Claiming tax credit extension... But only for a few buyers that qualify: $8,000/$6,500...

Profile picture for Super Star Agent
Approved! First-time home buyers now have until Sept. 30 to close on their home purchases and qualify for the $8,000/$6500 tax credit under a newly approved extension bill. The closing deadline was originally June 30. To be eligible, buyers still need a contract that was in place by April 30.
The home buyer credit, extended and expanded over the last 3 years is set to expire at the end of this month with Congress still unable to approve the extension as part of HR 4213 (see previous update below). However, recently released data for May 2010 shows worrying trends of sharply declining sales of existing and new homes. Further, inventory data and foreclosure activity have not shown any signs of improvement. All this suggests the expiration of the home buyer credit may have more of an impact than people thought.
This news and voter pressure prompted House members to take more action with the stalling of the HR 4213 bill in Congress (due to other provisions in it). As such a new bill – H.R 5623 – was introduced and approved by the House (409-5) to extend the home buyer credit for new and existing home buyers.  The bill has now passed in the Senate without amendment by unanimous consent. President Obama has also signed the bill into law. Here is a summary of the bill: H.R. 5623Homebuyers Assistance and Improvement Act of 2010
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 13 2010 - Los Angeles

Replies (18)

Profile picture for Pasadenan
Glad to know that it takes you two weeks to find out about something that WAS in the news...

I guess that means when something comes on the market, you let the potential clients know about it two weeks later after it is already pending.

Also glad to know that it takes you 5 months to close escrow on the typically homes that you write offers and contracts for, when all the other agents close escrow in approximately 30 days.  Good news for you.

Also good news for the people that thought they might want to have you represent them, and are not thinking more clearly about it.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 13 2010
Profile picture for sunnyview
Who CARESSSS!!?!?!?! People already waiting in escrow know this and it doesn't apply to anyone else. It is not a new buyers credit and it does nothing for sellers trying to sell.

Unless you are starting a business writing up backdated sales contracts to facilitate tax fraud, this extension is not news. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 13 2010
Profile picture for MikeEmery
Super Star Agent!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 13 2010
Profile picture for PeteSemon
WOW!!  Hope you got the number of the bus you were thrown under.

Yes its old news but thanks for putting it up there. Shame on all the negativity, we are all just trying to make things work. I tell you what there are a lot of folks that made the 4/30 deadline and because of things that outside of their control it took longer to close then it should have. So while it was known last week thanks for bringing it up again.

  Super star agent is a little much, but go get em Bubba!!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 13 2010
Profile picture for Pasadenan
"Shame on the Negativity" -

NOW THAT it a negative comment!

Just because you were FORCED to take a "motivational" course from NAR in order to become a member of theirs, and just because you HAVE to continually take more propaganda courses from NAR in order to be able to renew your membership does not mean that your Norman Vincent Peale philosophy is positive nor helpful.  Rather, it just proves that most members of NAR are brainwashed to intentionally lie to people.

"go get em Bubba" -

NOW, THAT is not only a negative comment, but it also is a threat and terrorism!  I better contact "home-land security"!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 13 2010
Profile picture for Pasadenan
"So while it was known last week..." -

Another person that is always "late" reading the "new listings"...

The bill was signed 7/2/10; and it is now 7/13/10; almost 2 weeks later!  Besides, there were more than 10 different threads on this well over a week before it was passed by both houses and signed.

If there really is something that potential new buyers need to know about this theft of another $4 billion from the U.S. treasury, you could have posted to one of the existing threads on the subject rather than making it clear that members of NAR are "Not Able to Read".
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 13 2010
Profile picture for Super Star Agent
This information was not intended for realtors...  Rather I posted it solely for the purpose of having updated information for first time buyers that have been in escrow a while and click on the Zillow home buying tab and have been concerned about their escrow.  I see that all of your contributions (Pasadenan) are for the most part non real estate related...  You talk about terrorism and war.  Why don't you just go back to work?  How many listings have you taken this week?  How many people have you helped find a home this weekend?  How many deals are you negotiating and closing this week?  I'll tell you what, since I'm of the competitive spirit, I challenge you.  Let's put a $10,000 wager on the table on which one of us can take more listings, put more deals in escrow and help more buyers get under contract this next month...    You try to belittle others for the benefit of trying to make yourself look better.  At the end of the day, the only thing that you accomplished is making a fool of yourself for being a hater.  I grew up in a home where we were taught to respect people and to keep our mouths quiet if what we were going to say was negative.  Have some dignity for yourself and others.  It's a shame that some stranger has to tell you this.  Good luck and bests!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 13 2010
Profile picture for Pasadenan
"Let's put a $10,000 wager on the table on which one of us can take more listings" -

Further proof that members of NAR are NARcissistic self serving selfish con-artists that are only interest in their own income and couldn't care less about any potential clients.

