$8,000 Tax Credit: To Extend or Not to Extend?

As the expiration date on the first-time homebuyer $8,000 tax credit nears, talk is stirring about renewing and expanding the scheme. Here’s a brief rundown of some of the varying related pieces I’ve been following from around the web.

First up, we’ve got the National Ass. of Realtors pushing hard on their members to “Write Congress Now”:

The National Association of REALTORS® is calling upon its 1.2 million members to urge Congress to extend the successful homebuyer tax credit into next year.

Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to NAR. The credit is due to expire November 30.

As Calculated Risk has been pointing out, if the NAR’s numbers are accurate, that translates into a cost to (future) taxpayers of over $43,000 per additional sale (that would not have happened anyway). What a deal, right? Plus, how many of these “additional sales” are sales that would have taken place anyway in 2010 or 2011 (i.e. – borrowed demand)? I’d bet quite a few.

Here’s some more from Calculated Risk:

…if we actually look at the numbers, this is a poor choice for a second stimulus package.

…the program cost is about $43,000 per additional buyer. Very expensive.

Now the National Association of Home Builders estimates that expanding and extending the credit through 2010 would generate 500,000 additional sales at a cost of about $30 billion. So this is approximately $60,000 per additional house sold. And I think the cost will be much higher.

REMEMBER: Many homes will be sold to buyers who would have bought anyway without the credit. These buyers will still receive the credit. This year almost 2 million home buyers will claim the tax credit, but only 350,000 were additional buyers. That means this was a poorly targeted tax credit since so many people receive it who would have bought anyway.

Meanwhile, even as the NAR is urging their members to encourage Congress to extend the credit, rank-and-file members seem to have reservations. Check out this post from a Realtor on ActiveRain (basically MySpace for real estate agents):

While I am glad that the tax credit has probably helped stimulate the real estate market and the economy some, I also wonder about the longer-term effects of this so-called “stimulus” money on this nation’s deficit and national debt.

I would rather see the money in the hands of the people as opposed to Wall Street fat cats or failing banks though. However I also hear stories on the news and elsewhere of people using the $8,000 to pay for frivolous items. Kind of a windfall shopping spree. I also don’t like mortgaging the future of this country by giving free money to people while increasing massive debt that may end up crushing our nation one day (if it hasn’t already). Kind of “socialized” real estate buying if you can call it that. Take from my pocket and put it in yours.

The comments to that post (pretty much entirely left by real estate agents) are also an interesting read.

At this point, I’m not even convinced that extending the existing credit will even have much of an effect. Everyone knows that the current credit expires at the end of November. People who were “on the fence” about buying for whom the tax credit was enough to spur them to action are already dashing to get their purchase in before the deadline. How many people are really out there thinking, “you know, I wasn’t planning on buying a house at all, and the 2009 tax credit was not enough of an incentive, but if they would just extended it into 2010, I would definitely jump in there and buy!” Probably not very many.

So what do you think? Should the tax credit be extended? Is it likely to be extended? Why or why not?

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About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

47 comments:

  1. 1
    Kary L. Krismer says:

    As I said elsewhere, I could see a “better” expiration date. The end of November isn’t really a good time to end a housing credit due to seasonal issues. The end of December, end of February, end of March would all be okay with me.

    I suspect it will be extended, and for far longer than what I’m suggesting. And they’ll probably pick yet another end date that makes little sense.

  2. 2

    I’m From the Government and I’m Here to Help

    Have you ever met someone that had cancer and they got their operation or removal procedure; then seemed somewhat better, a year later, after treatment. The problem with giving the treatment the credit for the cancer not getting worse is scientific. How do we know the cancer would not have stayed in remission a year later without treatment? Same thing if the cancer patient dies years later, how do we know they wouldn’t have died years later, without treatment too?

    Lord only knows.

    The same placebo experimentation logic applies with government bailouts, tax credits and reform bills. The government gave 100s of billions to the banksters and now claim they stopped Great Depression II from occurring. How do we really scientifically know? We don’t at all, its all wild conjecture.

    I’ve blogged many times that today’s horrifying unemployment rate is chronically worsening and is clearly already at Great Depression I levels, if calculated the way it was in 1930. The government calls the horrifying unemployment statistics not a reason for calling today a depression; after all, the recession is over, if you’re the lucky top 50% of American household incomes still working. The unemployment bleeding is chronic they say, but slowing down a bit. They also artificially reduce it by like 50% and tell us the 10% unemployment rate is doable, even the DOW could hit 10,500 anyway, why not?

