BUSINESS

Home buying has more twists for doctors

Personal Finance. By Katherine Vogt, AMNews staff. March 8, 2004.

A physician who wants to buy a home has much more to consider than price and location.

The high threat of lawsuits that many physicians face makes it necessary for them to pay close attention to titling and how they hold the home to keep it off-limits in litigation. These extra considerations plus the usual headaches of home buying -- getting the right lender, loan and more -- can be overwhelming and make the process feel like a full-time job.

Experts say following some basic advice can help avoid the small missteps that ruin deals.

"My No. 1 piece of advice is do not become emotional over the purchase of a home," said Robert Bernabe, head of retail mortgage lending for the online brokerage and banking business ETrade Financial Corp. He warned that getting too emotionally involved can lead a buyer to accept bad deals.

To keep a clear focus from the start, he recommends getting objective advice on the whole home-buying process from the Fannie Mae Foundation (www.homebuyingguide.com/) or the U.S. Dept. of Housing and Urban Development (www.hud.gov). Their Web sites can help a buyer create a roadmap to stay on the right course, he said.

At the same time, buyers should investigate their credit and take time to fix any surprises that could cause a lender to become skittish, Bernabe said. Even small dings could derail a potential loan.

Once this preliminary research is done, it is time to start looking for a lender. Sid Davis, a real estate broker in Farmington, Utah, and author of A Survival Guide For Buying A Home, said colleagues and friends can be a good resource in identifying potential lenders. Realtors also know where to look, he said.

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