A Survival Guide for Buying a Homeby Sid Davis
If you're looking for a home in today's real estate market, you know that the rules have changed. Despite all the challenges that come with the current housing climate, there is glut of houses on the market, making it an ideal time to buy the home you really want. Inventories are high, interest rates are low, and sellers are flexible. With the right guidance, you
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If you're looking for a home in today's real estate market, you know that the rules have changed. Despite all the challenges that come with the current housing climate, there is glut of houses on the market, making it an ideal time to buy the home you really want. Inventories are high, interest rates are low, and sellers are flexible. With the right guidance, you can find your dream home at a price you can afford.
In the second edition of A Survival Guide for Buying a Home, you will find answers that will help you face the new realities of the real estate market. In this revised and updated edition, veteran real estate broker Sid Davis includes the latest information on:
Time-saving techniques that will help buyers narrow their choices effectively
Mortgage and loan rules
Buying foreclosures and short sales
Cleaning up, increasing, and maintaining your credit score
Twenty costly mistakes that are made by home buyers and how those mistakes can be avoided
You also learn all the ins and outs of finding the right agent, evaluating neighborhoods, buying homeowners insurance and warranties, arranging for appraisals and inspections, preparing your purchase for resale, and more. With this helpful guide in hand, you will be ready to find the home you've always imagined without breaking the bank.
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Read an Excerpt
Introduction to the Second Edition
When the first edition of A Survival Guide for Buying a Home was published in 2004, the housing market was well on its way to suborbit prices. The mind-set of buyers at that time was not how to buy a home they could afford and get the best deal, but how they could buy the biggest home possible with the lowest down payment.
Real estate agents grew skilled at finding lenders that would give buyers the biggest loans and be willing to ignore any egregious credit problems. And they learned how to handle multiple offers on homes that sometimes resulted in intense bidding frenzies. Each new round of homes built in a subdivision sported price tags higher than those listed previously. It was a one-way ticket up the economic ladder and no one thought about an eventual reentry, or even whether such a thing would ever happen. We now have our answer.
The first edition of this book covered subprime loans, high debt-to-income loans, buying conservatively or going for the max, and other concerns involved in buying a home. Those days, of course, are gone. There's now a new reality to home buying, the landscape has changed, and new home-buying skills are necessary in today's rapidly changing market.
This second edition of A Survival Guide for Buying a Home focuses on the new home-buying landscape that's still undergoing fast-paced changes. Gone are the sections on getting a loan with zero down and adjustable rate loans with interest-only payments. Instead, the emphasis is on how to build and maintain good credit and buy a home within your income.
Also covered is how to evaluate and compare good faith estimates from different mortgage lenders to find out which one is offering you the best deal. There should be no wondering at closing whether you got the best and cheapest loan possible. And coupled with the new information in Chapter 5 on how to make offers and negotiate the best deals, you're practically guaranteed to get the most house for your money.
Throughout the book, I've endeavored to explain in each chapter how that particular real estate topic affects your pocketbook and what you can do to save money. For easier navigation, each chapter begins with a list of the important concepts covered. Each chapter also concludes with a list of suggestions on how you can implement what you've learned in your efforts to buy and own a home.
Throughout the book you'll also find valuable up-to-date information on:
How mortgage lenders now qualify you for a mortgage
How to increase and maintain your credit score
Why it's important to nail down a mortgage commitment before you start shopping
How to shop for a mortgage lender and get the best deal
How to streamline your home-shopping strategy to find your dream home fast
How to present your offer and get it accepted
How to find a competent home inspector, then how to use an inspection report to protect yourself and to negotiate with the sellers
How to avoid common mistakes condo, co-op, and townhouse buyers make that cost money and happiness
How to buy a manufactured home, whether modular, panel, precut, or mobile
The insurance you need to protect yourself from floods, earthquakes, and other concerns
In addition, Chapter 10 distills over twenty-five years of real estate experience into a list of twenty common mistakes home buyers make and how to avoid making them yourself. Updated and expanded from the previous edition, this book is chockfull of tips on buying the best house at the best deal.
A new feature of this Second Edition is its wealth of "Survival Tips" that highlight critical points in the home-buying effort. Also, because single home buyers now account for nearly a fifth of all home sales, there's a new appendix for home-buying singles, with even more shopping and buying tips.
It's a great time to buy a home. Interest rates are down, sellers are flexible, and inventories are high. After reading this book, you'll have all the tools you need to go out and make it happen.
Excerpted from A SURVIVAL GUIDE FOR BUYING A HOME by Sid Davis. Copyright © 2009 by Sid Davis. Published by AMACOM Books, a division of American Management Association, New York, NY. Used with permission.
All rights reserved. http://www.amacombooks.org.
Meet the Author
Sid Davis (Farmington, UT), owner of Sid Davis & Associates, has over 25 years of experience as a real estate broker and home renovator. He is the author of Adding Value to Your Home and has written numerous articles for national real estate and finance publications.
Most Helpful Customer Reviews
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When my wife and I decided a few months ago that we were going to buy our first home, I went to our library and took out two books on home buying. One of them was your 'Survival Guide'. I toted that book around for the past two months and finally turned it back in today after we closed on our house. My wife and I are the type who want to know as much as we can about everything that we are involved in, and your book really helped us to navigate the very involved and complex road to home-buying. We left the closing this morning feeling like we had done everything right, from shopping mortgages to negotiating after the home inspection. I believe that your book has helped us to save thousands of dollars! Thank you for writing such a fine resource!