Time is running out....

It appears that time is starting to run out if your looking to take advantage of the first time home buyer credit....

If you are looking to buy a short sale and still get the credit, it may already be to late; in my experience short sales are taking more than 90 days and in order to qualify for the first time buyer credit you must close on or before December 1, 2009. With foreclosures & equity sellers you might just be in luck.

Here are some definitions:

Foreclosures: "A proceeding in which the financer of a mortgage seeks to regain property because the borrower has defaulted on payments." (Dictionary.com)

Equity Sellers: A seller that "The residual value of a property beyond any mortgage thereon and liability therein." (Dictionary.com)

Short Sale: "A market transaction in which an investor sells borrowed securities in anticipation of a price decline and is required to return an equal amount of shares at some point in the future." (Dictionary.com)

Foreclosures & Equity Sellers are able to sell the home and not have to wait for approvals which makes them a much quicker transaction. In some cases these types of transactions can close in just a matter of days depending on your ability to perform.