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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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first time home buyer credit extension.
FOR EVERYONE?[/L] link
Message edited 10/20/2009 12:17:07 PM.
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Posted 10/20/09 12:16 PM  |
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Prudential Douglas Elliman Real Estate
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MrsFab
this is bliss.......
Member since 10/08 1234 total posts
Name:
Mb
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Re: first time home buyer credit extension.
Good! I hope they do that!
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| Posted 10/20/09 12:46 PM |
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jgl
Love my little boys!!!
Member since 8/07 7060 total posts
Name:
g
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Re: first time home buyer credit extension.
that would be great. I was just talking to a friend who is looking to buy, but doesnt think she will by the end of this year.
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| Posted 10/20/09 5:05 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: first time home buyer credit extension.
I think this is a pipe dream. I don't see how the government can afford it. I could be wrong though. If they extend it, i'm hoping they extend it for all buyers and not just first timers.
Congressmen can say all they want that they are "going to propose a bill to extend it". Doesn't mean it's for real.
More likely, they are just saying this to build up PR for an election run.
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| Posted 10/20/09 6:11 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: first time home buyer credit extension.
what i gathered from what i have been reading is that the home market will "crash" because they expect that "nobody" will be buying. PLUS ... fewer people buying b/c of no credit compounded with the fact that home sales decrease during december and january, the build up that they did will just be wiped away.
the IRS needs to look into what has been spent and the fraud cases that they suspect happened first before the obama administration will make up it's mind.
plus the administration believes that anyone who was going to buy did it already..
by extending it to ALL home buyers, however, they may see an increase in the new construction b/c the extension could even go to millionaires (why a millionaire would care about 8,000 is beyond me, but this is what i read).
i think the economy is better off with seeing new construction sales go up... but, we have to wait it out and see what happens. but, i'll be watching!!
Message edited 10/20/2009 8:06:41 PM.
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| Posted 10/20/09 8:05 PM |
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MrsFrizzle
<3
Member since 9/09 4628 total posts
Name:
Kristin
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Re: first time home buyer credit extension.
That's awesome!
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| Posted 10/20/09 9:21 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: first time home buyer credit extension.
Posted by ave1024
I think this is a pipe dream. I don't see how the government can afford it. I could be wrong though. If they extend it, i'm hoping they extend it for all buyers and not just first timers.
Congressmen can say all they want that they are "going to propose a bill to extend it". Doesn't mean it's for real.
More likely, they are just saying this to build up PR for an election run.
they could never extend it to everyone who owns a home already. everyone would put their house up for sale just to make a quick 8k! which would be really silly becuase you would have to pay closing costs, etc. but as soon as people see free money, the market would be flooded with houses!!
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| Posted 10/20/09 9:27 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: first time home buyer credit extension.
I love this line "He added President Obama has said he will sign the First Time Homebuyer Credit Extension Act of 2009 if it gets to his desk."
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| Posted 10/20/09 9:30 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: first time home buyer credit extension.
Woopie more money being spent just so we can payback much more alter.
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| Posted 10/21/09 9:05 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: first time home buyer credit extension.
This is just getting annoying now. This money should have to be paid back by people just like the people in 2008 have to.
Instead, I'm going to be paying back my 8k, AND everyone else's with my taxes. Ridiculous.
Message edited 10/21/2009 12:02:00 PM.
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| Posted 10/21/09 9:11 AM |
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MrsFab
this is bliss.......
Member since 10/08 1234 total posts
Name:
Mb
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Re: first time home buyer credit extension.
Posted by neener1211
This is just getting annoying now. This money should have to be paid back by people just like the people in 2007 have to.
Instead, I'm going to be paying back my 8k, AND everyone else's with my taxes. Ridiculous.
I bought in 2008 and we would have had to pay it back as well- but I still think its a good idea- I dont think any of us can afford for the home market to plunge- it will affect those of us who own as well- it means our property values will go down
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| Posted 10/21/09 11:14 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: first time home buyer credit extension.
Posted by MrsFab
Posted by neener1211
This is just getting annoying now. This money should have to be paid back by people just like the people in 2008 have to.
Instead, I'm going to be paying back my 8k, AND everyone else's with my taxes. Ridiculous.
I bought in 2008 and we would have had to pay it back as well- but I still think its a good idea- I dont think any of us can afford for the home market to plunge- it will affect those of us who own as well- it means our property values will go down
Sorry, I just fixed it, I meant 2008.
I still don't think it is a good idea to keep giving it away. I was enticed with it even when I knew I had to pay it back, other people would too.
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| Posted 10/21/09 12:01 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: first time home buyer credit extension.
Posted by neener1211
Posted by MrsFab
Posted by neener1211
This is just getting annoying now. This money should have to be paid back by people just like the people in 2008 have to.
Instead, I'm going to be paying back my 8k, AND everyone else's with my taxes. Ridiculous.
I bought in 2008 and we would have had to pay it back as well- but I still think its a good idea- I dont think any of us can afford for the home market to plunge- it will affect those of us who own as well- it means our property values will go down
Sorry, I just fixed it, I meant 2008.
