Cover image for Home Buying Kit For Dummies, 7th Edition

Home Buying Kit For Dummies, 7th Edition

Author Eric Tyson , Ray Brown
Release Date: 2020/04/01
ISBN: 9781119674795
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  • Negotiate a great price
  • Find your best mortgage
  • Discover applications and checklists online

Get the Best Deal on Your New Home!

When it comes to buying a home, it's hard to know where to begin. You want to buy at a fair price at the right time—not always easy in a fast-changing market. The updated Home Buying Kit has all you need: strategies to secure the optimal deal, the ins and outs of home financing, how to evaluate rent vs. buy, and the latest on regulations around mortgage interest and property tax. Whether a first-time buyer or veteran homeowner, this book will help you make the smart decisions that move you into your dream home in no time!

Inside...

  • Get your finances in order
  • Improve your credit score
  • Choose the right mortgage
  • Build your real estate team
  • Maximize your financial health
  • Inspect and protect your home
  • Understand and minimize closing costs

Table of Contents

  1. Cover
  2. Introduction
    1. About This Book: The Eric Tyson/Ray Brown Difference
    2. Icons Used in This Book
    3. Beyond the Book
    4. Where to Go from Here
  3. Part 1: Getting Started with Buying a Home
    1. Chapter 1: Deciding Whether to Buy
    2. Weighing the Advantages of Owning versus Renting
    3. The Pitfalls of the Rent-versus-Buy Decision
    4. Chapter 2: Getting Your Financial House in Order
    5. Surveying Your Spending
    6. Reckoning Your Savings Requirements
    7. Protecting Yourself, Your Dependents, and Your Assets
    8. Invest in Yourself
    9. Chapter 3: What Can You Afford to Buy?
    10. Lenders Can’t Tell You What You Can Afford
    11. The Cost of Buying and Owning a Home
    12. Closing Costs
    13. Accumulating the Down Payment
    14. Chapter 4: Why Home Prices Rise and Fall
    15. What Drives Real Estate Markets and Prices?
    16. How to Get a Good Buy in Any Market
  4. Part 2: Financing 101
    1. Chapter 5: Understanding and Improving Your Credit Score
    2. The Record You Can’t Ignore: Your Credit Report
    3. The Most Popular Kid on the Block: FICO Scores
    4. Getting Hold of Your Report and Score
    5. Chapter 6: Selecting a Mortgage
    6. Getting a Grasp on Mortgage Basics
    7. Fixed or Adjustable? That Is the Interest(ing) Question
    8. Finding a Fixed-Rate Mortgage
    9. Arriving at the Absolute Best Adjustable
    10. Locating the Best, Lowest-Cost Lenders
    11. Chapter 7: Mortgage Quandaries, Conundrums, and Forms
    12. Overcoming Common Mortgage Problems
    13. Dealing with Appraisal Problems
    14. Those Darn Mortgage Forms
  5. Part 3: Property, Players, and Prices
    1. Chapter 8: Where and What to Buy
    2. Location, Location, Value
    3. Fundamental Principles for Selecting Your Home
    4. Defining Home Sweet Home
    5. Finding a Great Deal
    6. Pooling Your Resources: Ad Hoc Partnerships
    7. Chapter 9: Assembling an All-Star Real Estate Team
    8. The Team Concept
    9. Reeling in a Real Estate Agent
    10. Bagging a Broker
    11. Landing a Lender
    12. Procuring Property Inspectors
    13. Electing an Escrow Officer
    14. Finding (or Forgoing) Financial and Tax Advisors
    15. Looking for Lawyers
    16. Chapter 10: What’s It Worth?
    17. Preparing to Tour an Endless Parade of Homes
    18. The Three Elusive Components of Worth
    19. Fair Market Value
    20. Determining Fair Market Value: Comparable Market Analysis
    21. Getting a Second Opinion: Appraisals versus CMAs
    22. Why Buyers and Sellers Often Start Far Apart
    23. Chapter 11: Tapping the Internet’s Best Resources
    24. Finding Useful Information
    25. Doing Some Preliminary Shopping
    26. The Drawbacks of Searching for Houses in Cyberspace
  6. Part 4: Making the Deal
    1. Chapter 12: Negotiating Your Best Deal
    2. Understanding and Coping with Your Emotions
    3. The Art of Negotiating
    4. The Negotiating Process
    5. The Finer Points of Negotiating
    6. Chapter 13: Inspecting and Protecting Your Home
    7. Conducting Thorough Inspections
    8. Insuring Your Home
    9. Chapter 14: It Ain’t Over till the Weight-Challenged Escrow Officer Sings
    10. An Escrow Is a Good Thing
    11. How You Take Title Is Vital
    12. Getting Possessive
    13. Coping with Buyer’s Remorse
  7. Part 5: The Part of Tens
    1. Chapter 15: Ten Financial “To Do’s” After You Buy
    2. Stay on Top of Your Spending and Saving
    3. Consider Electronic Mortgage Payments
    4. Rebuild Your Emergency Reserve
    5. Ignore Solicitations for Mortgage Insurance
    6. Ignore Solicitations for Faster Payoff
    7. Consider Protesting Your Tax Assessment
    8. Refinance if Interest Rates Fall
    9. Keep Receipts for All Improvements
    10. Ignore Solicitations to Homestead
    11. Take Time to Smell the Roses
    12. Chapter 16: Ten Things to Know When Investing in Real Estate
    13. Real Estate Is a Solid Long-Term Investment
    14. Real Estate Investing Isn’t for Everyone
    15. REITs Are Good if You Loathe Being a Landlord
    16. Don’t Invest in Limited Partnerships
    17. Avoid Timeshare Condos and Vacation Homes
    18. Residential Properties Are Your Best Investment Option
    19. Consider Fixer-Upper Income Property
    20. Consider Converting Small Apartment Buildings to Condos
    21. Consider the Property’s Cash Flow
    22. Your Rental Losses Are Limited for Tax Purposes
    23. Chapter 17: Ten Things to Consider When Selling Your House
    24. Why Are You Selling?
    25. Can You Afford to Buy the Next Home?
    26. What’s It Worth?
    27. Have You Done Your Homework to Find a Good Real Estate Agent?
    28. Do You Have the Skills to Sell the House Yourself?
    29. Have You Properly Prepared the House for Sale?
    30. Do You Understand the House’s Hot Buttons?
    31. What Are the Financial Ramifications of Selling?
    32. Do You Know the Rules for Capital-Gains Taxes on the Sale of a House?
  8. Part 6: Appendixes
    1. Appendix A: Sample Real Estate Purchase Contract
    2. Appendix B: Sample Short-Sale Addendum plus Short-Sale Information and Advisory
    3. Appendix C: Example of a Good Inspection Report
    4. Appendix D: Glossary
  9. Index
  10. About the Authors
  11. Advertisement Page
  12. Connect with Dummies
  13. End User License Agreement
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