I have seen a blog post and it has been reposted that gives the impression the federal First Time Home Buyer's Tax Credit has been extended for 12 months. Actually it has not yet been extended. Only the house has voted on a resolution titled "The Service Members Home Ownership Tax Act of 2009" which does provide for an extension of 12 months for veterans or service members who spent 90 or more overseas during calendar year 2009.
As everyone knows for a resolution to become a law it must also be passed by the Senate which sometimes adopts the House Resolution as their Senate Bill. I have not seen the Senate Bill which echoes this but I have heard it calls for an extension of 6 months, not 12 months.
I just wanted to make sure you realize this is not a done deal and could face changes or not make it through the Senate. Guessing it will make it through the Senate with that modification is what most industry pundits are indicating.
Meanwhile if your buyer's are not already loan qualified and have made and had an offer accepted you're headed for a very bumpy ride at best.
Ken Cook - Web coder (I write the programs that make the whole world zing!) (678) 439-8683 Anything your mind can conceive I can create - online that is!
Social Media Edge Radio - seriously true professionals who won't misguide you with some crap they made up to sell more books and seminars. Every Tuesday at Noon eastern.
RETSORadio - part of the RETSO family. Great tech information and updates from people who have the answers, people who speak and product and service users.
Lead Capturing Landing Pages - for real estate agents, loan officers and more. Complete systems with instant mail notification, email database for export to your favorite CRM and more starting at $99.
NOTICE: I have been writing in this blog since July 2006. Some of the older articles may contain information that has changed. Please check the date and phone me if you have any questions.
Great post, Ken, as it helps clarify where things are at with this credit. I subscribe to your blog so will check in often to find the latest status. Thanks for sharing.
Kathy
Ken - thanks for the info. I would actually feel alot more comfortable with a 6 month extension than a 12 month extension. I don't think the buying public should get hooked on these incentives. Additionally, the jobs picture needs to improve before any industry can see a real turn around.
Good job sharing the RIGHT news. I have first time buyers bouncing along trying to get an accepted offer on a house - I hope for their sake it works out.
Ken - I will reblog as so many seem to be lost, wondering, guessing, etc. about this. Thanks. ~Rita
Unlike the current tax credit, I would fully support giving military families an extra year or three to take advantage of the tax credit... even if they aren't first timers.