I still don't think it is a good idea to keep giving it away. I was enticed with it even when I knew I had to pay it back, other people would too.
the market was in much better shape in 2008. I think thats why the continue to offer it. And I believe that the IRS realized there was no way to truely keep track of who would need to pay it back so that's why it changed for 2009 (but this is not offical, this is what I heard from CPA's)
And I thought you only had to pay it back if you sold within a certain time? but I could be wrong.
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| Posted 10/21/09 2:13 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: first time home buyer credit extension.
Posted by HeatherRose
the market was in much better shape in 2008. I think thats why the continue to offer it. And I believe that the IRS realized there was no way to truely keep track of who would need to pay it back so that's why it changed for 2009 (but this is not offical, this is what I heard from CPA's)
And I thought you only had to pay it back if you sold within a certain time? but I could be wrong.
Not that much better in 2008, at least towards the end when the recession supposedly started.
The IRS will automatically deduct $500 a year for the next 15 years from my tax returns to pay the money back. I'm sure they can keep track of it just fine, when they want their money, they'll find you.
If you bought in 2008, you have to pay it back no matter what, in 2009, you don't.
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| Posted 10/21/09 2:16 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: first time home buyer credit extension.
Posted by neener1211
Posted by HeatherRose
the market was in much better shape in 2008. I think thats why the continue to offer it. And I believe that the IRS realized there was no way to truely keep track of who would need to pay it back so that's why it changed for 2009 (but this is not offical, this is what I heard from CPA's)
And I thought you only had to pay it back if you sold within a certain time? but I could be wrong.
Not that much better in 2008, at least towards the end when the recession supposedly started.
The IRS will automatically deduct $500 a year for the next 15 years from my tax returns to pay the money back. I'm sure they can keep track of it just fine, when they want their money, they'll find you.
If you bought in 2008, you have to pay it back no matter what, in 2009, you don't.
your right. I forgot about that. it was different then, it was more of an interest free loan of 7,500 where as 09's is just free money. uhh that really stinks though for anyone who bought in 08. Since they don't start taking it out till 2010 maybe just maybe, they will do away with it before it starts. 
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| Posted 10/21/09 2:22 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: first time home buyer credit extension.
Posted by HeatherRose
Posted by neener1211
Posted by HeatherRose
the market was in much better shape in 2008. I think thats why the continue to offer it. And I believe that the IRS realized there was no way to truely keep track of who would need to pay it back so that's why it changed for 2009 (but this is not offical, this is what I heard from CPA's)
And I thought you only had to pay it back if you sold within a certain time? but I could be wrong.
Not that much better in 2008, at least towards the end when the recession supposedly started.
The IRS will automatically deduct $500 a year for the next 15 years from my tax returns to pay the money back. I'm sure they can keep track of it just fine, when they want their money, they'll find you.
If you bought in 2008, you have to pay it back no matter what, in 2009, you don't.
your right. I forgot about that. it was different then, it was more of an interest free loan of 7,500 where as 09's is just free money. uhh that really stinks though for anyone who bought in 08. Since they don't start taking it out till 2010 maybe just maybe, they will do away with it before it starts.
That would be FAN-tastic. And if it doesn't happen, I will remain bitter even though I got an interest free loan. I want free money too (stamps feet).
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| Posted 10/21/09 2:36 PM |
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Babyaholic
Thankful
Member since 6/09 1459 total posts
Name:
D
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Re: first time home buyer credit extension.
Posted by neener1211
This is just getting annoying now. This money should have to be paid back by people just like the people in 2008 have to.
Instead, I'm going to be paying back my 8k, AND everyone else's with my taxes. Ridiculous.
I agree with you. I guess we are printing money now because I am not sure where we are getting all this money that we are so generously giving away.
Sorry, but they should do away with the credit.
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| Posted 10/21/09 2:46 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: first time home buyer credit extension.
Posted by HeatherRose
Posted by ave1024
I think this is a pipe dream. I don't see how the government can afford it. I could be wrong though. If they extend it, i'm hoping they extend it for all buyers and not just first timers.
Congressmen can say all they want that they are "going to propose a bill to extend it". Doesn't mean it's for real.
More likely, they are just saying this to build up PR for an election run.
they could never extend it to everyone who owns a home already. everyone would put their house up for sale just to make a quick 8k! which would be really silly becuase you would have to pay closing costs, etc. but as soon as people see free money, the market would be flooded with houses!!
Those scenarios you mentioned are not likely.
First off... even when you buy a house you still have to pay closing costs. That negates a lot of the 8k for someone looking to just "profit" from this.
Also who are you going to sell your house to in order to make a profit? A family member? Spouse? Sales between family members are NOT eligable for the first time homebuyers credit, even if the person buying has never bought a property before.
The reason the government isn't extending it to everyone is because they can't afford it. It's ridiculous.
The government will reward people who never bought before, but those of us who were fiscally responsible and are looking to upgrade our houses are left out? So when I make an offer on a house, my offer is already 8k less than the person making the same offer on a house that's a first time homebuyer.
If it wasn't for my home purchase back in 2005... and all the other people who did indeed buy... the housing market would even be worse!
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| Posted 10/21/09 6:00 PM |
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