Dear Procrastinating First Time Home Buyers:

I know you.  I've seen you in the mall on December 23rd. I've watched you race through town en route to the airport; screeching up to the terminal just in time to prevent your mom from giving up and getting in the cab.  I even saw you run over the neighbor's cat on your way to the post office on April 15th.  (Actually, disregard that last one.  I'm sure it was just a large stick).  You excel when the stakes are high.  You thrive on knowing you'll succeed where mere mortals would stumble.  Your methods are a bit unorthodox, but you always come through at the buzzer.  In most circles, I would be you.

The significant difference here is that I own a house.  For better or worse, I don't have a stake in the $8000 tax credit game.  You do though.  You have the opportunity to change your life for the better and you plan to do so. Tomorrow. 

My only concern is that tomorrow may not be when you think it is.  By now, you know the tax credit expires December 1st.  As this is month's away, I'm sure you've given little thought to actually looking for a house.  There are far more pressing deadlines to be dealt with.  I know you are busy, so I won't take up much more of your time.  But, you need to know...

December 1st is the wrong date.

To be eligible for the credit, you have to take possession by December 1st.  When everything was working well, it took around 30 days to close a loan.  These days, things don't work well very often and it's not going to get better once you and your brethren leave the couch.  Underwriters are scarce and banks aren't about to staff up for the onslaught knowing there is a going to be a huge void immediately afterwards.  It will take at least 45 days to close.  With that in mind,

October 16th is the real drop-dead date.

Reset your internal clock. 

NOW!