Buying Your First Home
Buy Now Buy Now
Table of Contents Introduction: Looking Ahead 1 New Homes vs. Older Homes 4 Which Home to Choose 4 Chapter1: Location, Location, Location 7 Finding the Right Neighborhood 12 How Clean is This Neighborhood? 13 Is This a High Crime Area? 14 Average Home Value in the Neighborhood 15 Are There Community By-Laws? 16 What is the Home Close to 24 Is There Garbage Pickup 25 City Life vs. Country Living 25 City Life 26 Pros 26 Cons 27 Country Living 27 Pros 27 Cons 27 Suburban Living 28 Pros 28 Cons 28 Making the Commute 29 Schools in the Area 31 Grocery Shopping and Other Necessities 32 Other Location Consideration 33 Chapter 2: Working With a Realtor® 35 Choosing a Realtor 35 Experienced Agents vs. New Agents 46 Absentee Agents 48 Hard Working Agents 49 Preparing to See Homes with your Realtor® 57 Create a List 57 Viewing Homes 70 Taking Pictures 71 Narrowing Down Your Choices 72 Information the Realtor® Should Tell You 73 Paperwork 76 Survey Neighborhoods 77 More Reasons to Hire a Real Estate Agent 77 Peace of Mind 77 Wealth of Knowledge 78 Confidence 78 Chapter 3: Playing the Housing Market 82 Watching the Housing Market 82 Making the Most of the Housing Market 84 National Interest Rates for Mortgage 85 Building Rates in Your Area 86 Number of Foreclosures in Your Area 87 Stock Market and Gasoline Price 87 In the End 88 Buying vs. Renting 89 Buying a Home 90 Pros 90 Cons 91 Renting a Home 91 Pros 91 Cons 91 Rent to Own 92 New 94 Use the Housing Market to Your Advantage 96 Chapter 4: Making a Realistic Offer 99 What to Do Before Making a Realistic Offer 99 Attend Open House 100 Find Out More About a Property 101 Find Out More About Taxes in the Area 102 Have an Appraisal Before Making an Offer 103 How to Write a Purchase Offer 103 Make an Offer 106 Low/High Offers 107 Making the Right Offer 108 Handle Counter Offers 109 Dealing with Rejection 110 Considering Items in the Home 111 Understanding the Seller 112 What to Do in a Buyer’s Market 115 What to Do in a Seller’s Market Chapter 5: Home Inspection 128 The Importance of Home Inspection 128 How to Find a Home Inspection 131 What to Expect From a Home Inspection 134 Places That Should Be Inspected 136 Chimney/Fireplace 137 Attic/Basement/Crawl Space 137 Swimming Pools 138 Appliances and Smoke Detectors 138 Termite Inspections 138 How Homeowners Will React 141 How Home Inspection Lowers Price 143 The Final Walkthrough 147 The Closing 149 When to Walk Away 151 Chapter 6: Financing Your Home 153 Types of Home Loans 154 Fixed Rate Mortgage Loans 159 Adjustable Rate Mortgage Loans 160 Balloon Mortgages 162 Jumbo Loans 163 Where to Find a Lender 165 Applying For a Home Loan 173 What Not to Do/Applying For Loan 176 Increase Your Chances for Approval 177 How Appraisal Can Affect Your Loan 180 Homeowner Reduces Selling Price 180 Higher Down Payment 180 Dispute the Appraisal 181 Find Another Lender 181 How Home Inspections Affect Your Loan 182 Additional Fees for Home Loans 185 Good Faith Estimates 191 Escrow and Other Loan Terms 192 Chapter 7: Contracts, Warranties, & Closing 227 Contracts 227 Contingencies 228 Builder Contracts 230 Mortgage Contracts 231 Closing Agreements 231 Home Warranties 232 Closing 234 Signing Contracts 234 Final Walk Through 234 Paying Closing Costs 235 Getting Your Keys 233 Closing Cost Overview and Explanations 233 Moving Tips 238 Conclusion 258 Recommended Resources 260
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Buying Your First Home
