Home team advantage: when you're buying a house, it pays to have a strong lineup of specialists on your side.

Tracey and Michael Garner of Kennesaw, Georgia, spent three glorious years in their first home, which they purchased for $134,000. But once their family grew to include three young children--Jarius, 6, Jalen, and Jaeda, 2--they needed a much larger dwelling.

Not wanting to find a new home on their own, the Garners turned to friends for referrals of local realtors. They chose LaVonne Walker, an agent with Prudential Georgia Realty in Marietta. While driving around different neighborhoods, the Garners came upon a new subdivision. "The location was nice and it was a small community. The quality of the homes and the builder also played a big factor," says Tracey, 35, who owns a bridal consulting business.

Acting as their real estate agent, Walker helped the Garners negotiate with the builder. "LaVonne knew to ask the builder for the kinds of upgrades that could be available," says Tracey. "There were things we didn't know how to ask about, such as more hardwood flooring instead of carpeting." Walker also drafted a contingency clause, says Michael, 35, a structural design engineer. "In case our house hadn't sold in a certain time period, we'd be relieved of our obligation. We also were given the right to buy in the next phase of the development. As it turned out, that's what happened; it took a little longer to sell our old house."

Thanks to Walker's contingency plan, the Garners avoided having to pay two mortgages at the same time. "A good agent won't let the seller pressure you into buying before you're ready," says Tracey. Walker helped the Garners buy a two-story home they liked as well as sell their former house for $162,000.

Each year, millions of Americans buy homes. But that doesn't mean they all get the right place at the right price. Errors can happen and the stakes are high. "Buying a home is a major financial transaction," says Mike Hannigan, executive vice president of The Precedent Cos., a real estate firm in Indianapolis. "Working with reputable professionals can help you understand the risks as well as the benefits."

You should have a team of people knowledgeable about buying real estate. You won't necessarily huddle with your team members as a group but you should have good relationships with individuals who can help you progress from first down to touchdown.

So, who belongs on this winning team? You'll want at least three key players: a real estate agent or broker, a reputable lawyer, and a lender. Here are some pointers to help you score big.

AGENTS: BARGAINING POWER

You can hire a real estate agent or a broker. An agent is licensed by the Department of Real Estate to handle real estate sales and is someone who usually works for a specific company. A broker, also licensed by the state, is often the person who owns a real estate company and manages other agents. A licensed realtor can review the entire market and show any house in a neighborhood. Which one you choose depends on your needs, budget, and number of real estate companies competing in your area.

When Mark Eubanks moved back to his hometown of Durham, North Carolina, in 2000, he hired a real estate agent. "I saw an ad for Harriet Jones of Realty Ventures in a magazine," says the 45-year-old international marketing manager. "After an initial meeting, I felt comfortable enough to sign a contract giving her an exclusive arrangement to represent me as a buyer's agent."

Unless a potential homeowner enters into a separate agreement, an agent works for the seller of the property and has a fiduciary responsibility to him or her, Walker explains. In Eubanks' case, the obvious solution was to hire a buyer's agent. Walker points out that a buyer's agent can get paid a commission based on what the house sells for or he or she may also work for a flat fee, on an hourly rate, or a combination of both. Even when I represent a buyer," she says, "I'm paid by the seller."

Using a buyer's agent may translate into bargaining power for home buyers. He or she can say things like, 'This is a motivated seller,' indicating there's room to make a lower bid," says Ilona Bray, real estate editor with Nolo Press in Berkeley, California. "An agent representing the seller won't reveal things like that. If you find out that a roof needs replacing, for example, she says, "an agent working on your behalf can negotiate the terms with the seller and structure the financial arrangement."

To control the amount of time he spent on a house search, Eubanks gave his agent specific information about what he was looking for. "I had a price range, of course," he says. "I also told her which suburbs I would consider. One of my prime concerns was to have an easy commute so I told her that I wanted to be near a highway that would give me access to my job."

A home less than 5 years old was another prerequisite. "I knew I wouldn't have time to do a lot of maintenance," says Eubanks, "so I didn't want a fixer-upper, even if it offered good value." He also wanted his house to have resale value. "So, I was looking for a home with a lot of flex rooms that a family could use as bedrooms. I also thought a location near a major mall would help resale value."