    I’m the government and I’m here to help…LOL

  3. 3
    patient says:

    This year we had the artificial “recovery” by adding a couple of trillions of gov. dollars to the economy where we went from armageddon predicitions to recovery propaganda. This so called turn around has led many that has secure jobs to feel ok about buying a home. If home prices really do stabilize without further decline ( very unlikely imo ) an extended tax credit will probably continue to spur some extra buying however if prices turn south again I think the fear will be back in large scale and the tax credit will not help anything. If your friends who thought they got a deal with tax credits, short sales or reos find themselves under water in less than a year it should be a pretty powerful deterrent or at least call for some caution to bite on the poisenous tax credit bait.

  4. 4
    Jillayne says:

    We would expect NAR to do this. They are a trade organization and their membership dollars go, in part, toward lobbying Congress on behalf of their members. Salespeople, in general, tend to think about what’s happening right now and are not typically long term planners. The majority of agents will want the tax credit and not go into deeper analysis as to the long term consequences.

    No different than the subprime bubble: sell, sell, sell and don’t worry about whether or not the buyers can make their payment when their ARM adjusts.

    I’d like to see some healthy debate in Congress using CR’s numbers as to the true overall cost of the credit.

    Where would we get the data to show what the consequences would be if we do not pass another tax credit?

  5. 5
    Markor says:

    I think the credit will not be extended. Politically it doesn’t look good to say that the recession is over and then extend the credit. I also think the primary reason for the stimulus is so that the rich who didn’t anticipate the crash can cash out. Those folk have had ample time. Now it’s best for the rich that the final collapse to equilibrium be allowed to occur.

  6. 6
    The Tim says:

    By Markor @ 5:

    I think the credit will not be extended. Politically it doesn’t look good to say that the recession is over and then extend the credit.

    That was my thinking exactly when I saw the highly publicized proclamation by Bernanke the other day. No way do I think the recession is really over, but if the powers that be are going around declaring it to be, that makes it far less likely that additional “stimulus” junk like this will be saddled on future taxpayers.

  7. 7
    Buford says:

    By Markor @ 5:

    I think the credit will not be extended. Politically it doesn’t look good to say that the recession is over and then extend the credit. I also think the primary reason for the stimulus is so that the rich who didn’t anticipate the crash can cash out. Those folk have had ample time. Now it’s best for the rich that the final collapse to equilibrium be allowed to occur.

    BINGO!

  8. 8
    Belshazzar says:

    Let’s not forget to ask the corollary questions, 1) what affect does the credit have on the price of homes that are selling? and, 2) how does the credit help the banks/Fed with their toxic assets problem?

    If we can quantify the answers to these questions to even a order of magnitude, it should go a long way to answering The Tim’s questions of ‘Is it likely to be extended? Why or why not?’

  9. 9
    Kary L. Krismer says:

    RE: The Tim @ 6 – Well, using the goofy way the define “official” recessions now, perhaps it is over. It’s a political decision now, not a statistical event.

  10. 10
    ray pepper says:

    Extend please!!………….In fact double it…………..We need more gauze to pack these wounds. They are becoming arterial.

  11. 11
    Slumlord says:

    People buying houses they could not normally afford created the housing bubble, and, in my opinion, the tax credit is simply an effort to prolong the problem.

  12. 12
    Offline says:

    I heard this afternoon, in Bloomberg, that Robert Gibbs saying prez is working on the extension of this home buyer credit.

  13. 13
    The Tim says:

    RE: Offline @ 12 – Here’s what I found on that (emphasis mine): White House may extend homebuyer tax credit

    The White House is considering extending an $8,000 tax credit for first-time homebuyers.

    Spokesman Robert Gibbs says the administration’s economic team is evaluating the tax credit’s impact on new home sales and will make a recommendation to the president.

    Longer article on Bloomberg is not terribly optimistic either: Homebuyer Tax-Credit Extension Gains Lawmaker Support

    The bill, first introduced in June, failed in a 47-50 Senate vote in August.

    Mark Weinberger, an Ernst & Young LLP vice chairman who negotiated President George W. Bush’s tax cuts while working at the Treasury Department in 2001, said extending the homebuyer credit will be a tough sell in Congress with budget deficits exceeding $1 trillion.

    “Even the most routine extenders are going to be under additional scrutiny,” he said, referring to a collection of dozens of other temporary tax breaks that are renewed every year or so. “Even if it’s extremely popular, it’s going to have to be matched up with something unpopular” such as a tax increase on other Americans to pass, Weinberger said.

    “You can’t take it for granted in the current budget situation,” he said.

  14. 14
    Flying Ape says:

    RE: The Tim @ 6

    I wouldn’t bank on that. The Fed is independent and the Treasury can disregard any recommendation from Bernanke. Remember Greenspan criticized the Bush tax cuts and further fiscal stimulus in 2003 but it went through anyway (which contributed to Obama’s deficit the Republicans keep harping about). The seeds of bickering has already been set and it will only get worst.
    http://www.bloomberg.com/apps/news?pid=20601087&sid=aNyCH56bnBLU

    Japanese government and BOJ went through the same process and the central banks independence was questioned. Even if Ben wants to remove stimulus the Treasury can extend the tax credit.

  15. 15
    DrShort says:

    Let’s not forget that the tax credit will end up costing twice what was predicted. When serious discussions start on extending it, it will most likely carry a higher stated price tag than it did last year.

  16. 16
    Andy says:

    By the end of this administration dollar bills will be printed on soft paisley paper and issued in rolls with a hollow cardboad tube in the center…

  17. 17
    Kary L. Krismer says:

    By DrShort @ 15:

    Let’s not forget that the tax credit will end up costing twice what was predicted. When serious discussions start on extending it, it will most likely carry a higher stated price tag than it did last year.

    I don’t understand how they could have missed the projections so badly.

  18. 18
    What The Heck says:

    RE: The Tim @ 6

    Other proclamations caveat the “recovery” with a “must have housing stability in 2010.”

    If that doesn’t happen, all bets are off for the second half of the year (2010).

    I think it will be extended and opened up to more people, not just first time homebuyers and maybe not $15,000 but closer to $8,000.

    I’m not for this provision, but government officials will want to make it through the mid-term election period. After that, if our economy and future collapse because of spending what do they care.

  19. 19
    DrShort says:

    By What The Heck @ 18:

    I think it will be extended and opened up to more people, not just first time homebuyers and maybe not $15,000 but closer to $8,000.

    If the Dems want heath care for all, they’re going to have to curtain spending in other areas. I think letting this home tax credit end might be one of those areas. Besides, they’ve already gotten the political credit for “doing something to fix the housing crisis.”

    That said, I think it’s 50/50 that it gets extended in some form.

  20. 20
    Flying Ape says:

    RE: DrShort @ 19
    Yes, but Isakson who is leading this credit extension bill is Republican….
    Wouldn’t it be great PR to have a biparitsan bill pass.

  21. 21
    b says:

    Personally I think this will not only be extended, but will probably turn into a semi-permanent credit for the next 10-20 years (renewed every couple of years).

  22. 22

    I think the 8000 dollar tax credit should probably not be extended. I think we’ll see more first time homebuyers when homes become more affordable, when nature takes it’s course and the prices of homes drop some more.
    Still, I think it will get extended. I think the perception is that the economy won’t be in real recovery until the housing sector rebounds, and although it may no longer be in a coma, the recovery is precarious. Owning a home is still seen as patriotic as the flag and apple pie. We’re already a gazillion dollars in debt, and fiscal conservatism isn’t currently trendy.

  23. 23
    James Lupori says:

    Let’s go even further and eliminate the mortgage interest deduction. This would go a long way in eliminating another incentive to encourage home ownership and it will bring in more tax revenue. After all, anything the government does is counter-productive right?

  24. 24
    The Tim says:

    RE: James Lupori @ 23 – I’m not sure if you’re being sarcastic or not, but even as a likely eventual homebuyer I’m all in favor of eliminating the mortgage interest deduction. In practice it is an incentive to take on as large a debt as possible and never pay it off. Pretty dumb IMO.

  25. 25
    Markor says:

    By Andy @ 16:

    By the end of this administration dollar bills will be printed on soft paisley paper and issued in rolls with a hollow cardboad tube in the center…

    Too bad Obama was left with a choice of either increasing debt or re-entering the Stone Age.

  26. 26
    James Lupori says:

    RE: James Lupori @ 23RE: The Tim @ 24 – Tim – Partially sarcastic and partially serious.

  27. 27
    Sniglet says:

    I agree with Ira that the tax credit is unhelpful, yet it will likely be extended anyway.

    This is just another example of how policy makers resort to the SAME strategies that led to the asset bubble in the first place as the “cure”. It’s the same thing as an alcoholic deciding to drink more whiskey to avoid feeling the pangs of withdrawal: it can delay the consequences but doesn’t address the real problem.

    Perverse economic incentives from the government have long encouraged an over-investment in real-estate (e.g. mortgage tax deduction, super-low mortgage rates from GSEs that were tacitly guaranteed by the government), which not only leads to over-capacity but also a lack of investment (and savings) in other sectors that would create product economic activity.

    T’hese latest tax credits are just more of the same (i.e. lame attempts to encourage people to buy real-estate than to do something else with their money).

  28. 28
    buystocks says:

    The proposed cycle of the tax credit:
    1) Extended at the last minute to elicit as many buyers as possible to beat the supposed deadline.
    2) Only extended for 3 months
    3) Then again extended at the last minute for several months

    steps 1-3 will continue to happen for several years as an attempt to continue to subsidize/buffer the depreciation of real estate. I know many here will rationalize; what’s the point of doing this? It won’t work? Why buffer the fall with taxpayer money and new buyers (dupes) savings. I agree, but that won’t stop politicians continuing to appear as if they are actively doing something about this mess.

  29. 29
    Indy says:

    Yet another subsidy transfer from renters to owners.

    Purchase-Money Tax Credits
    Mortgage Interest Deduction
    Subsidized / Guaranteed Low-Requirement Mortgages (up to over 700K in certain areas!)
    Artificially Depressed Interest Rates
    Untaxed Imputed Income on Durable Property

    Take away the pillars and the roof falls in.

  30. 30
    Kary L. Krismer says:

    By The Tim @ 24:

    RE: James Lupori @ 23 – I’m not sure if you’re being sarcastic or not, but even as a likely eventual homebuyer I’m all in favor of eliminating the mortgage interest deduction. In practice it is an incentive to take on as large a debt as possible and never pay it off. Pretty dumb IMO.

    I think over the years they have messed with how much can be deducted. It really should be limited to your original loan amount, or your original purchase price at the most. I think it used to be the latter, but seem to recall it’s now current value as an upper limit.

  31. 31
    David Losh says:

    The tax credit did what it was supposed to do, get consumers to buy houses at inflated prices.

    The market did stabalize much more than I would have ever expected. For that it was a huge success for Obama. It also looks like Health Care and missile defense are also big wins.

    In my opinion all of this good news is coming at a time when the housing market is set to collapse. The better news is that the construction industry has also turned from housing units to apartment buildings. We are in for more declines in housing prices.

    Why buy when you can rent for less?

  32. 32
    Scott Weitz says:

    The tax credit simply took away from future demand.

    The stage is set for a very ugly period in American Economics…..when the “recovery” does not come to fruitiion, and people finally throw up the white flag. The shadow inventory holders will give in, and forelcosures will sky rocket the next couple years.

    Hang on to your hats. The roll coaster ride hasn’t even got to the scary part yet. The only question is whether we will have more ‘stimulus’ like Japan or let it fall to true market value.

    .

  33. 33
    Sorin says:

    I hope it does not get extended, but I think it’s about 50/50 right now.

    If it doesn’t get extended right away, the dual effects of seasonality and the number of people that rushed their purchases will make the winter sales and median price declines look particularly bad (from an NAR perspective), giving them ammunition to go back to Congress in the spring for a new tax credit. Basically, a stimulus to the realestate industry that was part of the whole mess in the first place. Somehow though, this doesn’t seem to get the same backlash as bank bailouts.

    Yes, I’m a bitter renter, and I don’t want my taxes (for the next 30 years) subsidizing other people’s overpriced home purchases.

  34. 34
    sead97 says:

    $15B of the taxpayer’s money down the drain. Extending (or increasing) it would only magnify this amount. Let’s hope it fails.

    We’ve been delaying the day of reckoning for almost a decade (cushioning the tech bubble pop with low interest rates and the property bubble). One big and ever increasing Ponzi scheme. The current stimulus is just the latest part of that.

    It’s time for America to be a man and face the music.

  35. 35
    explorer says:

    The potiental credit actually got me interested in buying again. In Seattle at least, the numbers still don’t pencil out to the current home prices, even for modest ones for first time buyers. And those condos that have not yet been repartmented are still way overpriced to waste a FHA loan on.

