Countless short sale deals are falling apart around Atlanta as buyers walk. Due to the $8,000 buyer tax credit expiring on November 30th, 2009 many buyers are walking away from short sale negotiations in an effort to find a quicker close date to take advantage of the tax credit. Atlanta short sale agents are scrambling to get acceptance letters on short sales to ease buyers minds and keep them on board.
Sadly, there have been a number of deals we are in the beginning stages of short sale negotiation on where our buyers are bailing, but some buyers understand the short sale process and are vowing to stick it out as the discount outweighs the $8,000 tax credit.
There have been talks about an extension of this tax credit, but a firm decision has not been made. I do know that the tax credit will remain for military families. Congress agreed that our troops should be able to continue to benefit from the buyer tax credit so they are able to purchase homes for their families even if they are overseas.
We will continue to keep you posted on the outcome of Congress’ decision to extend the tax credit and how it can affect short sales in Atlanta at least in the short term.
