# 8k Home buyer tax credit extended! - Post 94 **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [October 20, 2009, 12:30pm UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109 "2009-10-20T12:30:59Z")\ **Posts on this page:** 20\ **Page:** 3
**Author:** ![Avatar](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/avatar/32/5076_2.png) [@Avatar](https://forums.speedlife.net/u/Avatar)\ **Post date:** [October 28, 2009, 3:13pm UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/41 "2009-10-28T15:13:14Z")
This is all such a bad idea. Hasn’t Congress realized that this is not helping the economy at all? ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [October 28, 2009, 3:20pm UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/42 "2009-10-28T15:20:53Z")
What are you talking about? Demand on lower-end houses is through the roof. ---
**Author:** ![Viper966](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/viper966/32/7268_2.png) [@Viper966](https://forums.speedlife.net/u/Viper966)\ **Post date:** [October 28, 2009, 4:42pm UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/43 "2009-10-28T16:42:52Z")
> [@Avatar](#): > > This is all such a bad idea. Hasn’t Congress realized that this is not helping the economy at all? actually i think it is, i know a couple of people who have bought houses a LOT earlier because of this ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [October 28, 2009, 5:23pm UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/44 "2009-10-28T17:23:08Z")
Yeah, people have to bid above asking price to land an entry level house lately. So who wants a 4 bedroom 2 bath on a quiet street in ToT? ---
**Author:** ![Mankthetank19](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mankthetank19/32/5295_2.png) [@Mankthetank19](https://forums.speedlife.net/u/Mankthetank19)\ **Post date:** [October 28, 2009, 6:43pm UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/45 "2009-10-28T18:43:04Z")
Closing Friday October 30th 🙂 ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [October 29, 2009, 5:59am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/46 "2009-10-29T05:59:25Z")
> [@Fry](#): > > Yeah, people have to bid above asking price to land an entry level house lately. So lets think this out for a minute. People are paying an inflated price for homes because of a limited time government credit and getting a mortgage based on this inflated price. When the credit expires the home values will fall back to their actual values and all these people will be stuck in these homes because they’ll have mortgages that cost more than the house is worth. I think I saw this movie before, just a few years ago, when this whole collapse started. I sure hope they aren’t offering adjustable rate mortgages anymore. 🙂 ---
**Author:** ![Bull49](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bull49/32/7381_2.png) [@Bull49](https://forums.speedlife.net/u/Bull49)\ **Post date:** [October 29, 2009, 6:16am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/47 "2009-10-29T06:16:45Z")
pretty much. ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [October 29, 2009, 6:16am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/48 "2009-10-29T06:16:59Z")
Eh, hyperinflation will keep their home’s value from dropping. :hang: ---
**Author:** ![SHOtime](https://avatars.discourse-cdn.com/v4/letter/s/8e8cbc/32.png) [@SHOtime](https://forums.speedlife.net/u/SHOtime)\ **Post date:** [October 29, 2009, 6:23am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/49 "2009-10-29T06:23:14Z")
no better way to hedge inflation than real property. also, Jay, financially irresponsible people will do financially irresponsible things no matter what (ie, overextending themselves when it comes time to purchase). that being said, I should be closed by 11/30 for about $1,000 out of pocket net after the credit and some concessions (and it cash flows wonderfully) ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [October 29, 2009, 6:31am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/50 "2009-10-29T06:31:43Z")
> [@Mankthetank19](#): > > Closing Friday October 30th 🙂 I was too…I got pushed back til next week cause the stupid title search didn’t come in until this morning. ---
