First step is talking to real estate agent, mortgage broker

Q. I am a 27-year-old single female who works as a nurse. I still live with my parents, but I would really like to purchase a small home or townhouse within the next year. I have no clue where to start this process. Any advice on getting started and programs that would assist me?A. One program that will help you is $8,000 toward your federal income tax bill, if you contract for a house by April 30 and complete the purchase by June 30.Start by visiting open houses in the neighborhoods that interest you, or just walk into nearby real estate offices. Either way, you'll meet agents and will soon find one who is interested - ready to give you a financial analysis and eager to help you buy a house. You won't have any obligation or owe any fees unless you specifically hire someone to act as your agent, legally putting your interests first. Even then, most agents are paid by sellers in the end.You might also contact mortgage brokers. They're not the same as mortgage bankers. Mortgage brokers bring borrowers and lenders together. They can tell you how much you're qualified to spend and will help you find financing after you have your house. Again, that should not cost you anything.Our grandfather has offered to do a lease-to-purchase agreement for a house he owns. What forms do we need? Can we take care of the paperwork ourselves without a lawyer?A. You could all end up in a real mess if no lawyer is consulted. Many things must be decided between landlord-seller and tenant-buyer, and then everything should be set forth properly in a contract. Even though this is a family transaction, you can head off problems by keeping things businesslike. You need professional help so the contract is fair to both parties.If part of the rent will go toward the eventual purchase, where will that money be held? Will it be credited if a payment is late? Will you forfeit it if you don't eventually buy?If you wanted to move, could you sell the contract to another buyer who would step in where you left off? Who will pay property taxes? What if the taxes aren't paid on time? What if you are later unable to get the financing you'd need to buy? Who will be responsible for what kind of repairs? Could your grandfather place a new mortgage on the property?A real estate lawyer can think of even more possibilities that should be addressed.My husband and I have decided to sell our home without the help of an agent. We had a woman come and look at our house, and she brought along her agent.This morning, the agent called and said the woman would like to make an offer. She said we would owe the agent half of the usual commission rate because she helped sell the house. Do I honestly owe her anything? She did nothing but follow the woman around the house. And besides, I signed no contract with her.A. You don't owe the agent anything right now. You would if you accepted a written offer that stipulated you'd pay her a commission.My husband and I are 62 years old and we currently live in a rather large four-bedroom home. The home value is approximately $300,000. We are considering taking out a reverse mortgage on this home and using the funds to buy a smaller, less expensive home. We could then move out of the larger home, put it up for sale and pay off the reverse mortgage. What is your opinion of this idea?A. It's a complicated way to go with unnecessary expense, and I don't see what you would accomplish. Placing a reverse mortgage involves considerable closing costs. While you can add them to the loan amount, they'd have to be paid off along with the mortgage when you moved out and sold your present house.It makes more sense to go the normal route. Simply sell your home and use the proceeds to buy your next one. Agents are used to arranging it so the two transactions dovetail. People do it all the time.A reverse mortgage can be a great help in some situations. It allows older homeowners to tap their equity without moving out, giving up ownership and taking on monthly repayments. But there's no point in using it when you're going to move out before too long.bull; Edith Lank will respond to questions sent to her at 240 Hemingway Drive, Rochester, N.Y. 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.2010, Creators Syndicate Inc.