Eubanks' agent would e-mail him listings, with descriptions of available homes that could be accessed online. "I could preview the homes--some even had virtual tours--inside and outside.

That helped me decide whether it was worthwhile to get in the car to see the house."

As it turned out, Eubanks chose to purchase a home being constructed. "Another buyer had pulled out of the contract," he says. "My agent was able to locate the contract by searching online. We stepped in, and I got the same price because I was able to close by the date originally agreed upon. The price I paid was nearly $10,000 lower than the new asking price would have been." Eubanks estimates that his home, purchased for $307,000, has gone up in value by 5% to 10% in the year he's been living there.

Now that you know the importance of hiring a knowledgeable real estate agent or broker, just how do you go about finding that person? The best source is people you know, people who can tell you what they liked or disliked about their real estate agent. You can also visit open houses for properties already on the market where you can observe a number of agents in action.

Other great sources are Websites that compare real estate companies and agents in your area. Start with www.homegain.com or www.agentconnect.com to locate agents based on their background, experience, local sales, commission rates, and more. Find out if an agent is a member of a realtor's trade association such as the National Association of Realtors (www.realtor.org, 800-874-6500) or has additional credentials such as a GRI designation (Graduate Realtors Institute) or the more advanced CRD designation (Certified Residential Specialist).

ATTORNEYS: YOUR BEST DEFENSE

Equally as important to your home team is a seasoned real estate attorney. In fact, some states require attorneys be used for real estate transactions. An attorney will handle legal matters, such as a title search to make sure there are no liens on the property. He or she can also help you prepare for the settlement, or closing, or act as an escrow agent.

Do you really need a lawyer? "You'll sign a contract when you agree to buy a home. Real estate contracts are not all alike," says Keith Gumbinger, vice president of HSH Associates, a publisher of loan information based in Pompton Plains, New Jersey, "but standard contracts represent the interests of the seller. Therefore, they can tilt against you, the buyer. In some cases, clauses can be removed on your behalf, if you work with a good attorney."

Not having an attorney check out the paperwork can be costly. "Most home purchase contracts require a payment that might be anywhere from $5,000 to $50,000 in earnest money or a down payment," says Kellye Curtis Clarke, partner at the law firm of Shreves Schudel DeVol Saunders Jackson & Clarke P.L.L.C. in Alexandria, Virginia. Before handing over the cash, you want to know your obligations. "If you don't have your own attorney go over the contract before you sign," says Clarke, "you could run the risk of losing all your money by failing to meet all the terms of the agreement."

Genevia Gee Fulbright, vice president and marketing director at Fulbright & Fulbright CPA, PA, an accounting firm headquartered in Durham, says, "Normally, I recommend that an individual hire his or her own attorney, experienced in real estate transactions, when purchasing a home from an individual, from an estate, or from most companies." However, she adds, "when the seller is a major developer that has produced a significant number of houses or condo units, it usually will recommend a law firm. Many times, fees can be reduced if most of the purchasers are using the same law firm."

Most attorneys charge hourly rates ranging from $150 to $350, but that can vary depending on the region. Some charge flat fees for specific services rendered such as preparing real estate closing documents. Ask what services will be performed for what fee.

Your local bar association can provide leads to a real estate attorney who will modify the standard contract to fit your circumstances. Check out such sites as www.rgtitle.com as well as the American Bar Association at www.abanet.org to find an attorney in your area. You might also want to contact the National Bar Association (www.nationalbar.org; 202-842-3900). Even when you find a lawyer, review his or her credentials and request references.

LENDERS SHOW YOU THE MONEY

As a home buyer, you have two financing options: You can work with a mortgage broker, who'll shop for loans among many potential sources, or you can go right to the bank that will be making a loan. Lenders, naturally, advocate the direct approach.

"Financing a home these days can involve many decisions about cash, credit, and leverage," says Jackson Cosey, senior vice president of emerging markets for Wells Fargo Home Mortgage in Des Moines, Iowa. "At a major lender, buyers may have access to innovative programs as well as educational materials.

