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Showing posts from June, 2010

Tax Credit Deadline:Frustrated Buyers

I am compelled to write about this topic today because my buyers had to terminate their contract yesterday. Their contract was signed at the end of March on a short sale in Illinois. They were renting and their lease was up at the end of this week. They were very patient, but their patience did not make up for what was happening. Their loan approval from the seller's side was at a stand still. Our attorney kept in contact with them, but nothing was being accomplished. Week after week, no word. Finally two weeks ago we received word that their bid was too low, almost three months after the contract was signed. To make matters worse, my clients were at risk for losing out on the tax credit because of the deadlines . I am relieved to say that there is an extensio n for those people in similar situations. However, it was too late for my clients. They terminated their contract and are now forced to rent again. I take any role I perform seriously, whether