    If you can’t make more than 75k to qualify, then the best you are going to do is an overpriced condo in Seattle. I will get the seat of my pants patched, and continue to sit on the barbed wire fence. Prices still have some explanin’ to do.

  36. 36
    stephanie says:

    The Tim @ 24: As for the interest deduction- you can only deduct the first 10k (at least that was what it was last year when we did our taxes). For a home in the Seattle area, that’s less than half the interest you’ll pay in a year. It doesn’t encourage you to max out what you borrow as much as you think it does.

  37. 37
    J says:

    34. sead97 » Sep 17, 2009 at 10:38 pm
    Quoted-

    We’ve been delaying the day of reckoning for almost a decade (cushioning the tech bubble pop with low interest rates and the property bubble). One big and ever increasing Ponzi scheme. The current stimulus is just the latest part of that.

    I AGREE 100%…

  38. 38
    Tammy says:

    Here’s a different slant – my husband & I have been looking for a house. We are in Florida – someone said that the houses were overpriced??? You need to come here – where you can get a 4/2, 2000+ sq ft home on .25 acres for $109,000! The prices here are actually too low…but as a buyer I’m not complaining.

    Here’s my complaint: the reason it’s taking us so long & that we want the credit extended is that the majority of what’s out there are short sales, which can take 4-6 months to close! So our search has been very limited, to foreclosures & regular sales, of which there are very few. If they would extend the deadline, we’d have enough time to pursue a short sale…

    Okay, because I know you’ll ask: we had a financial situation that prevented us from entering the market until August.

    Like I said – just another slant on why I’d like the deadline extended. I’m okay with leaving it at $8000 – just give me more time!

  39. 39
    The Tim says:

    RE: Tammy @ 38 – In other words, you want some of the free money handout for something you’re planning on doing anyway. Not that I blame you, I mean why not get back some of the taxes you’ve paid. But unless the $8k would make the difference between you buying a home or not, then you’re more of an example of why the credit is a waste than why it should be extended.

  40. 40
    AMS says:

    RE: Tammy @ 38 – There is an easy solution to this. The contract should require a closing date November 30 or before, otherwise the price should be adjusted down by $8,000 as a penalty to the seller, and to reflect your tax benefit.

    Did you consult with an attorney prior to writing an offer?

    (I should note that all first-time home buyers will lose the credit, if not extended, so the seller has an incentive to sell prior to expiration.)

  41. 41
    Tammy says:

    Tim – actually, it would make a difference! Our rental agent is holding off making us sign a new lease because he knows we’re looking for a house on a deadline. If we can’t find something soon, then we’ll be locked into where we live another year, regardless of what Congress does…and yes, I’ve paid into the system plenty over the years. I’ve also worked for the welfare system for many years & had to approve hand-outs for people who had not incentive to do anything. I don’t mind letting the government give me back a little for a change.

    AMS – we don’t have a house to offer a contract on yet; even if we did – you can’t put that in a short sale contract, because it’s not the seller, it’s the bank that holds it up. Like they care! They got their bail outs to fund their executive bonuses – they don’t care about the average person.

  42. 42
    AMS says:

    RE: Tammy @ 41 – They, the lenders, care about their profits. Excluding the accounting issues, selling for a higher price sooner is preferred to selling later for less. If they don’t care, find a different place, or simply adjust the initial price down. If the don’t care, then all parties lose.

    I understand that as a buyer you want to pay less, and when the first-time home buyer credit expires, I expect buyers in your situation will be willing to pay less, not more.

  43. 43
    Armed Sceptic says:

    RE: Slumlord @ 11

    The FED manipulation of 2002/03 caused the housing bubble not the some people getting into houses they couldn’t afford. I can’t believe people just spew what they hear on msm. Of course they want you to blame “the people”, it directs attention away from the central banks who issue fiat currency and credit. The people should have demanded that the fed accept the recession and let it correct itself without market manipulation back in 1980’s. Instead they have once again put interest rates near zero and injected massive amounts of fiat. I surely am not into a socialism but that is not what you have here, you have marxism with a fascist tinge. Currently it is 99.9% to the central banks and .01% to the people. We actually are paying(with interest) for them to steal 23+ Trillion. So go ahead and extend the tax credit.

