No, it's not another tribute to Don Hewitt who founded "60 Minutes". I'm talking about the end of the first time homebuyer tax credit.

The $8000 one time incentive expires at the end of November. That may seem like a long time away, but for a lot of people it's almost too late to jump on this bandwagon.

Here are some scenarios where you're running out of time on this:

New Construction: Sorry! On this one you probably are way too late. You have to close on the house before the end of November and most builders, in most communities have little or no inventory that can be delivered before then, barring a cancellation. If you're set on buying new construction, you may have to do it without the incentive.

Short Sales:  The typical short sale is still taking 120 days. That's four months! Do the math, that puts settlement at the end of December, a month too late. You could get lucky, some of them are closing closer to 90 days, but you'd better rush out there now if you're buying a short sale!

Foreclosures: Foreclosures are taking 45-60 days to settle. This means you have a little cushion here. But first you have to find a house you want to buy. And, given the shortage of inventory, especially in the lower price ranges, you'll probably need to write several offers on several houses. There went your cushion.

If you're only interested in buying a home that doesn't fall into any of these categories, you can be a little less pressured, theoretically. Of course, if you exclude these three categories of homes, you may have a heck of a time finding a house you want to buy!

Remember, that $8000 is taken directly off of what you owe in taxes! That's a great deal. (Wish I was eligible!)

If you're looking to beat the deadline and get that tax credit, let me know if I can help. And, if you need more details on the tax credit and whether you qualify, give me a call or send me an e-mail.

Tick, tick, tick!

If you remember, a couple of weeks ago HUD announced that the first time homebuyer tax credit of $8000 would now be allowed as an upfront loan that could be used as a down payment. Because of concerns over no down payment purchases in general and down payment programs in the past, that announcement was recalled almost as fast as it was put out there.

The new and improved version is now out. The $8000 can not be used as a down payment. However, you can get taht $8000 up front, rather than waiting and using the tax credit on your 2009 taxes, provided you use it for closing costs.

The details are in a HUD letter on their web site. I'm a little skeptical that this will be a huge boost to the market. Most sellers were already paying a substantial portion of the buyer's closing costs. But I do appreciate that the government continues to look for ways to backstop a tough real estate market.

The Charlottesville Area Association of REALTORS has a great plan for giving first time home buyers a little additional help and incentive to get out there and buy.

It's proactive, targets the right group and isn't based on hype. That's a great plan!