Tax credit cutoff could disqualify th...

Tax credit cutoff could disqualify thousands of eligible Minnesota ...

There are 5 comments on the TwinCities.com story from Jun 29, 2010, titled Tax credit cutoff could disqualify thousands of eligible Minnesota .... In it, TwinCities.com reports that:

Hundreds of Minnesota homebuyers who hoped to take advantage of a federal tax credit program are unlikely to close on their deals in time to collect the incentives, real estate agents said Monday.

Join the discussion below, or Read more at TwinCities.com.

Observer

Minneapolis, MN

#1 Jun 29, 2010
Quit complaining. Credits like this are tools of behavior modification. Is that really something we should let government do?

http://www.examiner.com/x-36867-Minneapolis-E...
Sara

Saint Paul, MN

#2 Jun 29, 2010
I was told by our realtor that the June 30 deadline has been extended to September. My grandfather also heard it was pushed back on the news the other day. Is this not the case??? We put our offer on a short-sale on April 1, and as of today, we STILL have not heard from the bank. There's no way we will close by June 30.

BTW, Observer, I totally agree with you about the gov't giving out credits. We were planning to use the tax credit (since they're handing it out anyway) to pay off the last of our debt.
Bright side

Saint Paul, MN

#3 Jun 29, 2010
Sara, sorry for your disappointment but here is the up side; the tax credit just inflated the price of any given property with a taxpayer funded sales ploy by creating artificial demand. You will be much better off now by getting a better deal now with prices set to fall again to a degree that will far greater than the tax rebate. Dump your agent, wishful thinking on extension of credit and ability to close a short ssale in a timely manner. The banks have been bailed out to hang on and not sale distressed properties until the "next" f/u fed plan. Not going to happen.
laser

Saint Paul, MN

#4 Jun 29, 2010
I found out two days before my closing date (6/23) that my buyer had a paperwork issue. They had 7 weeks to be underwritten! Now my purchase and tax credit is in jeopardy because their underwriter took so long! It is not a short sale! Not a foreclosure! The banks are just swamped and not getting things done in time. It's time to extend the date for those caught in the banks' slowdown.
Welcome to Obama Land

Saint Paul, MN

#5 Jun 29, 2010
Where he thinks of all these wonderful ideas but doesn't realize all the little details to make them work - so then all the little details are not included in the plan. Just like the cash for clunkers program that ended up costing $26,000 for each car that got traded in. Nice job - and most of those people didn't even need a new vehicle AND many of them didn't even get something that gets good gas mileage.

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