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Old 04-08-2010, 08:35 PM
 
1,173 posts, read 4,736,985 times
Reputation: 1338

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I am sooo angry with our real estate lawyer right now! She wasn't exactly the best to deal with during our transaction but now months after we closed I wish....well I won't tell you want I wish I could do because I'm sure its a violation of the TOS but ARGH!! I'm so mad!!!

Lawyers are SUPPOSED to look out for thier clients best interest right?? Well why did my lawyer let me close on a day that is now costing me $5K???

Because my lawyer let us close on the 6th of November our income is too high to qualify for the full $8K home buyers credit, if we had closed SEVEN HOURS later we would get the full $8K instead we're getting less than $3k.

Last edited by knoxgarden; 04-08-2010 at 11:04 PM.. Reason: Violation of TOS
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Old 04-08-2010, 08:43 PM
 
Location: Cranford NJ
1,049 posts, read 4,008,757 times
Reputation: 405
Something does not sound right???
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Old 04-08-2010, 08:46 PM
 
1,173 posts, read 4,736,985 times
Reputation: 1338
Please if you see a hole in my story point it out so I can use it with the IRS!!!

Last edited by icibiu; 04-08-2010 at 08:47 PM.. Reason: spelling
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Old 04-08-2010, 08:51 PM
 
Location: Martinsville, NJ
6,175 posts, read 12,897,640 times
Reputation: 4019
Quote:
Originally Posted by icibiu View Post


I am sooo angry with our real estate lawyer right now! She wasn't exactly the best to deal with during our transaction but now months after we closed I wish....well I won't tell you want I wish I could do because I'm sure its a violation of the TOS but ARGH!! I'm so mad!!!

Lawyers are SUPPOSED to look out for thier clients best interest right?? Well why did my lawyer let me close on a day that is now costing me $5K???

Because my lawyer let us close on the 6th of November our income is too high to qualify for the full $8K home buyers credit, if we had closed SEVEN HOURS later we would get the full $8K instead we're getting less than $3k.
Your closing was most likely scheduled at least a month, and proably more, before it actually occurred.
When it was scheduled, there was no information available about the expansion of the tax credit. Even on the day you closed, the 5th of November, there was not much info out there, other than that it was likely going to be extended. Very few people, if any, had any reason to believe the income limits would be changed.
I understand that you're miffed about missing out on that $5,000. But blaming it on your attorney, and calling him all sorts of names, is a tad inappropriate.

Last edited by knoxgarden; 04-08-2010 at 11:04 PM.. Reason: typo
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Old 04-08-2010, 08:56 PM
 
1,173 posts, read 4,736,985 times
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Actually you're right the closing date WAS scheduled months in advance it was scheduled for October 15th, but because the lawyer messed up on paperwork TWICE it got pushed back. We closed a few hours after congress issued the extension, during our closing our lawyer even brought up how they had just issued an extension and changed a couple of the rules around but didn't elaborate. The new rules state that you have to close AFTER Nov. 6th, we closed ON Nov. 6th. She should have suggested we push the closing back till morning.
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Old 04-08-2010, 08:57 PM
 
Location: Martinsville, NJ
6,175 posts, read 12,897,640 times
Reputation: 4019
Quote:
Originally Posted by Sergio M View Post
Something does not sound right???
No, it's right. On November 6th, the FTHB tax credit was expanded and extended. Part of the expansion was to change the income limits. In the original, you qualified for the full credit if, as a couple, you made up to $150,000. Under the new rules, couples qualify with incomes up to $225,000. The new rules took effect for closings after Nov 6.
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Old 04-08-2010, 10:31 PM
 
Location: NJ
17,574 posts, read 46,002,162 times
Reputation: 16271
Was it a real estate lawyer or real estate accountant? Not sure why you would blame your lawyer for this.
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Old 04-09-2010, 02:47 AM
 
359 posts, read 1,115,510 times
Reputation: 257
Quote:
Originally Posted by icibiu View Post
We closed a few hours after congress issued the extension, during our closing our lawyer even brought up how they had just issued an extension and changed a couple of the rules around but didn't elaborate.
I followed that extension closely and up until the very end, none of the details were solid. If your ATTORNEY knew that the new FTHB extension had been finalized prior to your closing, and didn't take the time to research it to find out the impact on you, his client, then I have to agree with you, I too would be angry. Yes, really angry.
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Old 04-09-2010, 07:37 AM
 
Location: Lowcountry
764 posts, read 1,594,865 times
Reputation: 416
Who signed the paperwork?

Did you do your due diligence or did you just rely on someone else to do it for you.....?

Sounds like the latter...time to put on your big girl/boy panties and move on...
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Old 04-09-2010, 07:42 AM
 
Location: Closer than you think !
445 posts, read 1,600,734 times
Reputation: 343
Default Do not mess with the IRS

It sounds as though your original closing date would not have entitled you to the larger credit. Too bad your attorney messed up and it dragged out so long. I do not think it is resonable to expect the closing to be delayed again at the last minute to get the higher credit.
Since 6 Nov 09 was a Friday, it sounds like the authors of the bill did not look at the calendar. I would have said after 8 Nov knowing full well that no one would be closing on Sunday. The point is that when you make a deposit to your bank or even pay a bill you may not be credited with the transaction until the next day. When your homeowners insurance coverage starts - it is at 12:01 pm (just after noon) As a member of your jury - I could see that you had a resonable expectation that the same would apply to your closing (especially if it occurred afternoon) Check the county assessor's records and see what they have recorded. If is after the 6 Nov date - you may be OK... One of my business profs said "If the IRS does not question any of your deductions - you did not take enough"
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