"Buyers should shop around for the best mortgage terms," says Melissa Hummel, a financial planner in Brentwood, Tennessee. "Sometimes a big bank might not have much room to negotiate, while a broker may be more willing to work on getting the best terms for a borrower." Even before you consider individual mortgage lenders, you should determine how much house you can afford, what your monthly payments will be, and what the current interest rates are nationwide. All of this can be done online through sites such as www.bankrate.com.

Eubanks hired an attorney suggested by the homebuilder, and he also relied on the builder to arrange the financing. "My closing costs were reduced by more than $2,000 because I used this lender," he says. "Yet, I can refinance the loan without a penalty if I find better terms somewhere else."

The Garners also went with the builder's preferred lender. "They gave us a break," says Michael, "so we saved $3,500 toward closing costs. We chose an interest-only mortgage to get lower monthly payments. Our agreement entitled us to refinance at any time, so I've already started the process of switching to a conventional mortgage with principal as well as interest payments." The Garners estimate that their house has increased in value from $250,000 to $320,000 in the year they've owned it, so using maximum leverage has paid off.

With interest-only loans, you pay only the interest for the first five, 10, even 15 years, thereby lowering your monthly mortgage payment. The problem is, once you begin paying principal, you'll have to play catch up to pay down your debt before the term of the loan is up. That is, your payments are much higher than they would have been if you'd simply chipped away at the balance of the loan all along. Such loans can make sense if after five years you anticipate an increase in income and can afford the extra mortgage payment. Or, if you plan every once in a while to pay above and beyond the amount due.

The typical home buyer doesn't go the route the Garners took. When Randall Evans was shopping for an existing single-family house in the District of Columbia for his family, he did not have a builder to handpick a lender. Instead, he worked with Lisa Wilson, a Wells Fargo loan officer, after hearing her bank's presentation at a luncheon of the 100 Black Men of Greater Washington, D.C. As it turned out, she was a fortunate choice and an ally.

"When we had problems with our real estate agent," says Evans, "Lisa stepped in. She ordered an appraisal of the house, for example, which showed it had a ceiling problem. She brought us together with the seller and worked out a reasonable agreement."

Of course, she helped with the mortgage, too, enabling Evans, his wife, Deborah, and their three children to recently move into a house that cost more than $600,000. "Lisa went over our options with us," says Evans, "and we decided to use 100% financing to buy the house: an 80%-20% arrangement, with a first and second mortgage. I wanted to minimize my up-front costs and stay liquid because we were buying the house as is. It's livable but I expect to have to spend a great deal on improvements."

In your search for a mortgage lender, you can find a wealth of information online. Many mortgage brokers, banks, and credit unions have detailed information and even loan applications on their Websites. Once you have identified a lender, e-mail a request for more information or ask the mortgage specialist to contact you. A few places to start are Fannie Mae (www.fanniemae.com, 800-732-6643); U.S. Department of Housing and Urban Development (www.hud.gov, 202-708-1112); Mortgage Bankers Association of America (www.mbaa.org, 202-557-2700), and National Association of Mortgage Brokers (www.namb.org, 703-342-5900).

Assembling a great team is only the beginning of your house search. You need to manage your professionals--listen to what they have to say, so you can make the right calls and go home a winner.

Law in Order

Kellye Curtis Clarke, a partner at the law firm of Shreves Schudel DeVol Saunders Jackson & Clarke P.L.L.C. in Alexandria, Virginia. and counsel to RGS Title, L.L.C. provides this list of "Questions Prospective Purchasers Should Ask."

* What real and personal property (if any) is included in the purchase?

* How should I take title?

* What financing and terms of payment can be arranged?

* Are any lens filed against the property?

* Are real estate taxes paid to date?

* How can evaluate the physical condition of the property?

* Do any easements or covenants restrict use of the property?

* What local land use regulations affect the property?

* Is there mandatory membership in a homeowners association?

* What happens if a builder fails to deliver as promised/when promised?

* What are my rights and responsibilities under the proposed contract?