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More Tax Credit Fraud!

We are entering into the middle of Summer even though we haven’t had much of a Summer thus far in the Pacific Northwest.  We finally are receiving some nice weather and people are taking advantage of that.  Sales are slumping a little since the tax credit has been ceased.  Although, we are getting reports of increased fraud.  You would think that the IRS would require a purchase contract to be submitted, along with the HUD 1, since they instituted the April 30th deadline to be under contract with a seller.  Well, they apparently don’t have any policies in place to verify that and buyers are going into contract after the April 30th deadline and still receiving the tax credit.  As a tax payer, how does that make you feel?  Hopefully they can get that under control soon and start thinking a few steps ahead.