1. The buyer must enter into a binding contract to purchase the home on or before April 30,2010. Generally, this means that an agreement has been signed by both parties and a deposit has been made into escrow from the buyer.
2. The purchase must close (fund and record) on or before June 30, 2010.
3. Buyers should be pre-approved for a mortgage. Even then you should be prepared for a variety of lender-related delays.
4. Buyers should line up homeowners insurance as soon as the house is under contract.
5. Buyers should be aware that short sales, in which the seller needs a lender's approval to sell the home for less than the loan balance, are typically subject to lengthy delays.
6. The IRS has provided Form 5405 and instructions for taxpayers who want to claim the homebuyer tax credit.
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