November 30, 2009. Thats the magical day if you want to take advantage of the (up to) $8,000 tax credit for first time home buyers. If youre thinking that seems far away, dont be fooled.

In order to qualify for this tax credit, you have to close by that day. This means you have to find a home, make an offer, have it accepted, do inspections, work through the financial contingencies, have an appraisal and have a transfer of ownership by that date, just to name a few. Any good Realtor will know how to navigate this world and keep things on track but there are always possibilities for hidden delays. My advice? Dont wait until the last minute. I would recommend having an accepted offer by mid October, just to play it safe.

If you have any questions about the tax credit or are in the market for a home, you can start checking out  MLS listings by visiting my website. In the meantime, stay tuned for next week when well be discussing the new controversial appraisal process and the Home Valuation Code of Conduct.