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We are in the process of selling our house to a couple who have a non-occupant on the mortgage. The mortgage commitment date was 5/1 (1 day after the home buyer incentive expired). On the Wednesday before the commitment date, we learned that the non-occupant person on the mortgage lost their job and that they want to put a sister on in her place, but they needed an extension. Initially our attorney said we should not give an extension, and warned our real estate broker (without checking with us first!) that she should re-list the house on Monday the 1st. I flipped out, knowing that without the tax incentive, our house could be on the market for a very long time. So we agreed to extend to Thursday May 6th at 5pm. I guess my question is, is this enough of an extension? It took us 2 weeks for our commitment on the house we are buying. If come Thursday they still don't have the commitment, should we give them a second extension? My husband says no, but I think that to start from square one...and no incentive from Obama...would mean we are stuck with this house for much, much longer.
Hard to say without knowing more of the details, but my guess would be that's not enough time. The only person who can effectively answer that is the lender representative handling the buyers' loan. Are the brokers/agents (yours and theirs) in touch with the lender to find out how long the process will take?
Definitely discuss with your agent and attorney, but extensions are negotiated all the time... If they're still going to be able to get funding and close, you may end up with a little bit later closing date, but that would happen anyway if you put your house back on the market...
If you do have to re-list, I wouldn't put too much weight in the expiration of the tax credit. If your home is priced right for your market, there will be other buyers looking.
How is it that so many of us expect Government to help us out?
How is it that so many of us maintain this expectation and then gripe about taxes?
Based on the limited information you have shared, I agree with your attorney.
I don't think the op was saying anything about expecting anything from the government. And she certainly didn't appear to be griping about taxes. The tax credit was there. People were more likely to buy with the tax credit in place. Logical reasoning on her part. Nothing to get worked up about or start a debate about whether the tax credit should have been there in the first place.
I think in her place I would be irritated too. Not irritated at the government, but irritated at the buyers for falling through. People ARE more likely to buy if they think they're getting a "free $8000" for doing it. And now that that incentive is gone for buyers, it may be more difficult to sell.
Do what you need to do to get it sold. You have a price you're happy with and a buyer that wants the home. Make it work.
Oh, and tell your attorney and Realtor that all decisions run through you and to quit freelancing. It's not their place to make those decisions for you without checking with you. Their job is to consult/advise and then act as you tell them.
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