"Rather I posted it solely for the purpose of having updated information for first time buyers" -

There is nothing "updated" about this thread; it is weeks old information and serves no-one but yourself.

And yes, I'll keep speaking out against NAR until they stop their deceptive practices and misleading "talking points".  NAR is mostly responsible for the near economic collapse of multiple world governments.

As for my posts; you have read less than ½% of them, so you have absolutely no idea.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 13 2010
Profile picture for Pasadenan
By the way, why is an agent licensed in California listing an 8 unit apartment building in Texas?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 14 2010
Profile picture for Super Star Agent
Because I own it!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 14 2010
Profile picture for Super Star Agent
Just an FYI it's 140 units.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 14 2010
Profile picture for sunnyview
"One thing to clarify – this bill does not extend the deadline for home buyers to sign a contract for a home and hence qualify for the tax credit (still April 30th); rather it extends the deadline for closing the transaction, from June 30 to Sept.30."

The IRS has more info on the extension here including form 5405 needed to claim it.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 14 2010
Profile picture for SoCal_Engr
Just as an FYI...

The fact that there are people posting who do not take listings, who do not have clients, who are not working on RE transactions, is part of what makes - and keeps - Zillow worthwhile.
 
The NAR/realtor/lender bashing can get a bit excessive at times, but it helps to keep the forums honest.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 14 2010
Profile picture for Pasadenan
"it's 140 units" -

Not from the MicroSoft Bird's eye view, so you must have located it wrong on the Geocoding.  Not to mention, no photos and minimal data.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 14 2010
Profile picture for Pasadenan
I'm assuming that you are stating that you are a Christian on your profile, though most people would capitalize the word "lord" if that is what they meant, thus perhaps your "lord" is either money or your ego?

But, if you want to be a disciple of Jesus, perhaps some references might be of some use?

Words of Jesus revealed to John
in the Revelation on the island of Patmos:
"So you also have those holding to the teaching of the Nicolaitans, which thing I hate".  (Rev 2.15).

Words of Jesus as recorded by Dr Luke:
"If anyone comes to me and does not hate his father and mother and wife and children and brothers and sisters and even his own life, he cannot be my disciple". (Lk 14.26)

"One thing is lacking in you: sell all, as much as you have, and give it to the poor, and you will have treasure in heaven.  Then come follow me".  (Lk 18.22)

"So then every one of you who does not abandon all his possessions is not able to be My disciple." (Lk 3.14)

Words of Jesus as recorded by Mathew the tax collector (one of the 12):
"If you desire to be perfect, go sell your property and give to it to the poor, and you will have treasure in Heaven; and come, follow Me." (Mt 19.21)

"Woe to you, scribes and Pharisees, hypocrites! For you go about the sea and the dry [land] to make one proselyte; and when he has become so, you make him twofold more a son of Hell than yourselves." (Mt 23.15)

Words of King Solomon, the supposed "wised man in the world":
"I have seen all the works done under the sun, and behold it is all vanity and a chasing after the wind" (Ec 1.14; Ec 2.11)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 14 2010
Profile picture for byanka
thanks eric
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 22 2010
Profile picture for workabee
Yes. Eric is a sport. Let's all create a new profile to give him a thumbs up.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 22 2010
Where is the love my friends? Go generate some real leads and leave this guy alone. The trolling I truly do disgust.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 12 2010
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Have a question? Ask it here.

What's this?
Close

By starting a discussion, you can expect more of an interactive, back-and-forth experience where the conversation can go in many different directions.

Or start a discussion

E-mail successfully sent!Submission failed!

Related Discussions
Profile picture for sunnyview
DiscussionBizzy Blondes is the worst..never call back worst to deal with
  • Last reply by sunnyview
  • May 02
Profile picture for Jamie1stHome
DiscussionMortgage possibilities
  • Posted by Jamie1stHome
  • July 12 2011
Profile picture for Darrell Self
DiscussionI have great credit and no money, she has money and terrible credit
  • Last reply by Darrell Self
  • June 01 2011
Profile picture for O.  Kheir, CDPE-REOS
DiscussionWhen people bid on a short sale...
  • Last reply by O. Kheir, CDPE-REOS
  • May 16 2011
Profile picture for Renee Kische
DiscussionHow high should listing prices be when searching for home?
  • Last reply by Renee Kische
  • May 16 2011
Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy