If you've ever been involved in a short sale transaction, you are no stranger to the frustration and anxiety that such a proceeding can cause. It can take a very long time to the contract to be approved by the bank and often times, the deal falls through for what seems like "no reason". Well, these transactions are messing up the tax credit's time limit to close by June 30, 2010.
The NAR (National Assciation of Realtors) is asking Congress to be flexible with this deadline for those purchasing short sale and foreclosed properties. The NAR is not asking for more money to be available - just more time to get these deals closed. There are 2 schools of thought about this: No extension - the buyers should have had the foresight to know if their transaction would close by the deadline; and Extension - some transactions take a long time and it's only fair that they be granted the same tax credit as others even if they require time beyond the limit.
What do you think?
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