Most REALTORS work hard to make an honest living and the $8K first time home buyer credit has been a real boon to drive sales. Fortunately, it is being extended from Nov 2009 through April 2010. But scam artist and mistakes could remove incentives like this in the future. The latest scandal has been the report that the IRS gave out over $4 million to kids and another $21 million to resident aliens. What a joke!
What’s not a joke is the trying to manage the use of this credit when doing a short sale. If you are working a short sale for your buyer whom is taking advantage of this “free” money then you need to work very closely with the listing agent or short sale specialist that is negotiating with the bank. Many deals go awry when the listing agent doesn’t know what kind of timeline with which the buyer is working under.
The Bank Slayer