  44. 44

    […] to extend and/or expand the $8,000 first-time homebuyer tax credit seems to have increased since we last discussed the topic on these pages. With the supposed end of the program coming up in about seven weeks, now seems like […]

  45. 45
    Jeff R says:

    This article seems to assume certain facts but ignore others. I’m a realotr in surbaban Michigan, so believe me I’ve seen first hand the real estate depression and the impact of the $8,000. Let me address this is a few different ways. This article (or blog) asserts that each purchase and subsequent $8,000 tax credit will actually cost tax payers $43,000. I assume in order to reach that number, they are adding interest, etc on to the debt (and i still see how it’s calculated to get that high…but for now let’s assume it’s in the ball park). What they have left out, are the benefits to the economy (besides the important psychological ones) for each home sale. The was a comprehensive study done in 2008 that concluded that a single home purchase generated an additional $63,100 in “economic impact”… because for each sale there are stats that show how much money is spent on improvements (plumbers, painters, etc), furniture, housing staples (places like Target see increases), local tax bases increase, etc.
    So if we assume both studies are correct then it cost our economy $43,000 to add $63,000. That does not take into consideration the impact that more houses selling will have on the overall economy. With more houses selling, prices will eventually stop falling, and people’s individual wealth (thier equity in thier homes) will go up (or at least stop decreasing). That will likely have a tremendous impact on the ecomony (people who see thier equity shrinking, tend not to spend as much as those whose personal wealth is increasing).
    PLUS, there is a huge pychological impact. When housing slaes numbers go up, and positive reports start to come out (things like “housing sales rise 12.2%”, home prices seem to have hit bottom and are bouncing back”, etc) people start to feel better about the future, have less fear, and therefore are willing to spend money in other segments of the economy (“ok honey, let’s go shop for that new car we need” etc).
    Now that we’ve got that out of the way, let’s look at whether extending the home credit is a good idea:
    The simple answer is NO. As has been pointed out in many of the comments, most of the on the fence buyers that were stimulated by the $8,000, have already bought or are scrambling to buy at this moment. So merely extending that program will do little to the market, at for 5-6 months until a new crop of on the fence first time buyers emerge. What they should do is extend AND expand the tax credit, to include non first time buyers as well.

  46. 46
    Gary says:

    So in addition to extending and increasing the credit, why don’t we just pay for everyone a new home. And don’t forget, we don’t have to pay the debt, we will let our children and grandchildren pay the debt. Who cares. Folks, lets get real. Our homes should not be considered as an investment. But if we want to consider them as an investment, then we must accept the fact, investments go up and they go DOWN. Everyone is happy and pockets their profits when they go up but they cry and moan and say daddy government rescue us so our investments will go back up.

  47. 47
    BS says:

    I am 28 and Im buying a home by myself I have been looking for a home for over a year and never found one in my price range that wasnt disgusting till now! I have saved enough for 20% down on a home that cost around 160,000.plus closing costs 4,000ish. This is the only house that I like in my price range it is a shortsale that has been taking forever! The 8,000 dollars is alot to me because the house I like needs a bathroom remodel its from 1970s plus another halfbath remodel, it needs a fence,flooring in one room plus the whole basement need to be finished. It needs electric,walls,ceilings,flooring.Not to mention there are no appliances…refrigerator, stove,washer, dryer and thats just what I know of.It hasnt even been inspected because the bank hasnt answered any offer that anyone has made on this home since last December 2008. That 8,000 dollar tax credit would barely help do all of that work this house needs.However it is the reason that I am highly motivated and ready to close on this home.That 8,000 motivated me to really save my own money so I could make home buying happen by the deadline of November 30. I cant help but feel tricked by this whole process since the shortsale people Coldwellbanker dont seem to care to answer me in time for me to take advantage of this 8,000 dollars.No matter what I would still buy this home even without that 8,000 if for some reason they dont answer me in time.Only because I really love this house and I’ve never found another that I would like to buy even if they offered the 8,000. Im going to be really mad if I close a week or two after the deadline and lose out on that 8,000 dollar stimulus because Obama and the Senate cant get it together and extend the 8,000 dollar credit.They seem to be to busy with heathcare reform.Obama needs to stop flying all over the world on taxpayer money wasting time when he could of signed something to extend this 8,000.Im not a buyer that is “sitting on the fence” I have made an offer back in july and still No answer from the banks.If anyone is “sitting on the fence” its congress and Obama waiting to extend because they are afraid buyers will hold out to buy if they extend it now.

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