**Author:** ![neonglh](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/neonglh/32/4951_2.png) [@neonglh](https://forums.speedlife.net/u/neonglh)\ **Post date:** [October 29, 2009, 6:36am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/51 "2009-10-29T06:36:29Z")
> [@TrueBlue](#): > > [http://www.reuters.com/article/politicsNews/idUSTRE59R55P20091028](http://www.reuters.com/article/politicsNews/idUSTRE59R55P20091028) > > > A popular U.S. tax credit for first-time homebuyers would be extended until the end of April and expanded to cover repeat buyers under a deal reached by key senators > > 🍺 OMG, so… I may be getting a house after all!! How valid is this source? ---
**Author:** ![brent\_strong](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/brent_strong/32/7203_2.png) [@brent\_strong](https://forums.speedlife.net/u/brent_strong)\ **Post date:** [October 29, 2009, 6:39am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/52 "2009-10-29T06:39:33Z")
Mark, it’s VERY likely that the credit will be extended. The question is more about for how long, who it applies to and how much. ---
**Author:** ![93dx\_hatch](https://avatars.discourse-cdn.com/v4/letter/9/90ced4/32.png) [@93dx\_hatch](https://forums.speedlife.net/u/93dx_hatch)\ **Post date:** [October 29, 2009, 6:43am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/53 "2009-10-29T06:43:05Z")
I was supposed to close September 28th, still haven’t closed. Everything was supposed to be set with the sellers judgments and payoffs that were tied to the title. I was rescheduled to close on Oct. 30th. Yesterday I find out its a short sale and the seller has to come up with around $10,000 to get out of the house FML. I have had action to close since September 8th on my end, and my offer was accepted on July 27th. I have no concessions, paid over asking, large chunk down and things are not looking good. Its real frustrating, ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [October 29, 2009, 6:46am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/54 "2009-10-29T06:46:54Z")
did you give a Time is of the Essence declaration yet? ---
**Author:** ![93dx\_hatch](https://avatars.discourse-cdn.com/v4/letter/9/90ced4/32.png) [@93dx\_hatch](https://forums.speedlife.net/u/93dx_hatch)\ **Post date:** [October 29, 2009, 6:52am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/55 "2009-10-29T06:52:47Z")
Yeah Time of the Essence if for Oct. 30th ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [October 29, 2009, 6:56am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/56 "2009-10-29T06:56:45Z")
So tell them to get their fucking shit together and put the $10k on a credit card if they have to or you’re backing out. ---
**Author:** ![Avatar](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/avatar/32/5076_2.png) [@Avatar](https://forums.speedlife.net/u/Avatar)\ **Post date:** [October 29, 2009, 6:57am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/57 "2009-10-29T06:57:30Z")
> [@Viper966](#): > > actually i think it is, i know a couple of people who have bought houses a LOT earlier because of this But, they were going to buy anyway. That’s the point. This isn’t spurring any new spending. ---
**Author:** ![TrueBlue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/trueblue/32/7245_2.png) [@TrueBlue](https://forums.speedlife.net/u/TrueBlue)\ **Post date:** [October 29, 2009, 6:59am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/58 "2009-10-29T06:59:15Z")
> [@neonglh](#): > > OMG, so… I may be getting a house after all!! How valid is this source? You and me both, buddy. I don’t know where the news originated from, but Reuters doesn’t fuck around. :beer2: ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [October 29, 2009, 7:00am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/59 "2009-10-29T07:00:40Z")
> [@Avatar](#): > > But, they were going to buy anyway. That’s the point. This isn’t spurring any new spending. Not necessarily, and certainly not any time soon. The housing sector crashing and record unemployment doesn’t scream “rush out and buy a house NOW!” The stimulus put in a floor at the beginning of the year or we’d still be falling now. ---
**Author:** ![93dx\_hatch](https://avatars.discourse-cdn.com/v4/letter/9/90ced4/32.png) [@93dx\_hatch](https://forums.speedlife.net/u/93dx_hatch)\ **Post date:** [October 29, 2009, 7:14am UTC](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109/60 "2009-10-29T07:14:03Z")
> [@Joe](#): > > So tell them to get their fucking shit together and put the $10k on a credit card if they have to or you’re backing out. The problem is the seller is a deadbeat and doesn’t have $10k of credit. If I back out, the house will foreclose. [Previous page](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109.md?page=2) [Next page](https://forums.speedlife.net/t/8k-home-buyer-tax-credit-extended-post-94/75109.md?page=4)