If you are a first-time home buyer, the news for you in most parts of the country is good. Mortgage rates are relatively low and higher inventory and lower asking prices mean market conditions are in your favor. If your finances are in order, now is the time to start that home search.

 Begin with some good, old-fashioned preparation. Carefully review your budget. Determine how much you will have to offer as a down payment and how much you can afford to pay monthly. Remember to calculate not just your mortgage payment, but all your costs including taxes, utilities, food, entertainment, insurances, etc. Getting a good handle on your finances is critical to making the right real estate decision.

Next, think long and hard about what you want from this purchase. Is it a starter home that you want to stay in less than five years? Or maybe you want a home that can accommodate a growing family. Take some time to define your parameters like location, number of rooms, school system, and proximity to transportation.

Once you have outlined your budget and your wants and needs, you are ready to begin viewing listings online and in person. A real estate professional can be a huge asset during this process. He or she can prescreen homes and make sure they fit your budget and your needs. An agent can also provide insights on whether the asking price is fair and help identify a listing's strengths and weaknesses.

But even with this help, keeping track of all the pros and cons can be a challenge. Many first-time buyers keep a log or journal during their search. When you visit homes, ask if you can take pictures of the property. At the same time takes notes. Write down the things you love, like and dislike about each listing. In the end, a combination of thorough preparation, a good Realtor and organization can help make your first-time purchase a successful one.

The majority of post sale disputes involve undisclosed property faults. In an effort to sidestep those lawsuits, most states require sellers to complete some sort of disclosure document as part of the real estate transaction. Sellers are required to reveal any material facts that could affect the price of the home or the buyerâ?Ts decision to purchase.

Hereâ?Ts an example. If you are selling a home that gets water in the basement during a heavy rain, you would be wise to disclose it before the sale. Otherwise the buyer may pursue compensation or seek legal recourse. It is helpful to think of the disclosure as a form of protection for both parties.

The question of what constitutes a material fact is subjective and varies from state to state. Consult with your real estate professional and an attorney about what characteristics should be listed with a tendency to err on the side of revealing, not concealing. Clearly structural defects, like a cracked support beam, should be named as well as environmental concerns such as radon or asbestos. Sellers must disclose the presence of lead as part of a federal requirement.

Sellers tend to be wary of disclosure believing it will adversely affect sale price. However, most buyers prefer to negotiate around a disclosed defect rather than be surprised at the home inspection when they can walk away from the deal altogether.

School's In If you have a child starting college this fall, take time to set some ground rules.  This venture has a better chance of success if you start on the same page.  For instance, share what you expect your child to do, like attend all classes or email once a week.  A good understanding can be the basis for a great year.

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