President Obama on Friday signed into law the three-month extension of a federal tax credit for home buyers.
Congress passed standalone extension bills on Tuesday and Wednesday in late-night wrangling to help home buyers in escrow on short sales and other transactions that routinely take longer than 2 months to close. Buyers who have had signed purchase agreements since at least April 30 are now cleared to close and collect up to $8,000 in tax credits.
Now, let's get these deals closed. It's doubtful that we can expect another extension. Lawmakers, and the public in general, will not have a lot of compassion for anyone still floundering with a transaction after 5 months. Even though many of us have seen deals take much longer. The truth is, it should not take that long if we are negotiating correctly and following the internal compliance timelines set by the banks.
If you have no idea what what those standards are, or if your short sales always run several months, find out. Or refer your client to someone who does and take a referral fee. That's our fiduciary duty.
Brian Bean
Real Estate Brokerhttp://www.scott-brian.com/http://www.orangecrestriversidehomes.com/Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula
