Published: Apr 23, 2010 12:30 PM EDT

There are only seven shopping days left for the homebuyers who want to take advantage of the tax credits that are scheduled to expire one week from today. 

Time may be running out but buyers and sellers can still make the most of the coming week by following a few suggestions. WINK’S real estate contributor Denny Grimes with Denny Grimes & Company shares some tips.

Suggestions for Buyers:

1. Make the home buying process a priority this week.  You must have a signed contract by April 30th, so don’t wait until the 30th to make an offer. Allow time for negotiations and logistics in getting contract signed. (Close does not count with the IRS).

2. Focus on properties that are NOT bank owned or short sales. Even if you negotiate a contract this week from a lender there is no guarantee that the lender will sign it by April 30th. Buying a short sale is risky because the closing date is impossible to predict and in order to qualify the tax credit the sale must close by June 30th of this year.

3. Mitigate the Gremlins that will kill a deal.  Home inspection, appraisal, etc.

A quick suggestion for Sellers:

There may be a tad more urgency in the market this week which may be followed by a lull in activity.  So if you’re due for a price change, do it today, not next week.  If an offer comes in, don’t delay the negotiations because the buyer may have an want the tax credit, thus has to be under contract by the end of this month.