Jay Thompson's Q&A

Gilda - What "proposal for next year" are you referring to? There are currently upwards of nine bills in the House and Senate to either extend or expand the existing credit. And one bill in the Senate (S1230 if memory serves me correctly) is for $15K. And some of the bills are seeking expansion beyond the first-time buyer limitation.I've never seen this proposal for next year you are referring to and would be interested in seeing it. Have a link?

Leaving aside the argument of who pays what (ultimately the buyer pays, I don't care what column it's in on the HUD-1), the answer to the question "Can a Realtor refuse to show me a home because I don't have a Realtor of my own?" is yes. No Realtor is obligated to show a home to anyone. Period. Granted, many listing agents will show their own listing to an unrepresented buyer. But they certainly don't have to.I abhor dual agency, so the only way I'll show a listing to an unrepresented buyer is if they sign a document stating they understand I represent the seller and the seller's interest only.If someone has an agent but they can't show them one of my listings for whatever reason, of course I'll show it to them and instruct them to get with their agent to submit an offer. I wouldn't consider that "wasting my valuable time", as my primary responsibility to my seller is to sell the home. If that means showing it to someone who is using a marginally effective agent, so be it. The beauty of doing that is I'll take that marginally effective agent to the cleaners at the negotiation table -- helps get my sellers home sold for top dollar -- which is what I get paid to do.

Albert - No one can tell you what you should do about a bill that isn't even law yet. To do that just wouldn't be right. What if I tell you "yes, extend your close" and the bill changes or is removed?That said, I think you'll know before your currently scheduled close of Feb 27. It looks like the Senate will vote on their version of the Stimulus on Tuesday, and it's expected to pass. Then it will have to go to a Conference committee to reconcile the differences between the House and Senate version. Obama is pushing for a bill to sign, and the press is indicating it'll be on his desk around the 16th (but, anything could happen).

Any answer to any question on the $15,000 tax credit should include a big giant disclaimer -- the tax credit isn't law yet. The language in the Stimulus bill could be changed before it passes the Senate, and it could be changed again in the conference committee that will reconcile the differences between the House and Senate versions. As it is currently written, you can get a credit UP TO $15,000, which can be split evenly between two years. However, it may be limited by how much tax you pay. If for example you owe $4,000 in taxes, you can't take a $15,000 credit and expect an $11,000 refund. In this example, you could take a credit of $4,000 and in effect have a tax bill of $0. Then, you could take another $4000 take credit next year.

Any answer to any question on the $15,000 tax credit should include a big giant disclaimer -- the tax credit isn't law yet. The language in the Stimulus bill could be changed before it passes the Senate, and it could be changed again in the conference committee that will reconcile the differences between the House and Senate versions.As it is currently written, the credits are "one time" -- language that in effect means you can't "double dip" and get both the older $7500 "credit" (which is really a zero interest loan) AND the new $15,000 credit.

Any answer to any question on the $15,000 tax credit should include a big giant disclaimer -- the tax credit isn't law yet. The language in the Stimulus bill could be changed before it passes the Senate, and it could be changed again in the conference committee that will reconcile the differences between the House and Senate versions.As it is currently written, only primary residences qualify.

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.

Kevin - probably not. As it currently stands, a home must be purchased by 12/31/2009. "Purchased" is generally meant to occur when the transaction closes. BUT, the Stimulus Bill has not been finalized yet. It still has to pass the Senate, then must go to a conference committee for the difference between the House and Senate versions to be reconciled. THEN it has to be voted on and THEN (assuming it passes) has to be signed by the President.The current language could change before it gets out of the Senate, or in conference committee. In other words, it's still in flux. Anything could happen so it's pointless to speculate on what it might be.