$8,000 Tax Incentive Extension

The $8,000 tax incentive program that is set to expire tomorrow is still not dead. It is on life support to be sure but not quite dead. This extension is set for those buyers that were under contract with banks, traditional sellers, but mostly short sales. The time to close a contract that is a short sale varies from bank to bank and from agent to agent. The problem is that you could have qualified for the $8,000 because you wrote the contract by April 30th but you did not close by the June 30th deadline and now you have one day to close and you do not have the bank approval letter yet. The extension would be offered to those buyers. It was first approved by the Senate but now is having problems getting approval again. If this fails to get approved, there will be approximately 180,000 buyers affected according to many credible sources. Those 180,000 buyers affect 180,000 transactions and 180,000 realtors, and 180,000 inspectors and 180,000 appraisers, and 180,000 etc…
Please take a moment to contact your local representative to let them know how you feel about this one way or the other. Our economy is still in a fragile stage and I feel that even if you are not one to directly benefit from this then you might see how it can affect you indirectly. Either for or against please reach out to express your opinion. I, as a real estate agent am clearly for the extension to September 30th 2010.