Ames realtors are advising consumers that if they want to take advantage of the $8,000 tax credit for first time homebuyers, they’d better get moving.

“We’re telling folks, you’d better have an offer accepted on a house by Oct. 1, otherwise you’re rolling the dice,” said Tom Randall, broker and owner of the Tom Randall Real Estate Team, 207 S. 3rd Street.

The credit, authorized by the stimulus package in February, requires that a consumer close on his or her house by Nov. 30 – if the house closes on Dec. 1, the consumer is out of luck.

Randall said it typically takes 45 to 60 days to finalize the purchase.

“From the time an offer is accepted to the time that you close on the house, there’s just lots and lots of paperwork,” Randall said. “At that point you’ve got to go through all the abstracting, all the appraisal process, all the underwriting process.”

The program has been successful at boosting the housing industry thus far and the rush of consumers trying to lock in purchases before the program ends promises to keep realtors busy through December.

“I’ve been in the business 28 years. It’s the strongest incentive program that I’ve ever seen,” Randall said.

Paul Livingston, sales manager with Hunziker Realty, 105 S. 16th Street, said that while it’s hard to determine how many first time homebuyers would have purchased this year had the tax credit not been in place, the program has certainly brought in business.

“It has allowed people to step in [who otherwise] may have either remained on the fence or undecided, or perhaps put off a purchase of a home until next year or the year after,” Livingston said.

Because of this success, there has been some talk of extending the credit.

“I know there’s several groups that are lobbying for the continuation of the tax credit, or even the expansion of it,” Livingston said.

But since such a move would be at the whim of Congress, Livingston said he’s telling customers not to count on it.

Without an extension, the program will simply end on Dec. 1. Such a strict deadline might leave some buyers out in the cold if procedural delays cause them to miss the cutoff date.

“It’s going to be interesting,” Randall said. “I’ve never seen a deadline like this.”

Randall said that realtors could begin including contract clauses stating that if the house closes late, the deal is off.

“I think we’ll see some of that,” Randall said. “The whole purchase agreement could be contingent on it closing on that day or before.”

The bottom line for consumers is that to avoid the risk, buy early.

“For a first time homebuyer there has probably never been a better time to buy than right now,” Livingston said.

But the clock on the credit is ticking.

“Gotta get going soon, and today would be great day.”