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The homebuyer tax credit is worth 10 percent of the home's sale price, up to $8,000 for buyers who haven't owned a home in the previous three years and up to $6,500 for buyers who have owned and occupied a principal residence for at least five consecutive years during the eight-year period that ends on the day the new home is purchased.

4 Critical Home Buyer Tips:

1. The buyer must enter into a binding contract BEFORE April 30, 2010. This means that buyer and seller must have both signed the contract (Ratified), and the good faith deposit is being held in escrow.

2. Settlement must occur on or before June 30, 2010.

3. Buyers should be preapproved through a lender before they even begin thier home search. Unforseen delays such as a mistake on a credit report, or a lenders request for tax returns that must be obtained from the IRS could all cause delays in final loan approval. A lenders request for a second appraisal could also push the settlement date past the June 30, 2010 deadline.

4. 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. For instance, one typical requirement is that the final closing statement must be sent to the bank for final approval.

If you are a buyer looking to claim the tax credit, give us a call and one of our agents will be happy to guide you through the homebuying process. Don't Delay, Call Today! We can be reached at 410-651-5004.]]> http://www.wrontheeasternshore.com/blog/index.php?entry=entry071206-150136 http://www.wrontheeasternshore.com/blog/index.php?entry=entry071206-113538