This book is a quick, uncomplicated read about homebuying.It covers most of the basics one should consider when purchasing a home.However, I thought some of the questions ( such as Questions One and Two and Questions Seven and Eight) could have been combined into three concise questions questions.Still, the book made one very important point: get everything in writing.Although the text was too short to talk about the ins and outs of mortgage finance and protecting oneself in homeownership, again, the book did bring up most of the key points.However, the book failed to enlighten the prospective homeowner about several important issues:
1.Any insurance that you are obligated to purchase in concert with thehome purchase serves to protect the lender, and not you.Future editions of the text must endeavor to elaborate on this point, and let the reader know about universal title insurance (which protects you and the bank against claims of ownership) as well as the various types of home insurance (some policies only cover flood and fire, while others cover things like mold).In the book's defense, they did mention the voluntary purchase of a home warranty, which I must admit, was a new concept to me.However, once again, and I stress this with force, EVERYTHING YOU ARE OBLIGATED TO PURCHASE SERVES THE BANK'S INTEREST, while those things you voluntarily elect to purchase protects your interest.
2.There are many non-profit organizations that assist first-time homebuyers in purchasing a home.Some are comprehensive, offering homebuyer education as well as financing.Others simply provide downpayment assistance, while others limit themselves to advocacy.You can get a list of those organizations in your area that assist folks in purchasing a home from the US Department of Housing and Urban Development.Future editions should also mention that this list can also be obtained, free of charge, from county or state housing agencies.
3.Future editions of this should make the reader aware of the various homeownership alternatives and their merits and de-merits.It would be nice to know what the differences are between a manufactured home, a regular house, a condo and a co-op type deal are.
Readers of this book would do well to treat this book as a basic primer on home buying.More advanced readers can skip this book and read something like Homebuying for Dummies or The Complete Idiot's Guide to Homebuying, both of which one may find to be a bit more comprehensive.For those of you who have never owned a home, and know nothing about homebuying, thisbook serves as a good starting point for your homebuying education.
Product Description
Are you really prepared to make the biggest investment of your life?
Am I ready to buy a home?What should I look for in a house?How much should I offer?What happens at closing?Why is my mortgage payment so high?
20 Questions to Ask Before Buying a Home gives you the vital information you need to buy your first, second or umpteenth house in a compact, easy-to-read and inexpensive format-from making the decision to buy a home to tips on finding your perfect house, from how and what to offer to finding the right mortgage, from inspections and appraisals to closing and moving in.
The home-buying process can be frightening, especially for first-timers, but with the down-to-earth advice and detailed information 20 Questions to Ask Before Buying a Home offers, it doesn't have to be! The authors also include a number of real-life examples, checklists and step-by-step "to-do" lists to ensure you don't overlook even the smallest step.
Connie J. Price, GRI, CRM, is a licensed real estate professional in the State of Washington with more than 16 years of active experience. She is currently a real estate marketing coach in her own consulting practice and also serves as the marketing director of a large upscale housing and recreation development.
Ronald L. Price, MBA, AAGG, is a best-selling author with 24 titles in print and more than 26 years experience teaching business, management, economics, computing, and other business topics on the college level.
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ReplyDeleteIt is a great post.
One of the crucial steps to buying a homes for sale by owner is to get financially qualified. It is a relatively quick process of understanding your financial well-being and seeing how much of a house you can afford. It is important to have this done by a financial institution that does mortgages because they will be able to look at your entire financial picture. The first thing in qualifying for a loan is your credit rating. You may need to get a credit report pulled. Most lenders use the middle score to figure your credit rating. They get this figure by taking the credit score from all three credit reporting agencies and picking the middle one.