Homebuyer Tax Credit: Closing Date Extension Gets Senate OK

[Aecetia]

Harry Reid to the rescue! They’re back (unless the House does not pass this). On Wednesday afternoon, the Senate OKd a proposal to add three more months to the closing schedule of the tax credit program, extending the deadline until September. The extension applies only to sales that went to contract by April 30.
Sen. Harry Reid (D-Nev.) was the sponsor of the latest amendment, which will likely benefit seriously depressed housing markets such as his own state’s Las Vegas.

The amendment has been strongly supported by the National Association of Realtors, but some critics say it may help people who are looking to cheat on their taxes. Some buyers might pretend they were already under contract by April 30 by backdating their paperwork.

http://www.housingwatch.com/2010/06/17/homebuyer-tax-credit-closing-date-extended/

[UCGal]

If I’m reading this right – it doesn’t extend when you had to be under contract…. so to benefit you still had to be under contract by April 30th… this just lets the escrow companies, appraisors, etc have time to get it closed… things that are not under the control of the buyer.

But I couldn’t read the actual text of the amendment since it’s not posted on the senate website (yet)
http://www.senate.gov/pagelayout/legislative/a_three_sections_with_teasers/votes.htm

the only votes showing are two rejected amendments.

(It may get updated after I type this.)

While I’m not a fan of the 8K credit, I don’t see this as a big new boondoggle… it’s just a time extension on CLOSING, not when you had to be under contract.

[UCGal]

If I’m reading this right – it doesn’t extend when you had to be under contract…. so to benefit you still had to be under contract by April 30th… this just lets the escrow companies, appraisors, etc have time to get it closed… things that are not under the control of the buyer.

But I couldn’t read the actual text of the amendment since it’s not posted on the senate website (yet)
http://www.senate.gov/pagelayout/legislative/a_three_sections_with_teasers/votes.htm

the only votes showing are two rejected amendments.

(It may get updated after I type this.)

While I’m not a fan of the 8K credit, I don’t see this as a big new boondoggle… it’s just a time extension on CLOSING, not when you had to be under contract.

[UCGal]

If I’m reading this right – it doesn’t extend when you had to be under contract…. so to benefit you still had to be under contract by April 30th… this just lets the escrow companies, appraisors, etc have time to get it closed… things that are not under the control of the buyer.

But I couldn’t read the actual text of the amendment since it’s not posted on the senate website (yet)
http://www.senate.gov/pagelayout/legislative/a_three_sections_with_teasers/votes.htm

the only votes showing are two rejected amendments.

(It may get updated after I type this.)

While I’m not a fan of the 8K credit, I don’t see this as a big new boondoggle… it’s just a time extension on CLOSING, not when you had to be under contract.

[UCGal]

If I’m reading this right – it doesn’t extend when you had to be under contract…. so to benefit you still had to be under contract by April 30th… this just lets the escrow companies, appraisors, etc have time to get it closed… things that are not under the control of the buyer.

But I couldn’t read the actual text of the amendment since it’s not posted on the senate website (yet)
http://www.senate.gov/pagelayout/legislative/a_three_sections_with_teasers/votes.htm

the only votes showing are two rejected amendments.

(It may get updated after I type this.)

While I’m not a fan of the 8K credit, I don’t see this as a big new boondoggle… it’s just a time extension on CLOSING, not when you had to be under contract.

[UCGal]

If I’m reading this right – it doesn’t extend when you had to be under contract…. so to benefit you still had to be under contract by April 30th… this just lets the escrow companies, appraisors, etc have time to get it closed… things that are not under the control of the buyer.

But I couldn’t read the actual text of the amendment since it’s not posted on the senate website (yet)
http://www.senate.gov/pagelayout/legislative/a_three_sections_with_teasers/votes.htm

the only votes showing are two rejected amendments.

(It may get updated after I type this.)

While I’m not a fan of the 8K credit, I don’t see this as a big new boondoggle… it’s just a time extension on CLOSING, not when you had to be under contract.

[DWCAP]

The problem with this is that alot of people are talking about fraud being enabled by this. Back dating contracts to April 30th to get in on the goodies.

[DWCAP]

The problem with this is that alot of people are talking about fraud being enabled by this. Back dating contracts to April 30th to get in on the goodies.

[DWCAP]

The problem with this is that alot of people are talking about fraud being enabled by this. Back dating contracts to April 30th to get in on the goodies.

[DWCAP]

The problem with this is that alot of people are talking about fraud being enabled by this. Back dating contracts to April 30th to get in on the goodies.

[DWCAP]

The problem with this is that alot of people are talking about fraud being enabled by this. Back dating contracts to April 30th to get in on the goodies.

[briansd1]

Kinda like back-dating stock options.

If there’s no audit, who’s going to know?

[briansd1]

Kinda like back-dating stock options.

If there’s no audit, who’s going to know?

[briansd1]

Kinda like back-dating stock options.

If there’s no audit, who’s going to know?

[briansd1]

Kinda like back-dating stock options.

If there’s no audit, who’s going to know?

[Author]

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