photo credit: Aaron Gustafson

The tax credit clock is ticking for buyers.  To qualify, you will have to have a contract by the end of April 2010 & close by the end of June.  But I just read that the IRS just “clarified” the qualifications.  They said that a binding contract must be signed by all parties that need to authorize the sale. In the case of a short sale this could mean that even now it is too late.

Some lenders move to approve short sales at the speed of a dial-up modem.  A signed agreement today might take well past the end of April to be approved for a short sale.  You can read more on this subject by clicking HERE.

If you are looking to cash in on the tax credit, work with a realtor who can advise you on the realities of the market and get your home closed in a timely manner.

Disclaimer:  I’m not an attorney or tax adviser so these comments are not to be taken as legal or tax advice.