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July 8th, 2010

POLL RESULTS: Overwhelming Support for Extending Closing Deadline

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We want to thank all our readers who participated in our latest poll: “Do You Support the Extension of the Homebuyer Tax Credit’s Closing Deadline?

With over 1,000 votes so far, it is clear that the overwhelming majority of our readers supported the extension. To date, 92% of voters thought extending the closing date of the homebuyer tax credit was a good idea, with some 77% noting that their deal wouldn’t have closed without it.

Even before President Obama signed the extension into law on July 2, our readers made it clear (through their comments and their votes) that they were depending on the extension of the credit’s closing deadline for 90 days past the original expiry of June 30.

Let’s take a look at some reader comments:

This tax credit prompted us to search to buy in the first place. It would be grossly unfair to pull the plug on it because the banks are overwhelmed…

For people in situations like me, this really needs to be extended. I will only miss it by a couple of days if I can’t close by the 30th.

I’m in the same boat, I got into contract before the April 30th deadline and now I’m waiting on the bank to finalize the paper work so I can close escrow with June 30th two days away it don’t look like it’s gonna happen. Why should the borrowers be penalized because the banks are overwhelmed with having to process’s 100’s of different loans before the June 30th deadline. It’s not gonna cost anymore money to the government so why not just pass it.

My husband and I were under contract before April 30. This is not a short sale, or building a new home, and we have great credit. We did everything right, and were told repeatedly that we would be able to close on June 25, until last week, when the bank realized the underwriters were so backed up we wouldn’t make it.

The way we see it, giving borrowers only 60 days to sign and close, especially in this real estate environment, wasn’t at all realistic to begin with. To penalize borrowers, who up to this point played by the rules, including getting their contracts signed on time, didn’t seem right.

With the summer setting up to be much slower (economically) than expected, we’re very interested to find out if anyone out there thinks that we need another new homebuyer tax credit this year — let us know!

We’re going to keep the poll open until the tax credit expires, so feel free to cast your vote (if you haven’t already) or leave us a comment saying why you support, or don’t support, the extension of the closing deadline.

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2 Responses to “POLL RESULTS: Overwhelming Support for Extending Closing Deadline”

  1. Dave Says: July 9th, 2010 at 5:06 am

    With the current political climate and the disastrous state of the economy it may be extremely difficult to push through another home buyer credit, at least on the federal level. I would not be at all surprised to see far more local action to try and stabilize neighborhoods and help families get into houses. The real action is there where the economies of scale don’t apply the same way as they do nationally, and the local tax base is so dependent on maintaining property values, transfer fees and taxable homes. I have read a lot of acrimonious comments about the home buyer credit but in the end, hundreds of thousands of houses end up readded to the local tax rolls instead of sitting empty, along with all the attendant money spent on renos/remodels.

  2. Tim Manni Says: July 9th, 2010 at 6:50 am

    Dave,

    You make a valid point, if deficit concerns have prevented measures such as extending unemployment benefits, you know lawmakers are trying to stop the fiscal bleeding. The positive thing is, as more and more government assistance (programs, tax incentives, etc) disappear, local economies, as you suggest, will have to come up with their own ways to support themselves and the families that live in them. That’s positive because communities can develop their own specific programs that cater just to them, not a nation as a whole.

    Thanks,
    Tim

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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