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KW Atlanta Real Estate Legal Tip: Deadlines and Issues for the 2nd Quarter

Aaron — Tue, 13 Apr 2010 12:50:42 +0000

Keller Williams Realty Atlanta – Peachtree Road

Real Estate Legal Tip

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Deadlines and Issues for the 2nd Quarter

April 1st marks the beginning of the 2nd quarter of the year, and there are some deadlines and issues to consider in selling, buying, or managing real estate.

1. Income tax: filing deadline is April 15, 2010 (for 2009 income).

Tax returns are required for almost all mortgage applications and short sale applications, especially if the closing will take place after April 15th.

2.      First Time Homebuyer Credit (up to $8,000) and Move-Up Homebuyer Credit (up to $6,500)

     Contract must be signed by April 30, 2010

     Closing must take place by June 30, 2010

3.      FHA upfront MIP increases from 1.75% to 2.25% for any FHA case numbers issued starting on April 5, 2010

Make sure that your buyer’s case number has been issued for an FHA loan application, or make sure that the buyer gets a revised Good Faith Estimate.

4.      Home Affordable Foreclosure Alternatives program goes into effect on April 5, 2010

This program gives incentives to lenders to expedite and streamline the short sale process.

Presented by Leigh Clack, Attorney
Neel & Robinson Attorneys at Law, LLC
lenox@neelandrobinson.com
22 Lenox Pointe, Atlanta, GA 30324
404-705-3690 fax 404-705-3697

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