So you are thinking about buying a home? Typically, people who are planning to buy a home, and especially first time home buyers, start by looking through newspapers ads and real estate magazines before calling a real estate company and talking to a real estate agent. And that’s where the problems tend to begin. As a homebuyer you must understand that real estate agents represent sellers (they have a legal duty to represent sellers) and not buyers (.) The only exception to this rule is in the case of “buyer broker representation” which I STRONGLY advise against using because it’s basically a scam designed to squeeze money out of both ends of a real estate deal, money from buyers and money from sellers. You see, the term “caveat Emptor” means “buyer beware”. That means the duty to protect your legal and financial interests in a real estate deal falls squarely on YOUR shoulders. If you make wrong decisions, sign stupid contracts and do less than an intelligent deal-it is your fault. In my mind, the term “buyer beware” is a fancy way of saying “cheating is okay”.

It all boils down to knowledge. Real estate agents are trained in real estate principles, practices, some real estate law and some (and I mean some) financing. How much training have you had? How much do you know about real estate law? How much do you know about real estate financing? What are your financial options? Are the loans being sold to you in your best short, medium and long-range interest? These are key questions you need answered. So here’s a few tips on getting your bearings in the right direction before you do anything.

Number 1-Get the home financing together first! This is the singular most important element of a real estate deal. Why? Because after the whirlwind of emotion of your new home passes (and it will) you will have a “mortgage monkey” strapped to your back for 15 or 30 years. You want the best interest rate you can get but you also want the best loan program to meet your personal needs. There are a ton of home loans on the market; 15 and 30-year conventional loans, adjustable rate mortgages (ARMS), Government loans like FHA, VA loans and there are gimmick loans like negative amortization loans, nothing down loans, etc. The point is that lenders are in the business of selling loans- that’s right they are selling you a loan and you are paying for it in the form of closing costs and interest rates. Nobody can get this information together for you except you (.) You are the one that will live with the loan and that is why you need to get your financing together first! Our report gives you the steps you need to take to seek out the right loan for YOU.

Number 2-Get an attorney specialized in real estate transactions (.) People tend to see a lawyer AFTER they have a legal problem. Be smarter than that-see an attorney first and get representation, buying a home is a big business deal right? I cannot emphasize enough the importance of having a lawyer to review your legal documents before you sign anything (.) Not to hype the report but it has some tips on this issue.

Number 3-Avoid real estate agents until you are strategically ready to talk to them. Remember; agents are trying to sell you a property-and they are not your agent-they are salespeople on a commission and they have a legal duty to not only represent the seller but to get the highest possible price on behalf of the seller. People get hurt everyday in real estate deals and don’t even know they are bleeding. Why? Lack of information.

Our E-Report: 101 Tips For Homebuyers, Sellers And Money Borrowers will help you with more information regarding this article- go to smart Books website, FREEBIES SECTION and download it for free!

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Copyright © 2006 James W. Hart, IV All Rights reserved