After a period of dramatic flux, the real estate market is rebounding- but the playing field is tougher than ever. Michael Corbett, bestselling author and the host of NBC's Extra!'s Mansions and Millionaires, teaches today's prospective homebuyers everything they need to know, including:
•Why Now is the Time to Buy
•The 10 Most Costly Buyers' Blunders
•Five Before-You-Buy Checklists for Each Type of Property
•How to Navigate Foreclosures and Short Sales
•Inspections, Mortgages, Closings, and Beyond
Corbett is a household name, and real estate novices and seasoned buyers alike will want to benefit from his expertise.
|Publisher:||Penguin Publishing Group|
|Product dimensions:||5.40(w) x 8.30(h) x 0.80(d)|
|Age Range:||18 Years|
About the Author
Table of Contents
Foreword Jim Gillespie xiii
Part 1 Why Buy, Why Now, and Why You!
Chapter 1 Why Buy and Why Now 3
The Good News
Why Buy a Home?
The Seven Financial Benefits
The Seven Lifestyle Benefits
Know What Went Wrong to Know What's Right Now
The Nine Nasty Sins of the Market Crash
Understanding Today's New Market
The New Rules for Today's New Market
It's Only on Paper Till You Sell
Why Buy Now
The Top Five Reasons to Buy Now
Part 2 Preparing to Buy
Chapter 2 How Much 27
Rent vs. Buy
How Much Money Will You Need?
The Ongoing Costs
Chapter 3 How Much House Can You Afford-with the Money You've Got? 40
Your Financial Snapshot-Take a Picture
Count Up Your Cash and Other Liquid Funds
What Will Your Money Buy You?
Where Do I Get the Down Payment?
Grab a Deal When the Market Is Down
Chapter 4 Getting Your Credit in Order 49
What Your Credit Report Says about You
Clean Up Your Credit Score
Become the Perfect Buyer-Get Preapproved
Chapter 5 The Home You Want 57
The House of Your Dreams-Literally
The Dream House Checklist-What Needs to Be on Your List?
Type of Property
Condition of Property
Must-Haves and Should-Haves
Getting More House for Your Money-Neighborhoods on the Rise
Factoring in the Commute-a Major Location Consideration
Lifestyle Dictates Location
Part 3 Smart Shopping
Chapter 6 Older vs. New-Houses vs. Condos-How to Shop Smart for Each 73
Four Categories of Older/Existing/Fixer Homes
Estimate Repair Costs before You Make an Offer
New and Preconstruction Houses and Condos
Condos and Co-ops
Chapter 7 Work with a Realtor or Go It Alone? 111
What a Realtor Can Do That You Can't
Brokers, Realtors, and Agents
How to Find the Perfect Realtor
Questions to Ask a Real Estate Agent
How to Work with Your Realtor
Chapter 8 Three Steps to House Shopping 120
Shopping Reality Check
The Three Steps
House Shopping Step 1: The Internet
House Shopping Step 2: Open Houses-Look, Don't Touch!
House Shopping Step 3: Serious Shopping with Your Realtor
The Buyer's Preparation Package
How Many Houses Do You Need to See?
How to Shop-Keeping Track
The Market Temperature Affects Your Shopping Price Range
Chapter 9 Foreclosures and Short Sales...Oh, My! 139
Don't Focus Only on Foreclosures and Short Sales
What Is a Foreclosure?
What Is a Short Sale?
More Stressed-Out Options
Wow, That's Really a Deal...Or Is It?
The Six Roadblocks
Never Go It Alone-Work with the Pros
Part 4 Buying
Chapter 10 How Much Is This House Really Worth? 155
Go Back and Really Look
The Inside Scoop-What's Not in the Listing
Who Is the Seller-Are They Motivated?
Find Out the House's Market History
Ten Questions Home Sellers Don't Want You to Ask
Uncover the Financials-Condos and Co-ops
Get the Neighborhood Scoop
How Much Is That House Really Worth?
Evaluating the Comps-the Elements of the Comps
What's This House Worth Today, Not Tomorrow?
Chapter 11 Writing the House-Winning Offer 171
Creating the Win- Win Deal-It's All about Integrity
Don't Buy Emotionally
Three Steps to the Offer Process
Offer Step 1 Putting the Offer Together
Offer Step 2 Presenting the Offer
Offer Step 3 The Counteroffer
Eleventh-Hour Deal Savers
Four Backup Offer Must-Haves
Don't Buy the New House before You Sell the Old House
Part 5 Closing
Chapter 12 You Have an Accepted Offer! Now What? 195
What Have I Done? The Big Freak-out!
Walking through the Closing Land Mines
What Is Closing?
Who Are the Players?
The Closing Three-Ring Circus
Keeping Both Yon and Your Seller on Schedule
Chapter 13 The House Inspection 209
Hiring the Inspector
Seller's Disclosures-Demand Them before Inspection Day
Let the Inspection Begin
What to Inspect
How to Negotiate after the Inspection
Chapter 14 Shopping for a Mortgage 226
Getting a Mortgage Today-What to Expect
The New Rules of Borrowing
The Best Mortgages for Today's New Market
The Next Best Mortgages for Today's New Market
Mortgages to Avoid in Today's New Market
Conforming vs. Jumbo Loans-Terms to Know
Banks vs. Mortgage Brokers
It's a Crazy Process Today-What to Expect
Fees to Look Out For and Compare
Beware the Last-Minute Loan Bait and Switch
Waiting for the Bottom Will Cost You
Chapter 15 The Closing Paperwork and How to Save Thousands! 243
How to Save Thousands in Closing Fees
Buyer's Estimated Closing Costs Statement
Junk Fees: Ones to Look For-and Get Rid Of
More Closing Paperwork-Title, Appraisal, Insurance
Chapter 16 Closing Day-Congratulations! 260
Ten Last-Minute Tips for a Smooth Closing
What to Expect on Closing Day
Taking Possession of Your New Home
Delivering the Property
Congratulations! It's All Yours!
Appendix: Internet Resource Guide 267