Time is slipping away for first time home buyers

If you are a fist time hoe buyer and are looking to take advantage of the $8,000 tax credit, you better get moving.  I am normally not that blunt, but $8,000 is a lot of money to let slip away because of inaction.  The law states that the credit is only available for people that are in the home before December 1, 2009.  If we do some backwards planning that means that you have to get a home under contract 45 days before or October 15th.  If you figure that it will take a week to negotiate, so now we are at October 8th.  Many people spend a month or better looking for that "perfect one."  So you have to start looking by September 8th.

This is assuming that the house has no problems that come up during inspections.  Problems may add 15 to 30 days to the escrow time, or you may want to walk away and start all over.  This is also assuming that you loan will get approved with out any issues.  With as turbulent as the mortgage world is right now I would not bet on that. 

The point I am getting at is lets not wait until it is too late and you have to accept something that you are not happy with.  Let get going now.