Marcie Geffner, Bankrate.com - If your clients want to claim their first-time or repeat home buyer tax credit, they'll have to hurry. The clock is quickly ticking down to the end-of-month deadline. 

Here are some tips for last-minute buyers:

Contract - A signed, binding sales contract is required by April 30, 2010. The term "binding contract" isn't defined in the home buyer tax credit law and may be subject to interpretation. Generally, the term refers to "an agreement that's signed by both parties and has a deposit in escrow," according to Randi Bennett, an escrow officer at First Centennial Title Co.

Closing - The purchase must close within 60 days after the binding contract deadline. In this context, that means June 30, not June 29, according to the Internal Revenue Service.

Extended deadline for some - Certain U.S.military, Foreign Service and intelligence service personnel have an extra year to claim the home buyer tax credit. (Contract by April 30, 2011 and close by June 30, 2011).

Contract contingencies - Anecdotal reports suggest that some buyers have included a tax-credit contingency in the purchase contract. Whether that's a necessary protection depends on the situation. Buyers should review their contract carefully to make sure they can make the closing deadline of June 30, 2010.

Be realistic - Buyers should be "upfront with their Realtor about their must-haves and their wish list," says Allyson Bernard, owner of Real Estate Professionals of Connecticut. Buyers who aren't realistic risk running out of time searching for the "perfect" home.

Avoid problem properties - Short sales are subject to lengthy delays. Be wary of additional time requirements placed on these properties. The bank, for example, may need to approve the final closing statement. That can take five to 10 business days, Bennett says. For buyers, "If the home they fall in love with is a short sale, they need to have a very serious talk with their Realtor with the calendar in front of them," states Patti Ketcham of Ketcham Realty Group.

Bailing out - Contract contingencies "allow buyers breathing room to take care of the big items" such as financing, inspections and the sale of their current home, Bernard says. But contingencies shouldn't be an excuse to delay once the deal is pending. "If you run into a problem and you no longer want to buy that house," states Bernard, be aware "you may not have time to find another property."

Approval - At this late date it is essential for buyers to get preapproved for a mortgage. "Glitches such as a mistake on a credit report or a request for tax returns from the IRS can cause a delay," says Ketcham. Buyers should allow extra time to fix or manage the unforeseen problems that can arise in the mortgage process.

Insurance - Buyers should line up homeowners insurance as soon as the house is under contract. Obtaining homeowner's insurance is usually a routine matter, but some states have special disaster-related issues that can trigger a moratorium on new policies.

Link: Last Minute Tips