For months now the word has been that if you are a first time homebuyer or have not owned a home for at least three (3) years that Uncle Sam will give you a tax credit of up to $8,000 when you buy a home. Hmmmm... sounds like a promising proposition for sure.

You betcha, as many have jumped at the chance. Not only did they jump at the chance of receiving up to $8,000 back in their pockets from Uncle Sam but they jumped at the chance to buy a home at a time when Sellers are wheeling and dealing too. Wow... what an opportunity they took advantage of. Do you think???

But now the clock is ticking louder...tick tock....TICK TOCK... as the door closes on the $8,000 tax credit advantage as of December 1, 2009. Big deal some say as it is only the end of September so there is still plenty of time. Wrong answer.

First off- with the large amount of inventory it may take you a couple weeks to find the home that speaks back to you. After all.. you dont want to settle on just any ol' home.

Second- obtaining a mortgage. Gone are the days of 2 week turnarounds. To be on the safe side you should allow at least 30- 45 days from start to finish.

Third- the new truth in Lending rules could add a least another week onto the settlement date. After all we want to make sure you understand everything you are signing and how all the numbers work when you buy a home.

So lets add that time together and see where we are. 14-21 days to finds a home, write a contract, get a reply and start the ball rolling. 30-45 days to get the mortgage from start to finish, through underwriting and the loan package to the settlement company along with the funds to close. 5-7 days to satisfy the truth in lending rules. That brings us to a grand total of anywhere from 49 to 74 days. One gives time to spare and the other...well oops sorry. It is over the November 30 deadline to settle.

So the reality is you better hurry if you really want to take advantage of Uncle Sams offer.

Really Hurry.

About the Author- Martha Brown is a Certified Residential Specialist (CRS) whose passion is homes in the Annapolis MD area and surrounding communities. Her goal is to help her clients understand the real estate market and to then be able to make sound real estate decisions. Martha is a 3rd generation Annapolitan who writes about her experiences in and out of the real estate market. Her passion has carried over to her granddaughter, Nichole, who is her partner in business. Between the two of them they offer a wide and full range of real estate services that cover 4 counties bordering Annapolis MD. Martha has been in the real estate business for 17 years of which all have been associated with Long & Foster Real Estate, Inc., the largest independently owned real estate company in the Mid Atlantic.

Martha can be reached  at 800-735-5122 X5011 or Martha@TheRealEstate-Lady.com

To search for homes for sale in the Annapolis Md area or to see Martha's listings visit:

www.TheRealEstate-Lady.com