.hsh.com/?p=9042#comment-76456 For the sole reason of short sale delays, at least the June 30 deadline should be extended. My wife and I have been waiting 5 months for a short sale approval, so we are within the April 30 contract signing deadline, but could lose the credit if the short sale approval continues to be delayed (a real possibility). Imagine people who entered into contracts within the past couple of months? They have little hope of gaining the credit. In this regard, buyers should not have to bear the burden of a dysfunctional short sale process. This is particularly important since a very high number of lower priced properties (particularly condos) are short sales in my area. I wrote my representatives about this very issue. For the sole reason of short sale delays, at least the June 30 deadline should be extended. My wife and I have been waiting 5 months for a short sale approval, so we are within the April 30 contract signing deadline, but could lose the credit if the short sale approval continues to be delayed (a real possibility). Imagine people who entered into contracts within the past couple of months? They have little hope of gaining the credit. In this regard, buyers should not have to bear the burden of a dysfunctional short sale process. This is particularly important since a very high number of lower priced properties (particularly condos) are short sales in my area. I wrote my representatives about this very issue.

]]> By: Tim Manni http://blog.hsh.com/index.php/2010/03/has-the-homebuyer-tax-credit-lost-its-luster/comment-page-1/#comment-76376 Tim Manni Wed, 07 Apr 2010 13:33:03 +0000 http://blog.hsh.com/?p=9042#comment-76376 Kelley, I would make sure you look into this more before giving up. Be sure to check out this link from the IRS.gov, it provides quite a bit of scenarios like yours, then determines if you qualify, check it out: http://www.irs.gov/newsroom/article/0,,id=206294,00.html Hope you voted on our poll! Thanks for commenting, Tim Kelley,

I would make sure you look into this more before giving up. Be sure to check out this link from the IRS.gov, it provides quite a bit of scenarios like yours, then determines if you qualify, check it out:

http://www.irs.gov/newsroom/article/0,,id=206294,00.html

Hope you voted on our poll! Thanks for commenting,
Tim

]]> By: Tim Manni http://blog.hsh.com/index.php/2010/03/has-the-homebuyer-tax-credit-lost-its-luster/comment-page-1/#comment-76374 Tim Manni Wed, 07 Apr 2010 13:28:33 +0000 http://blog.hsh.com/?p=9042#comment-76374 Derrek, I think a summer extension would make sense too. It sounds like for you and your wife that the tax credit was a real motivation. Well, be sure to check back in with us -- we'll keep you up to date. Hope you voted on our poll! Thanks for commenting, Tim Derrek,

I think a summer extension would make sense too. It sounds like for you and your wife that the tax credit was a real motivation. Well, be sure to check back in with us — we’ll keep you up to date.

Hope you voted on our poll! Thanks for commenting,
Tim

]]> By: derrekmuchigan http://blog.hsh.com/index.php/2010/03/has-the-homebuyer-tax-credit-lost-its-luster/comment-page-1/#comment-76318 derrekmuchigan Wed, 07 Apr 2010 06:58:20 +0000 http://blog.hsh.com/?p=9042#comment-76318 Extend at least through summer. We wanted to by last winter, but nothing was available in our price range. Spent the last 6 months designing a home that will start going up in a couple weeks. We have a sales contract as well as the HUD 1, but enough time to meet the June 30th deadline. My wife and i are very upset, as we would not have thought of doing this without the credit! Extend at least through summer. We wanted to by last winter, but nothing was available in our price range. Spent the last 6 months designing a home that will start going up in a couple weeks. We have a sales contract as well as the HUD 1, but enough time to meet the June 30th deadline. My wife and i are very upset, as we would not have thought of doing this without the credit!

