In a fairly obvious attempt to become the first stop in the home buyer's effort to buy a home, Citibank of New York is publicizing a list of "Six Keys to Confident Home Buying," some of which seem dated.

Citibank points out that more homes are purchased during June than any other month, and suggests that the addition of Internet portals to the home search process has made the task even more complex and added another layer of confusion.

According to Ann Diamond of Citibank's consumer financial education programs, "Buying a home can really be a nerve wracking experience. Since it's something most people do only once or twice in their lives they don't have a lot of experience at it.

"No one should buy a home if they are not confident about doing it."

To bolster that confidence, the bank offers six "keys."

The No. 4 key states:

"Develop a clear picture of what you're looking for -- and then stick with it. This picture should include location, type of home (condominium, house, or other) size of home, type and number of rooms, and other requirements such as a yard, a fireplace, or single level construction.

"Realtors eager to make a sale may encourage you to look at properties that don't fit your criteria, and while you may need to make a few compromises, determine what those compromises could be in advance. Remember, you will be living with this decision for a long time, so stay focused."

Citibank could not be reached for comment. But real estate brokers and agents consistently deny they pressure consumers into buying anything, but that typically buyers are unsure what they want until they actually see what's available in their price range.

The No. 5 key states:

"Include the right professionals in the home buying process. While you can buy a home directly from an owner, there are advantages to working with a realtor (sic) -- just remember that the realtor represents the seller. You will want to hire a lawyer to ensure that your best interests are represented."

The statement tends to ignore the rise of buyer representation, which has been widely available for at least the last decade.

No. 1 on the Citibank list is "making sure homeownership is the right choice," suggesting that pressure from friends and relatives is not a good reason to buy a home.

The No. 2 key involves realistically evaluating personal finances and deciding what's affordable, followed by the No. 3 key which urges exhaustive investigation of financing options.

The No. 6 key suggests consumers become as knowledgeable as possible about the homebuying process and recommends, "Don't overlook your local bank or mortgage lender (as a source of information) as they may also have free education materials available."

The statement does not mention agents and brokers as sources of real estate information.

Published: June 14, 2000

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