by Elizabeth Wordsmith

Created on: October 10, 2008

This is perhaps the best time to buy a home that could ever present itself. There is plenty of inventory to choose from. Sellers are desperate to sell and to please potential buyers. Even realtors are anxious to do whatever it takes to make a deal. If ever there was a time to get a good deal on a great piece of real estate, it's now.

Just be sure to have your ducks in a row before you buy. Don't go for any of those "creative" loans. My dad always said the KISS principle will never do you wrong. Keep it simple stupid. Get a fixed rate loan so you can plan your budget without any unhappy surprises down the road.

Make sure the home is structurally sound and that there are no major repairs that will need to be done after taking possession. You must make your contract contingent upon inspections revealing no major expensive flaws.

Don't write up a contract until you sell your home. If the deal is too good to pass up, make the contract contingent upon the sale of your home within a certain amount of time. The seller may also want to write in the contract that he may continue to market his home while you try to sell yours and give you the first option of refusal if a better offer comes in while you are trying to sell. You might also get the realtor to reduce the commission if you give him your listing, but make sure you are working with an aggressive, knowledgeable realtor.

When deciding upon how much money you will put towards the down payment, be sure you know what the final closing costs will be so you don't short yourself. Go over the potential closing costs with your lender before maing the offer. Also, talk to your accountant to make sure the closing date allows you to take advantage of Homestead Exemption as soon as possible.

Banks say you can spend as much as 40% of your annual earnings on house payments. But, to be on the safe side, I would be more conservative and spend 30 to 35%.

Think long range when buying your home. Don't just look at the house. Look at the neighborhood, the schools, where you will be doing your grocery shopping, where the hospitals and doctors' offices are, and so forth. If you have children in public schools, you will want to see how the schools in the neighborhood rate. It's not just the house that makes the life. It's neighbors, schools, parks, and the whole neighborhood environment.

Don't get awstruck by home improvements and pay more for a home just because someone painted it a nice neutral shade of beige. It's easy to paint, but not

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