As a first time home buyer counting on using the $8,000 credit, it's time to act. The tax credit is due to expire on November 30, 2009. Unless the credit is extended, escrows closed after November 30, 2009 will not qualify.

In other words, a buyer would need to be in contract soon since only 90 days remain. Will Congress extend it? Maybe, but if you're counting on the credit, I wouldn't mess around and I would certainly stay away from short sales if you hope to close on time.

Nancy Moeller, CPA, Real Estate Broker

Seven Gables Real Estate

License #01727426

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