NAR asks government to be flexible on homebuyer tax credit closing date deadline

Did you miss it? Near the bottom of today’s press release about the NAR Pending Home Sales Index figures for April 2010 was this tasty little nugget:

“However, the recent housing cycle has brought long delays related to the short sales approval process by banks, and from ongoing appraisal issues. There could be a sizable number of homebuyers who responded to tax credit incentives, but may encounter problems meeting the settlement deadline by June 30.” Because of these market challenges, NAR has asked Congress to provide flexibility on the deadline for closing.

We haven’t seen any mention of this elsewhere, but we’ll be watching extra carefully for details.

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4 Responses to NAR asks government to be flexible on homebuyer tax credit closing date deadline

  1. Sandy McIntyre says:

    I think that would be a great idea with the many delays that occur with the short sale and bank approval process.

  2. Lenn Harley says:

    It is doubtful that this request will receive any notice because it’s more doubtful that any member of Congress understands just what a “short sale” is and how they are different.

    Lenn Harley

  3. Jay Thompson says:

    How the heck do you define “flexible”, and amend an act of Congress to include that?

    Someone, somewhere, is going to get “screwed” and miss the closing deadline by a few hours. If you push out the date, there will always be someone on the wrong side of the closing deadline.

    The June 30 date has been known for months. The “recent housing cycle” Yun refers to as causing long closing delays has been going on for a LONG time.

    Sorry, but any agent worth a flip would have advised any buyer (not just short sale buyers) that any closing can get delayed and there is never a guarantee a transaction will close on a specific date. Any buyer who’s pushing the deadline to get he tax credit *should* have been long aware they may miss that deadline.

    The NAR asking Congress to provide flexibility on the deadline for closing is just silly.

  4. greg stiger says:

    Jay,

    I agree. We had many conversations with buyers regarding short sale offers vs. tax credit deadlines.Everyone knew the dates-yet some buyers chose to gamble on the short sale. Let’s save our NAR bullets for more important battles that are sure to surface as the govt seeks more revenue. It was disheartening to see NAR push the “carried interest” issue-not a CALL TO ACTION” item for 99.9% of its members and it was NOT a tax on capital,as portrayed.

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