After years of going without spa weekends, incredible sushi dinners, each year putting your vacation pay directly into your savings and NOT touching it AND buying all your clothes at Target, you, old wise one, have managed to scrape together enough cash for a down payment- OH MY GOD! You're finally going to be able to buy a house. Just think, no more apartment living and all the indescribable joys that come with it. It's been a grind, but well worth the sacrifice. Or so you think. Now you will actually get to hear yourself say honey, stop the car! as you do your weekend trolling, and patrolling, of the local real estate.

Sorry for the bubble burst, but this situation calls for the biggest set of personal antennas you can get your hands on, and once you get them you must have them up and keep them up.

It doesn't matter whether you're dealing with an agent or private party, they will say almost anything to sell, especially in today's depressed market, There are some key aspects to watch out for. A classic example would be remodels. Some are very well done, top-notch, state-of-the-art, blah-blah-blah. But don't forget, YOU'RE paying for that remodel-times two, possibly three if they think they can get it. If it's a home you're truly serious about, don't be shy.

Ask all the appropriate questions. Who did the remodel? Was it a licensed contractor or company? If so, who? Always get the name and card if you can. Does the home have a new plumbing or heating system? New roof? Name and card, name and card, name and card. You need to know who, or which company is responsible for what has been allegedly done to the home. If you can get a name you might try calling the individual or company to get a feel of their pricing over the phone. Some will be helpful because they want the business, others will insist on an in-house quote only, nevertheless, it's worth a shot.

If you are able to ascertain some remodel pricing you can then compare that against the price being asked for the home, and, of course, the comp's for that area. It is crucial to get the comp's. Chances are there will be some other homes for sale in the same area that are remodels with roughly similar square footage and amenities. Comparing the comp's will allow you to see where you stand and whether or not your dream home is more or less on the mark or simply the gauge of all time. If other similar remodels are coming in under yours, then hello bargaining chip. And don't be afraid to use it. Always ask for the order.

Something else to be on the look out for. Agents or private parties who want to sell the home as is, no inspection. Rule#1, no inspection, no deal. No exceptions. Common sense should be screaming that there's something awry in dreamland. Do the inspection. Do it with your guy, not theirs.

If you enter into a deal with no inspection and the gas heater explodes or the plumbing fails, it'll be your dime, baby. No where to run, no where to hide. I knew a couple who almost purchased an as is home. Luckily, they found out quite by accident the power plant down the block was seeping hazardous fumes into the ground running underneath the houses in the neighborhood. The current owners knew all of this, which is why they wanted to get their 2 year old daughter out of there, pronto. Conscientious? No. Crafty? Well, let's just be thankful the deal fell through.

The bottom line is, buying your first home is a huge decision and commitment, and as the potential buyer you deserve to have ALL the facts, BEFORE you buy.

So, the next time you pull up in front of what might resemble shangri-la, let the sellers come running out with arms-a-waving and lips-a-drooling. You, old wise one, just smile, hand them a kleenex and tell 'em, just the facts,man.

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