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Avoid First-time Homebuyer Pitfalls
First-time homebuyers face a steep learning curve. There's much to know, much to learn, and a great potential for:

1.	Rushing into the transaction. Buyers looking for homes in extremely tight markets may feel pressured to make an immediate offer. Instead, it makes sense to become familiar with the local market before making a purchase offer.


2.	Not asking enough questions. First-time homebuyers, by definition, simply don't have homebuying experience. It may be uncomfortable to ask questions, but ask anyway. Brokers can't answer unasked queries.


3.	Searching in vain for the "ideal" house. Many buyers run themselves and their brokers ragged as they repeatedly dismiss homes that meet most -- but not all -- of their specifications. A buyer who turns down a house that meets most criteria may lose the best available property as well as good financing if market conditions change. First-timers should surely view different homes before making an offer. That way you can better understand the marketplace and know more about local prices. Brokers will often recommend that buyers, and particularly first-time buyers, avoid jumping on the first property they see -- but that they don't drag their feet when the find a house they love, either.


4.	Avoid Overbuying." Homes routinely seduce buyers into becoming "house poor," spending so much for a home that they must forego annual vacations, restaurant meals and other forms of entertainment. Pre-approval can help determine a reasonable target price range and also identify the mortgage programs which can work best for you.


5.	Waiting for 20 percent down. That's an admirable goal, but years in the future for many first-time buyers. Instead -- especially in markets with rising values -- buy now with little down. Consider VA, FHA and loans with private mortgage insurance (PMI).

6.	Be realistic. It's tough to ignore a home's curb appeal, but what about practical matters? Enough space? Off-street parking? Good construction? Low maintenance? How far to work? Boring stuff -- but important.

7.	What about zoning? Is the property next door zoned for a 24-hour service station? Fire station? Nuclear test site? Ask the broker about zoning for the property and also the surrounding area.

8.	Ignoring representation. The odds are overwhelming that the seller has a broker. What about professional help for you? Ask about buyer brokerage services so you can have equality at the bargaining table.

9.	Skipping an inspection. A professional home inspection is simply a "must" whether you are buying an existing home or a new one. Speak with inspectors before you enter the marketplace to see how they work, what they cost, and what they recommend.

10.	Don't under-estimate closing costs. There is more to buying a home than a downpayment. I can help you estimate probable closing expenses -- information you need to avoid unwanted financial surprises. Is there more you can do? Sure. Buying a home is a complex process -- so feel free to ask any questions and let me help you prepare before you go into the marketplace.

	Written by Realty Times Staff

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Know your rights in any real estate purchase.

The process of buying a house can be intimidating if you don't know what to expect. However, by taking time in the beginning to learn your rights as a home buyer, you can make sure you're getting the best deal possible and stay in control of the transaction every step of the way. "You have to remember that you, the buyer, should be at the center of the deal, not the real estate agent, not the mortgage lender. You have the money and everybody should be paying attention to you," says Ilyce R. Glink, author of "100 Questions Every First-Time Home Buyer Should Ask: With Answers from Top Brokers Around the Country." Those rights, she says, extend throughout the entire transaction. Equal representation You have the right to representation by a real estate agent or broker that is equal to that of any seller. That means you have the right to a real estate agent that works for you and should have your best interests in mind. In some states, the same agent can represent the seller and buyer. Always get your own real estate agent or broker who answers to you, not the seller."There's a lot of fine print in mortgage loans and terms so you've got to get a handle on what the different terms mean and that's where working with an agent that specializes in buyer representation is going to be of value," says Walter Moloney, a spokesman for the National Association of Realtors. If that person is not paying attention to your preferences, find another agent.You also have the right to a written contract with your real estate agent, which specifies that confidential information not be given by the agent to the seller or seller's agent without your explicit permission. In addition, you have the right to expect your agent to help you evaluate properties, negotiate the best purchase offer you can and provide advice on the intricacies along the way, such as the inspection process, the final walk-through and the closing itself.If you feel that your real estate agent or broker is treating you unfairly, contact the real estate commission for your state.Legal representationYou have the right to an attorney, who can help you understand all of the fine print involved with the home-buying process. "A real estate attorney will go through the documents, make sure you understand what it is you're signing, and be the second pair of eyes that doesn't have a vested interest in seeing the deal close," says Glink. "The real estate agent doesn't get paid until the deal closes and the mortgage lender doesn't get paid until the deal closes but ... that attorney gets paid separately, so he or she doesn't care whether or not you close on the deal. They just want to make sure that if you're going to buy this house, you're going to be protected legally." In some states, a real estate attorney handles the closing, or settlement. In those cases, don't assume that the real estate attorney is representing you since he or she might be representing the seller or the lender.Approve or disapproveThe sales contract will include such provisions as the price, mortgage clauses, sharing of expenses and the settlement date. Just because agents typically use a pre-printed purchase and sale contract doesn't mean you can't change anything in it. Everything in the contract is negotiable. The seller, however, has the same right and there's no agreement until you agree to agree. Truth in lendingUnder the Real Estate Settlement Procedures Act (RESPA), lenders and mortgage brokers are required by law to give you a copy of the booklet, "Buying Your Home: Settlement Costs and Information," within three days of you applying for a loan. A number of federal laws are designed to protect you when you apply for loans. The Equal Credit Opportunity Act and the Fair Housing Act protect you during the lending and real estate transaction processes from discrimination based on race, color, religion, national origin, sex, marital status and age. The Equal Credit Opportunity Act also gives you the right to know why you were approved or denied a particular loan and the right to secure a copy of the appraisal report for the home you're purchasing. The Fair Credit Reporting Act requires that your lender let you know if you were denied a mortgage loan because of information in your credit report, and if so, you have the right to a free copy of that credit report. If your real estate agent or broker suggests you use a certain lender, realize that you're not obligated to do so. Be vigilant for kickbacks. Under RESPA, it is illegal for anyone to pay or receive money for referring lending or settlement business. So if your real estate agent gets a fee from a settlement company for steering you to that company, that is against the law. A Truth in Lending Disclosure Statement is a document that shows you how much interest you'll be paying for a loan you've applied for. Also, compare settlement costs and points, fees that equal a percentage of the loan amount.RESPA requires that lenders and mortgage brokers give you a 'good faith estimate,' which details an estimate of settlement costs. While this will not necessarily be an exact amount -- circumstances can change -- it should give you an idea of what you can expect when it's time to go to the closing. Clear titleMany lenders require that you purchase title insurance, which protects the lender from any claims that may be made against the home. However, recognize that the policy does not protect you. However, you can purchase an owner's policy to protect yourself from such claims as well. If you believe that you have been taken advantage of at any point in the home-buying process, contact an attorney. Your state's Department of Housing or the U.S. Department of Housing and Urban Development (HUD) Office of Consumer & Regulatory Affairs can also be of assistance. "It's the single largest purchase you're ever going to make in your life," says Glink. "To go into that without having any idea of what you're doing is just foolish."

By Tamara E. Holmes • Bankrate.com

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