Many realtors practice the “win-lose” way. They’ll stand in the way of creating a win-win solution so all parties are satisfied, and instead bury the other party every chance they get.
Take the dishwasher story for example. I mentioned earlier about the listing agent who went berserk over our request for a new dishwasher, which, of course, was then denied by the sellers. They did agree to a couple of repair requests, but cut corners on those and then said if you don’t like it too bad. Then once it closed, the agent wouldn’t meet me to hand over the keys, and I had to get a locksmith to gain entry. There was no remorse.
It’s those types of agents that don’t get i,t about this being a cooperative business.
Don’t be surprised if we hear some stories about the new California Homebuyer Tax Credit form not being completed in a timely fashion. According to the instructions, the sellers have 14 days to complete the tax-credit form (including their social security numbers), and return to the buyers. The knucklehead agents who delay the return of the form are going to cost some buyers their tax credit, and $10,000.
Here are the links:
My guess is May 27th as to how soon the $100 million will be used. Beginning May 6th, they are going to have a countdown clock too!
Here are other facts from the ‘instructions’ link:
The total amount of allocated tax credit for all taxpayers may not exceed $100 million for the New Home Credit and $100 million for the First-Time Buyer Credit. However, since many taxpayers will not be able to utilize the entire tax credit, the legislation specifies that the $100 million cap for the New Home Credit will be reduced by 70 percent of the tax credit allocated to each buyer and the $100 million cap for the First-Time Buyer Credit will be reduced by 57 percent of the tax credit allocated to each buyer. For example, if a taxpayer is allocated $10,000 for the New Home Credit, the $100 million cap for the New Home Credit will only be reduced by $7,000. If a taxpayer is allocated $10,000 for the First-Time Buyer Credit, the $100 million cap for the First-Time Buyer Credit will only be reduced by $5,700. The 70 and 57 percent reductions do not impact the amount that can be claimed by the taxpayer.
We will allocate the tax credits on a first-come, first-served basis. We expect it to take 3-6 months to notify taxpayers after an application or reservation is received. We need to develop a computer system to capture, verify, reserve or allocate, issue letters, and track the credits. Please be patient and do not fax an application more than once. Since the First-Time Buyer Credit is expected to be used up very quickly, we will provide estimates, based on sampling, of the number of First-Time Buyer applications and the related credit amounts that we have received beginning May 6, 2010. This will allow First-Time Buyers to estimate whether they will be able to apply for the credit and allow us to determine when we have received enough applications to fully allocate the $100 million and stop accepting First-Time Buyer applications. Since the New Home Credit is not expected to be used up as quickly, we will wait until approximately mid-July after our computer system is available to post information about the New Home Credit usage. (Updated 04/28/10)
Only one tax credit is allowed per taxpayer. If a taxpayer qualifies for both tax credits, the law specifies that we will allocate the amount under the New Home Credit.