$8000 First Time Brentwood Home Buyer Stimulus Package Nears End

[jeremiahpeterson]

What do you think should the first time home buyer credit be extended to purchase agreements already under contracts by December 1st, 2009?

a new strategy for home buyers has emerged recently. They will submit a solid offer on a short sale and in the mean time go out and look for a foreclosure property. The strategy is very frustrating for some agents who have decided to just submit multiple short sale offers and let the banks hash out who should win the property.”

The Government could spur home sales the most if they extended the first time home buyer credit with the qualifier that only properties under contract as of December 1st, 2009 would qualify. This would give a substantial reason for all the current short sale buyers to stay with their contracts

http://www.brentwoodgrove.com/2009/1...age-nears-end/

[OCTeam]

a new strategy for home buyers has emerged recently. They will submit a solid offer on a short sale and in the mean time go out and look for a foreclosure property.

Nothing new about that. Since less than 40% of short sale offers seem to close escrow, buyers in our area have been doing that all year.

[jeremiahpeterson]

exactly!! maybe if there was a tax credit incentive they would stick with the deal.

[maryd]

I believe you have to CLOSE by November 30, not just be in escrow

[jeremiahpeterson]

I believe you have to CLOSE by November 30, not just be in escrow

your right. do you think they should make it so that the tax credit is extended for current pending contracts?