]]> By: Kelley C http://blog.hsh.com/index.php/2010/03/has-the-homebuyer-tax-credit-lost-its-luster/comment-page-1/#comment-76230 Kelley C Wed, 07 Apr 2010 01:38:32 +0000 http://blog.hsh.com/?p=9042#comment-76230 Want to buy but the tax credit is not newlywed friendly. Singgle, I would have qualified for the $6500 crdit, he would have qualified for the $8000. Together less than 5 years, we qualify for 0. :( Discouraging. Want to buy but the tax credit is not newlywed friendly. Singgle, I would have qualified for the $6500 crdit, he would have qualified for the $8000. Together less than 5 years, we qualify for 0. :( Discouraging.

]]> By: Tim Manni http://blog.hsh.com/index.php/2010/03/has-the-homebuyer-tax-credit-lost-its-luster/comment-page-1/#comment-76164 Tim Manni Tue, 06 Apr 2010 18:55:44 +0000 http://blog.hsh.com/?p=9042#comment-76164 Hey Ryan, Thanks for commenting -- hope you voted on the poll! We actually just wrote another post on the tax credit, <strong><a href="http://blog.hsh.com/index.php/2010/04/are-febs-numbers-enough-to-extend-the-homebuyer-tax-credit/" rel="nofollow">CLICK HERE</a></strong> to check it out. Thanks again, Tim Hey Ryan,

Thanks for commenting — hope you voted on the poll!

We actually just wrote another post on the tax credit, CLICK HERE to check it out.

Thanks again,
Tim

]]> By: Ryan http://blog.hsh.com/index.php/2010/03/has-the-homebuyer-tax-credit-lost-its-luster/comment-page-1/#comment-76154 Ryan Tue, 06 Apr 2010 18:32:38 +0000 http://blog.hsh.com/?p=9042#comment-76154 Please extend the tax credit -- some of us had major work on our credit reports, and save up hard cash money to put into a home -- This Tax credit is the boost we all need when buying our first home....... Boston MA Please extend the tax credit — some of us had major work on our credit reports, and save up hard cash money to put into a home — This Tax credit is the boost we all need when buying our first home…….
Boston MA

]]> By: Tim Manni http://blog.hsh.com/index.php/2010/03/has-the-homebuyer-tax-credit-lost-its-luster/comment-page-1/#comment-75790 Tim Manni Mon, 05 Apr 2010 16:09:35 +0000 http://blog.hsh.com/?p=9042#comment-75790 Thanks for commenting Judy. "WHY do the home sellers have to suffer?": A) I don't think "suffering" is the right word, and B) these are borrowers who defaulted on their loans. Since borrowers are doing lenders "a favor" by selling the home, lenders tend to be more willing not to mark up credit reports and such (but not always). Yet, I do agree, the short sale process is far from seamless. Thanks again for sharing your opinions, they're always welcomed, Tim Thanks for commenting Judy. “WHY do the home sellers have to suffer?”: A) I don’t think “suffering” is the right word, and B) these are borrowers who defaulted on their loans. Since borrowers are doing lenders “a favor” by selling the home, lenders tend to be more willing not to mark up credit reports and such (but not always). Yet, I do agree, the short sale process is far from seamless.

Thanks again for sharing your opinions, they’re always welcomed,
Tim

]]> By: judy http://blog.hsh.com/index.php/2010/03/has-the-homebuyer-tax-credit-lost-its-luster/comment-page-1/#comment-75734 judy Mon, 05 Apr 2010 14:05:44 +0000 http://blog.hsh.com/?p=9042#comment-75734 Short Sales are causing the problem!. The banks already had PMI(private mortgage insurance) WHY do the home sellers have to suffer? Even if you do try the Short Sale, The banks wait for months to get the best "deal" (asking price). AND then they come after you for the remaining Purchase Price you signed the dotted line on. Still the Short Sales are the problem. The Bail OUT should have covered the PMI and No Short Sales should be allowed. Period. Short Sales are causing the problem!.
The banks already had PMI(private mortgage insurance)
WHY do the home sellers have to suffer?
Even if you do try the Short Sale, The banks wait for months to get the best “deal” (asking price).
AND then they come after you for the remaining Purchase Price you signed the dotted line on.
Still the Short Sales are the problem.
The Bail OUT should have covered the PMI and No Short Sales should be allowed.
Period.

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