Buying Tips

Here are a few points to consider when buying your new home:

Select an experienced, full-time real-estate agent before you begin your search. Ask friends and family for referrals. Check newspapers and Web sites to see which agents are working hard to market homes.

Shop for a loan.

Compile a home wish list. How many bedrooms do you need? Are good schools and access to public transportation priorities? Do you need a large fenced yard?

When you find your dream home,

* Talk to residents about what they like and don't like about the neighborhood.
* Observe traffic patterns.
* Check the zoning on vacant lots.
* Ask your real-estate agent for a written comparative market analysis to see if the asking price is fair.

Mistakes Buyers Typically Make

* Buyers may innocently disclose confidential and material information about their buying needs, financial abilities and negotiating strategies to sellers and their agents, especially when not aware of the roles of the licensees involved in a transaction.

* Buyers don't clearly understand the roles and duties of real estate licensees, especially who represents whom in purchase transactions, and may wrongly misinterpret or rely on a licensee's actions as representing the buyer's interests alone.

* Buyers think mortgage companies and appraisers protect and promote the best interests of the buyer.

* Buyers think that sellers pay real estate commissions as well as other closing expenses and seller concessions.

* Buyers fail to understand how critical it can be to carefully design contracting strategies and techniques in order to better negotiate with sellers and their agents.

* Buyers minimize the effect of competing buyers when preparing or negotiating purchase offers.

* Buyers are usually unaware of the importance of personally attending and conducting thorough and independent physical property inspections, environmental audits and separate property appraisals as a condition of the home purchase.

* Buyers fail to recognize the long term value benefits of preserving and/or enhancing the buyer's equity position.

* Buyers do not comprehend the important value relationship between real estate services offered or provided and compensation obligations.