New York Real Estate News

There's a certain word beginning with F that nobody wants to hear these days - foreclosure, or lender repossession of a property on which the mortgage hasn't been paid. It's costly and time-consuming for lenders, humiliating and financially devastating for borrowers.

So it's officially a buyers' market, and you're all geared up to find a home that makes your heart sing. But, despite advantages in the buyers' favor, at least for now - prices that still seem to be falling, low interest rates and lots of houses to choose from - smart house-hunters need to be wary of the pitfalls of buying. And take care. We spoke to experts - real estate agents, mortgage brokers, bankers and attorneys - for their advice to buyers.

Selling a home in a buyer's market can feel like you're playing a game you can't win. But buyers don't necessarily hold all the cards. "You have to be able to see it from both sides of the table," says Jeffrey Stanton, who teaches a Realtor certification course in negotiation. Armed with information and a smart strategy, you can play your hand wisely and get the best value for your home.