Zillow Advice: Buying Process - This $15,000 tax credit "start date" is holding the real estate market hostage

My point is when you tell ...

Tue, 10 Feb 2009 01:57:00 GMT

My point is when you tell the country a great sale is coming let say on a certain product, and then do not provide a specific date explaining when the sale will go into effect people will hold out until the sale goes into effect.

Thats fine for most products but with all of the legal issues regarding closing on a home most can not wait and see. So we try to delay as long as we can. My feeling it should start the day it was approved by the house. If you closed prior, you did not know it existed. So yes you lose out.

I pay a lot of taxes like most Americans and want to benefit if i can because I will be paying this 780 billion back with the tax credit or not.

Unclsu: You made the decision ...

Mon, 09 Feb 2009 03:40:00 GMT

Unclsu: You made the decision to purchase without knowing about the $15,000 potential tax credit. Therefore, how would rewarding you after you'd made the decision to purchase be stimulating the economy?

Yes, I recognize it is frustrating. We'd love to have the tax payers give us $15,000 also. Why should 1/1/09 be the start? Why not 10 years earlier? ... same arguement - going backwards doesn't cause any stimulus.

i can understand where unclsu ...

Mon, 09 Feb 2009 03:29:00 GMT

i can understand where unclsu is coming from, lets face it if the government is willing to give billions to businesses and preach about getting the housing market turned, they will give out something. Trust me if they want to get re-elected they will do something or else be prepared to hear this in the next election "insert politicion here" was all for giving big business money but voted to stiff the people that can use it the most.

We will get something, its just going to me a matter of time. My opionion on the retro or cut off would be to make it from calander year to whenever they wish, i'm sorry to the people that purchased before but someone needs to draw the line somewhere.

lets try this: repeat after ...

Sun, 08 Feb 2009 15:49:00 GMT

lets try this: repeat after me

the bill is not set to start on the 16th, the bill is not set to start on the 17th. there is no start date untill the stimulus package is PASSED INTO LAW. that means a senate vote, that means a house vote, that means a presidential signature. this process usually takes months, not days. so there is no bill until there is a bill. the house could amend it back to 10k or just make the 7.5k not a loan. there is no 15k tax credit start date.

unclsu - I don't think it's ...

Sun, 08 Feb 2009 15:36:00 GMT

unclsu - I don't think it's as easy as just making the start date 1/1/2009. Do that and someone who closed on 12/31/2008 is going to be pissed off.

The problem is, they have to draw a start line somewhere, and there will be someone on the wrong end of that line no matter where they draw it.

Currently the bill sunsets the previous $7500 first time buyer "credit" (which is really a zero interest loan), but if you qualified for that, you'll still get it -- if the bill stands as currently written.

Yeah, I hear you. My wife ...

Sun, 08 Feb 2009 15:26:00 GMT

Yeah, I hear you. My wife and I are just now looking at houses because of this bill.. I hope it akes it through.