164 of 169 people found the following review helpful:
3.0 out of 5 stars
Great book for general information, but not hard specifics., February 4, 1999
By A Customer
This review is from: 100 Questions Every First-Time Home Buyer Should Ask: With Answers from Top Brokers from Around the Country (Paperback)
I will be buying a house in about 8-10 months and want to make sure I dont make an expensive mistake. I've read this whole book since I got it from Amazon, and overall I'm glad I read it, but wish I had checked it out of the library instead. It's an EXCELLENT book for generals - general facts, general information, to be pointed in the right general direction. But it's not a good book for cold hard facts and really valuable specifics. It wont turn you into a real negotiating shark or wheeler and dealer when you're dealing with agents or mortgage brokers (which is the kind of information I was looking for).
This book is very slanted towards New York and Chicago, also, because that is where the author's experience lies. But I'm in North Carolina, and some of the information presented as gosepl in this book is just plain factually incorrect for my state. This can be really misleading and problematic depending on your state if you try to follow this book too closely.
The book does contain great reference sections on contracts, resources, and real estate terms; and it also has mortgage payment tables in the back (but they only go up to 100,000 and who really spends less than 100K anymore?).
Although I have said more negative and positive, this is a nice book in a lot of ways. If you know nothing about what is involved in buying a house, definitely get this book. It's wonderful for basic introductory information and it is a pretty hefty book (450 pgs - great value for the cover price). But if you know what is involved and are looking for "inside" information and consumer protection advice on negotiations with brokers, agents, lawyers, mortgage brokers, title companies, etc etc., get something else. If you really want to know about tricks and traps and shady dealings to avoid, you wont find much of that in this book. It's a real estate primer and a wonderful read - but very basic, simple information.
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211 of 220 people found the following review helpful:
5.0 out of 5 stars
Learning from Brokers about Your Biggest Investment!, September 27, 2001
I happily endorse this book. The new second edition contains many new questions from the first edition, revised many other questions, and completely rewrites every answer. Things are changing fast in residential real estate, and this book will bring you up-to-date. Whether you are a first-time buyer, first-time seller, or haven't bought a home in at least five years, this book will serve your needs very well. The questions are drawn from those that brokers report that first-time buyers most often ask. The answers draw upon the experiences of many brokers.
How much training does it take to become a librarian, teacher, lawyer, physician, or rocket scientist? How well would the world work for us if such training were skimped on?
When it comes to buying a first home (whether condo, co-op, or fixer-upper), most people act as though you can do brain surgery without the training. Not!
Even if you view this emotionally and financially important investment as one to be approached carefully, most first-time buyers will make important errors. Here are a few of my favorites:
(1) Not thinking about how hard it may be to resell the home.
(2) Vastly underestimating how much money will be needed to fix it up.
(3) Overpaying for the home because of not realizing how to negotiate.
(4) Waiting until finding one's soul mate before purchasing.
(5) Spending more than you can afford, and using boxes for furniture.
(6) Purchasing a home that doesn't fit your needs (where will you put 4 children and you in 2 bedrooms?).
(7) Taking on a horrible commute.
Interest rates are down in light of the terrible terrorist tragedy and weak economy. Unemployment is rising. Based on historical patterns, this is a good time to buy. Are you ready? Probably not, even if you think you are.
But I have good news for you. If you read and apply the lessons of this book, you will be more ready than many people who have already bought homes.
The subjects covered include deciding what you needs are, versus your likes; how to look; determining what you can afford; deciding what broker to use; how to work with the broker (especially what not to tell the broker, since most work for the seller); how to decide what to offer; how to negotiate; getting the best financing; checking out the house; handling the closing; and even dealing with problems after the closing. You also get help with which professionals (such as buying agents, lawyers, and home inspectors) to use, how to select them, what they will cost, and how to work with them.
I have bought or helped buy three houses, am an attorney, and am a licensed real estate agent. I found several areas where this excellent book extended my knowledge. I know it will save you thousands of dollars . . . and probably even more in avoided emotional trauma!
The book does this by posing questions, providing worksheets, steering you to Internet resources, and describing case histories.
No book from the buyer's perspective can however hope to dispel the incredible naiveté that we all have when we first purchase a home (all 2 million a year who are like lambs being led to the slaughter). For that purpose, I suggest that you also read another book, How to Sell Your Home Fast, which is an excellent description of what intelligent, prepared sellers will be doing to get you to buy their home and pay too much. Beneath all the friendly chit-chat with the sellers, realize that your are usually being carefully maneuvered to act against your own interest.
By the way, this book does not do enough to warn you about hidden house faults. Home inspectors are not the entire answer. They usually get their referrals from brokers, and will usually not tell you the worst of what can happen lest brokers stop recommending them. Spend some extra money and have people you know well and trust who are expert in electrical, heating, air conditioning, structural, roofing, plumbing, soil, and environmental hazards take a look also. They will find things that you can use to get the price lowered to cover the cost of repairs. My experience is that you will save about [amt.] for every [amt.] you spend in this way.
I also recommend that you find 10 people who are a lot like you who purchased a home similar to what interests you about five years ago. Ask them what they did right and what didn't work out so well.
After you explore all of these choices, you may want to consider what I did once . . . rent with an option to purchase. All of my rent went towards the down payment. I found I loved the house, saved money, and had few problems with repairs. I later sold it for a nice profit.
Also, spend time in the yard of your potential new home at all hours of the day and night. You may be surprised by some of the positive and negative features. In one home, I discovered that a dozen deer came by across a creek at 7:30 a.m. Seeing them every morning became my favorite part of every day.
After preparing by knowing what the right questions are, look for all of the potential problems and opportunities in making large decisions. Then sleep on your decision for three nights. You'll know what to do then!
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