From your mouths to the Senate Majority Leader's ears. You may recall on Tuesday we all discussed the home buyer tax credit, and specifically how many potential buyers rushed in to sign contracts by the April 30th deadline but wouldn't make it to the June 30th closing deadline.
via CNBC.
Net cost to him of selling it himself: zero. Net cost to the real estate industry: about $15,000 in lost commissions – and one client who is determined never to use an agent again.
via The Globe and Mail.
The FHA will reduce allowable seller concessions — the percentage sellers can take from the sales price of a home to fund closing costs — from 6% to 3%. According to an announcement in January, the current level of 6% exposes the FHA to excess risk by creating incentives for appraisers to increase the value of these homes.
via HousingWire.
A developer claims New York Attorney General Andrew Cuomo forced it to return $16 million in down payments on 40 condos because of a typographical error in a contract.
For every investor buying, renovating and selling properties, it has been like one big party! One where the sponsor (Government), the guests (you and I) and the drink of choice (renovated homes) were all available to make for one hell of a good time, not to mention some great profits! And with the expiration of the Home Buyers Tax Credit, our party may be over!
Provisions in the proposed cap and trade legislation as passed on June 26, 2009 by the House of Representatives (H.R. 2454) have been reported to contain licensing and retrofit requirements regarding compliance with environmental standards for sellers of real estate, including residential real estate.
The Secretary of the Department of Regulation and Licensing explains the process used to update the new WB-11 Residential Offer to Purchase form and how the form protects and informs participants in residential real estate transactions.
Those hopeful that the home-buyer tax credit will get extended may be disappointed.
Two groups that once lobbied strongly for the credit — the National Association of Realtors and the National Association of Home Builders — have no plans to make a push for its extension, according to spokesmen from both groups. And the word from NAR’s government-affairs department is that another extension isn't in the cards.
via – MarketWatch.
