2 of 2 people found the following review helpful
This book is filled with important information,
This review is from: The Skinny on the Housing Crisis: What Every Homeowner and Homebuyer Needs to Know (Perfect Paperback)
This volume in the current series of eight generally humorous and always informative books addresses a subject that is currently in the news because of the housing price slump since 2006. The book won first prize in the annual book competition sponsored by the National Association of Real Estate Editors.
Randel points out that people should not believe everything they see on TV or read in the newspapers or what real estate salespeople or mortgage brokers' claim. He describes the tricks that are used to sell and finance houses. He emphasizes that buyers need to beware of so-called "standard forms." He also explains such things as:
* Why did lenders lend to people who would probably be unable to repay the loan?
* What is the meaning of names like "piggyback mortgage"?
* What kind of scams did sellers commit?
* How can people learn the true value of properties?
* Are there too many real estate agents and is this causing a problem?
* Where should people go to get a building inspector, an appraisers, and an attorney?
* What happens to a mortgage loan after the borrower signs it?
Randel dramatizes his presentation by having a husband and wife discuss the benefits of investing in a house purchase. The husband is gung-ho, while the wife is cautious in the beginning, but then mistakenly agrees to the purchase.