DC Real Estate News

I was reading an Article today from REALTOR® Magazine called "Tax Credit Changes that could Unleash Home Sales".  Now this is just some story written by NAR; which I don't always have the utmost reliance on.

However; the proposal is: revamping the Home Buyer Tax Credit which was passed last year.  This Tax Credit allows 1st-Time Home Buyers to take a one time tax credit of $7500.  The sticker is this: It must be repaid within 15 years.

I have yet to have any buyer take advantage of the Federal Housing Tax Credit.  If you want to offer a credit - offer a credit - not a loan.  We owe enough in the country!

The widely successful: Washington DC 1st Time Home Buyer Credit; was put into place years ago and renewed many times.  It allows for 1st Time Home Buyers to receive a 1-time Tax Credit in the amount of $5000 - with NO repayment.  It is credited with helping DC increase the number of residents (and thus its tax base) as well as help to revitalize the city.

Why DC is the only place in the country that offers such a program (that I am aware of); is a bit of a mystery?  I can think of a few other places that could use such a thing (Detroit comes to mind).

I wonder - would this REALLY Help get buyers to buy?  What if they could apply this tax credit towards their closing costs up front instead of waiting to file on their Tax Returns?

Hmm....

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the Greater Washington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA

Last week on the way to a settlement I had the buyers loan officer call me.  It seems he made a wee bit of an error - in the sum of $3400!  The credit he was suppose to give the buyer from my client, the seller; was having issues clearing the underwriter.

Why is there an issue I asked?  "I made a mistake", says the loan officer.  Then it happens.  He asks me this: "Could you just have your seller write a check directly to the buyer for that amount?".

I almost ran off the road!  "Are you asking me to break the law?  Are you telling me not to put this credit on the HUD?  Do you know how unethical what you just asked me to is - let alone illegal?!"

He was flabbergasted.  It seems I wasn't one of "those" agents - that would do anything to get the deal done.  I will do anything to get the deal done - as long we don't throw the law (and ethics) out the window!

What a jerk!  What a crook!  After a few more calls to the Buyers Agent (and her broker) - we sorted it out.  It seemed that the credit WAS in fact allowed; b ut the loan officer didn't want to go back to his underwriter and tell him he screwed up.

I am convinced that people don't get it - and many folks deserve not to be in this kind of business.  What a disgrace!

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA