UPDATE: $8,000 Homebuyer Tax Credit Extension

We still don’t have anything concrete on the progress of H.R 2801 which looks to extend the $8,000 homebuyer tax credit.

I do have new information about H.R. 2801 based on both fact and rumor.

The Facts: In a recent daily press briefing, White House Press Secretary Robert Gibbs did receive questions about the fate of the homebuyer tax credit. He credited the Homebuyer tax credit for aiding in the economic recovery and stated that the White House will “work with” Congress on the issue.

I would like to share with you two articles that reported on Mr. Gibb’s comments and offered some very smart in insightful opinions.

The first article is by Jay Thompson, The Phoenix Real Estate Guy. Jay Thompson is a prolific real estate blogger and an avid consumer education advocate.

Jay recently posted this on his site this article: White House Press Secretary Robert Gibbs on Extending the First Time Home Buyers Tax Credit

This second article appeared on the HSH Associates Financial News Blog and reports on a recent report by the National Mortgage News: NMN: “White House Mum on Extending Tax Credit”

Now for the Rumor: One of our preferred Realtors, Diana Blakelely of Wine Country Real Estate Network in Windsor, CA has been in communications with her local Representative that resides on the House Ways and Means Committee.

This is the Committee that is currently working on H.R. 2801, the bill that proposes to extend and possible expand the Homebuyer Tax Credit.

: Image via Wikipedia

It seems that there are rumors that if there is not a resolution to the negotiations surrounding H.R. 2801 by the November 30th deadline that a temporary concession may be made that would allow anyone that is IN ESCROW before December 1st, 2009 may be eligible to claim the $8,000 Homebuyer Tax Credit.

What does this mean to you? If this in fact true, this is GREAT NEWS!

If you are not currently in escrow the chances of meeting the November 30th deadline is going to be a significant challenge.

If the rumor is true, that buys you another 6 weeks to get your offer accepted.

I know I say this way too much but it is more important than ever that you are confident in the ability of your Real Estate Agent and Lender.

I have way too many horror stories from home buyers that came to us after being bait & switched or simply misled by uneducated or misinformed “professionals” to feel comfortable not making this plea again – Educate yourself, do your own homework & choose wisely who you hire as your home buying team.

As the deadline quickly approaches, all eyes are on H.R. 2801 – Stay tuned…..I will keep you updated as we get more information.

Other articles about this topic that might interest you:

UPDATE: Homebuyer Tax Credit Too Costly for America? I Ran across some news today on the extension and expansion of the homebuyer tax credit and wanted to share...
Homebuyer Tax Credit Extension Will Be Last Bloomberg reports yesterday that the vote on the Homebuyer Tax Credit could take place as early as Tuesday, November 3rd:...
UPDATE: Homebuyer Tax Credit, Unemployment Bill Advances in Senate So far, I’m not eating any crow. There have been no reports about changes to the Homebuyer Tax Credit, it...

Tagged as: 8000 tax credit, extending the tax credit, h.r. 2801, Robert Gibbs, Tax Credits, United States House Committee on Ways and Means, White House Press Secretary