Am I the only one ANGRY that the June 30th deadline was not extended?

By
Real Estate Agent with Chinowth & Cohen Realtors License #142914

Congress voted NOT to extend the June 30th deadline to qualify for the $8000 or $6500 stimulus package - and you're not angry?

I have one Buyer waiting on Congress to vote to release more RD (rural development) funding before she can close. She's a single mother who has worked for a YEAR to improve her credit score and set aside money for closing. She desparately needs the $8000 stimulus incentive to complete some repairs after her purchase. She's already spent $1000 earnest money, $800 on inspections, $400 on appraisal and worked as much overtime as allowed to pay for that.

My Seller's Buyer is waiting on the $6500 stimulus money, and her Lender's Underwriter demanded that ALL repairs be made prior to closing (despite the fact that she has conventional financing and is paying 20% down), and we can't find available repair people who aren't already booked. [Expect a vent soon about Arvest Bank.]

We damn near killed ourselves before the April 30th deadline to get under contract. And Congress can't extend the time allowed for closing? Underwriting requirements are becoming more stringent, arbitrary and complicated - changing every day. Are our repair people, title companies and others in the industry expected to work 24 hours a day?

Congress voted NOT to extend the June 30th deadline to qualify for the $8000 or $6500 stimulus package - and you're not angry?

Stimulate the economy, then SHUT US DOWN?  I'm ANGRY! This extension would cost nothing - and will adversely affect hundreds of thousands of potential home owners. Where is the outrage???!!!!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.

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Please visit my web site if you are shopping for Tulsa homes for sale or call 918-852-5036 for more information about Midtown Tulsa Real Estate. In addition to my advanced grasp of the internet to market your Tulsa home for sale, I include a home staging consultation with every listing AND professional photography - at no aditional cost to you!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Bill Travis 06/26/2010 11:46 PM
  2. Tony Marriott 06/27/2010 10:24 AM
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Topic:
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closing deadline extension
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Rainmaker
212,189
Judy Orr
SW & Near West Chicago suburbs
Classic Realty Group

It is on Inman News but I'm not sure everyone can see it now if they're not registered and paying members.  Approval is not guaranteed but at least it was given a 2nd chance.

June 29, 2010 08:03 PM
Rainer
48,091
Gordon W. Miller
Green Mountain Real Estate

Cliped from a note recieved from NAR yesterday. Apparently their lobbying efforts were effective.

Thank you for taking action recently on our Call for Action regarding the continuation of the National Flood Insurance Program and the continuation of the 502 Rural Housing Program. Last night, the Senate passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension.

NAR members sent more than 250,000 letters to Members of Congress encouraging them to extend the program.

Additionally, Congress passed an extension of the closing deadline for the Homebuyer Tax Credit, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed. The legislation is designed to create a seamless extension; the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law. Extending the tax credit closing deadline will help provide additional stability to real estate markets across the nation.

Our Government Affairs team worked closely with Congressional leaders on both sides of the aisle to enact this important legislation.

NAR is still working on restoring the 502 single-family rural housing loan guarantee program. Language is included in H.R. 4899, the Emergency Supplemental Appropriations bill, that is currently in conference between the House and Senate. We expect the House to pass that bill shortly and are hopeful the Senate will do the same when they return the week of July 12. When that bill passes, the program will be restored through the end of the fiscal year.

July 02, 2010 08:24 AM
Rainmaker
895,394
Tony Marriott
Associate Broker, REALTOR
Haven Express @ Keller Williams Arizona Realty

Once the extension was separated from the $33 Billion bill the Dems were pushing, the extension passed - unanimously.  So - the Republicans were FOR the extension all the time - just NOT FOR making it dependent on the other stuff the Dems wanted to push through!  

July 03, 2010 11:05 AM
Rainer
31,803
Daniel Bates
McClellanville and Awendaw, SC
MCVL Realty

Well they're for being re-elected, a major crux with our political system and how we're all just passing the debt on to the next generation without a second thought on how they're going to pay it off. 

July 03, 2010 05:30 PM
Rainer
143,428
Steve Sandoval

You can rationalize it all you want, but if $8,000 of other people's money is what it took for you to want to buy & close on a home, well maybe you should not be buying a home. NONE of my buyers/investors needed any incentive other than the low prices for them to step up and buy.

Our grand-kids will be paying off this program that did nothing more than to be a bump in the road.

August 01, 2010 05:54 AM
Anonymous
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Rainmaker
484,157

Lori Cain

Midtown Tulsa Real Estate Top Producer
Happy to answer your real estate questions!
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