Have Traffic On Final

My call to the tower this time is to inform them that I see the airplane that is number one to land and that he is over the wash, a usually dry area that is easily seen and used as a referance point. I could have said "Have traffic short final". Or I could have simply said "Have traffic" but it is nice to give the additional information that I see him over the wash. The controller comes back with an instruction to keep my base "in tight" as there is another airplane, a faster one, on a five mile final. I'm cleared to land. Yikes! I need to get the plane configured to turn base quickly so I'll be down and out of the way when the Seminole gets in. Because the plane over the wash is a touch and go he will be out of the way in plenty of time for me to land. Because I'm landing I will be on the runway longer so the operation will be watched pretty close. If the Seminole gets too close the controller will give him instructions to go around.