The Homebuyer's Kit: Find Your Dream Home, Finance Your Purchase, Negotiate the Best Deal, Explore Online Resources / Edition 5

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An up-to-date primer to use when looking to buy a home, new or used, The Homebuyer’s Kit offers down-to-earth advice and commonsense strategies from two of the nation’s leading real estate experts. Despite the bells and whistles of online tours and e-loans, buying a home remains the most expensive and important purchase that most people make in a lifetime. It requires a major emotional commitment as well as a financial one. Authors Edith Lank and Dena Amoruso share all the tools needed to find and buy the right home, as well as what to watch out for along the way. The Homebuyer’s Kit offers vital information about every stage of the homebuying process in an easy-to-use, step-by-step fashion, and also covers all the ins and outs of buying a home, from the initial dream to the final closing. “”> 01 Dearborn Trade Publishing
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Editorial Reviews

A primer on buying a new or used home, offering step-by-step instructions for every stage of the process. Gives advice on using the Internet as a resource for real estate information, getting preapproved with a mortgage lender, finding a broker or agent, and negotiating the sales contract, and outlines the costs of home ownership and how much to spend on a home. Includes worksheets, checklists, sample forms, and loan payment tables. Lank is a broker and real estate educator. Her real estate column, , appears in the . Amoruso writes a column for the . Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780793144389
  • Publisher: Kaplan Publishing
  • Publication date: 4/28/2001
  • Edition description: New Edition
  • Edition number: 5
  • Pages: 208
  • Product dimensions: 7.25 (w) x 9.00 (h) x 0.42 (d)

Table of Contents

Preface ix
Chapter 1 Starting Your Homebuying 1
What Must You Have in Order to Buy? 2
Shelter Two Ways: Income Tax 2
How Equity Builds 3
If You Wait 6
Chapter 2 You and the Broker 9
Law of Agency 10
So Where Do You Stand? 11
How to Protect Yourself 12
Buyers' Brokers 13
Buying a New Home 14
Discount and FSBO Brokers 16
Pure For Sale by Owner Properties 17
Yet Other Arrangements 19
Chapter 3 Choosing an Agent 21
Tests to Apply 22
Using a Lawyer 24
Escrow and Title Companies 25
What the Agent Does for You 26
Chapter 4 What Can You Spend for Your Home? 31
First List Your Income 32
Qualifying Ratios 32
How Much Will This Carry? 36
Chapter 5 Costs of Home Ownership 41
Escrowing Taxes and Insurance 41
About Insurance 42
Replacement versus Depreciated Value 43
About Taxes 44
Other Costs 45
Repairs versus Improvements 45
Risk of Overimproving 47
Chapter 6 What Sort of Home? 49
Keeping a Marriage Together through It All 50
Consider Traffic Patterns 50
A Brand-New House 56
Owning a Co-op, Condomium, or Town House 59
Manufactured Housing 61
Chapter 7 Financing Your Home Purchase 65
Broker Plans Strategy 65
Buying for All Cash 65
Buying with Nothing Down 69
Picking a Mortgage 70
Mortgagor and Mortgagee 71
Portfolio Loans 71
The Secondary Market 72
Other Lenders 72
So What Are Points? 74
Annual Percentage Rate 75
Conventional Mortgages 77
Understanding Adjustable-Rate Mortgages 77
30 or 15 Years 82
Biweekly Mortgages 83
FHA Mortgages 83
VA Is for Veterans 85
Farmers Home Administration (FmHA) 87
Assumable Mortgages 87
Private Mortgages 89
Land Contracts and Lease Options 89
Balloon Mortgages 90
Building Your Own Home 91
In-House and Preferred Builder Mortgage Companies 91
A Note on Mortgage Preapproval 92
Chapter 8 House Hunting 95
Where Are the Bargains? 98
More Bargain Situations 99
Location, Location, Location 101
Choosing a Neighborhood 102
Using the Internet 103
Looking Over an Older Home 103
Building Inspection Engineers 110
Check Taxes 110
What Else? 111
Open Houses 111
Stay in Touch with Your Agent 112
Looking at New Homes 112
Chapter 9 Buying Investment Property 115
Getting Started 116
How Leverage Works 118
Analyzing Your First Investment 118
Financing Investment Property 120
Risk and Decision 121
Chapter 10 Arriving at a Contract 123
The Written Offer 124
First Decision: Purchase Price 125
Look for Comparables 126
Allow for Contingencies 127
Personal Property versus Real Estate 129
What Else in Your Offer? 130
Earnest Money 132
Legal Provisions 133
Final Jitters 133
Negotiation--The Tennis Game 133
Buyer's Remorse 135
Chapter 11 Your Mortgage Application 141
Assets 144
Income to Qualify 144
Debts 145
Credit History 146
After the Application 147
Chapter 12 Buying Your Home at Last 149
Forms of Joint Ownership 150
That Clod of Earth--The Deed 150
What to Do before Closing 153
Closing a New Home Purchase 154
What Happens at Closing? 156
Long Distance Closings 156
Holding Proceeds in Escrow 157
Adjustments and Prorations 157
A Word about the Power of the Cyber World 158
Passing Papers 158
Appendix A Monthly Payment Tables 165
Appendix B Remaining Principal Balance 181
Appendix C EPA Lead Paint Disclosure Brochure 197
Appendix D Helpful Web Sites for Homebuyers 213
Glossary 215
Index 223
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