Buy Now Buy Now
Table of Contents Introduction: Looking Ahead 1 New Homes vs. Older Homes 4 Which Home to Choose 4 Chapter1: Location, Location, Location 7 Finding the Right Neighborhood 12 How Clean is This Neighborhood? 13 Is This a High Crime Area? 14 Average Home Value in the Neighborhood 15 Are There Community By-Laws? 16 What is the Home Close to 24 Is There Garbage Pickup 25 City Life vs. Country Living 25 City Life 26 Pros 26 Cons 27 Country Living 27 Pros 27 Cons 27 Suburban Living 28 Pros 28 Cons 28 Making the Commute 29 Schools in the Area 31 Grocery Shopping and Other Necessities 32 Other Location Consideration 33 Chapter 2: Working With a Realtor® 35 Choosing a Realtor 35 Experienced Agents vs. New Agents 46 Absentee Agents 48 Hard Working Agents 49 Preparing to See Homes with your Realtor® 57 Create a List 57 Viewing Homes 70 Taking Pictures 71 Narrowing Down Your Choices 72 Information the Realtor® Should Tell You 73 Paperwork 76 Survey Neighborhoods 77 More Reasons to Hire a Real Estate Agent 77 Peace of Mind 77 Wealth of Knowledge 78 Confidence 78 Chapter 3: Playing the Housing Market 82 Watching the Housing Market 82 Making the Most of the Housing Market 84 National Interest Rates for Mortgage 85 Building Rates in Your Area 86 Number of Foreclosures in Your Area 87 Stock Market and Gasoline Price 87 In the End 88 Buying vs. Renting 89 Buying a Home 90 Pros 90 Cons 91 Renting a Home 91 Pros 91 Cons 91 Rent to Own 92 New 94 Use the Housing Market to Your Advantage 96 Chapter 4: Making a Realistic Offer 99 What to Do Before Making a Realistic Offer 99 Attend Open House 100 Find Out More About a Property 101 Find Out More About Taxes in the Area 102 Have an Appraisal Before Making an Offer 103 How to Write a Purchase Offer 103 Make an Offer 106 Low/High Offers 107 Making the Right Offer 108 Handle Counter Offers 109 Dealing with Rejection 110 Considering Items in the Home 111 Understanding the Seller 112 What to Do in a Buyer’s Market 115 What to Do in a Seller’s Market Chapter 5: Home Inspection 128 The Importance of Home Inspection 128 How to Find a Home Inspection 131 What to Expect From a Home Inspection 134 Places That Should Be Inspected 136 Chimney/Fireplace 137 Attic/Basement/Crawl Space 137 Swimming Pools 138 Appliances and Smoke Detectors 138 Termite Inspections 138 How Homeowners Will React 141 How Home Inspection Lowers Price 143 The Final Walkthrough 147 The Closing 149 When to Walk Away 151 Chapter 6: Financing Your Home 153 Types of Home Loans 154 Fixed Rate Mortgage Loans 159 Adjustable Rate Mortgage Loans 160 Balloon Mortgages 162 Jumbo Loans 163 Where to Find a Lender 165 Applying For a Home Loan 173 What Not to Do/Applying For Loan 176 Increase Your Chances for Approval 177 How Appraisal Can Affect Your Loan 180 Homeowner Reduces Selling Price 180 Higher Down Payment 180 Dispute the Appraisal 181 Find Another Lender 181 How Home Inspections Affect Your Loan 182 Additional Fees for Home Loans 185 Good Faith Estimates 191 Escrow and Other Loan Terms 192 Chapter 7: Contracts, Warranties, & Closing 227 Contracts 227 Contingencies 228 Builder Contracts 230 Mortgage Contracts 231 Closing Agreements 231 Home Warranties 232 Closing 234 Signing Contracts 234 Final Walk Through 234 Paying Closing Costs 235 Getting Your Keys 233 Closing Cost Overview and Explanations 233 Moving Tips 238 Conclusion 258 Recommended Resources 260
‘’You open this book with a dream, you can close this book with a dream home.”