First time home buyer deadline is fast approaching. Clients without an approved contract right now are not looking at a close date on or before 11/30/09. Cash buyers and conventional buyers are hopeful. Give yourselves 2 more weeks then you need to worry. Or maybe not. My clients who are first time home buyer with FHA or VA loan are not considering meeting the 11/30 deadline for tax credit. Why? All of our offers  are outbid by cash buyers. Call it unfair however this is the reality of the Las Vegas market. Banks are taking cash offers over FHA financing or VA financing. Why banks need money and they want moneyfast. My buyers are now looking at new homes and short sales. One buyer is interested in putting an offer on new contruction in the Southwest paying $165,000 for a 1,550sqf home. Not a bad deal. We will close on the home in February 2010. A bit of a wait but we have a house for my first time home buyer. Another buyer is making an offer on a short sale property that will take another 30 days for approval. She will miss the 11/30 deadline however she too will have a house soon! First time home buyer is a great incentive to urge people to buy. It should not be the ONLY reason. Til next time everyone!