POLL RESULTS: Overwhelming Support for Extending Closing Deadlineby Tim Manni
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.
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.