CNNMoney.com
Companies Economy International Corrections Pre-market Trading After-hours Trading Winners/Losers/Actives Bonds Currencies Commodities World Markets Money Magazine Real Estate Taxes Jobs Ask the Expert Money 101 Autos Mutual Funds The Help Desk Loan Center Best Places to Live Ask the Expert Ultimate Guide to Retirement Retirement Calculators Best Funds Best Places to Retire Fortune Brainstorm Tech Apple 2.0 Blog Big Tech Blog Sectors and Stocks Tech Talk Resource Guide Small Business Makeovers Questions & Answers Small Business Video 100 Best Places to Launch FSB 100 Fortune Small Business Fortune 500 Brainstorm Tech Investing Management C-Suite Rankings Main Create Portfolio Edit Portfolio Create Alerts Edit Alerts

Spring home-buying guide: 6 ways to do it right

It's peak home-buying season. Even though buyers have a greater advantage than they've had in awhile, it's still easy to take a wrong, frustrating and costly turn. Here are six ways to make sure you don't.

Mortgage Rates
30 yr fixed mtg 5.03%
15 yr fixed mtg 4.51%
30 yr fixed jumbo mtg 5.86%
5/1 ARM 4.38%
5/1 jumbo ARM 4.89%

Find personalized rates:
 

Rates provided by Bankrate.com.
Find a good real estate attorney
What they do: A lawyer can help you negotiate the real estate contract, and renegotiate it if a home inspection finds flaws or an appraisal deems the house less valuable than the sales price. A lawyer also represents your interests at the closing and does the lion's share of paperwork and coordination associated with it.

Why you might want one: Unlike most of the people involved in the purchase of a home, a real estate lawyer is dedicated to looking out for your interests at each stage. You don't need one technically, but the short-term savings of not hiring one may pale in comparison to the long-term costs of not negotiating the best deal or walking away from a bad one.

Where to find one: Ask for referrals from your local bar association, your real estate agent or your mortgage broker. Also, ask friends, colleagues and family whom they've had a good experience working with.

Cost: Varies by state and by amount of work required. Fee structures also vary (some lawyers charge by the hour, others by flat fee, some by both depending on the task) but a ballpark range for what a buyer may pay in total is $350 to $1,000, said Marjorie Bardwell, a real estate attorney at Chicago Title Insurance Company. In high-cost areas like New Jersey, you may pay as much as $1,500, said real estate attorney Stuart Lieberman.


Loan pre-approval

Buyer's agent

Real estate attorney

Written offer

House inspection

House appraisal
The good news: Rocky real estate markets mean home shoppers finally have the upper hand. (more)
National Association of Realtors cuts 2007 forecast; would mark first drop since it began tracking values in 1968. (more)
Wondering how home prices got so high - and why they now have to fall? Here’s the story of what hit you: an amorality play in four acts. Money Magazine reports. (more)
© 2009 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy
Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
Intraday data is at least 20-minutes delayed. All times are ET.
Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
Fundamental data provided by Morningstar, Inc..
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.