essential guide to buying your first home 2nd (2009)

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essential guide to buying your first home 2nd (2009)

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[...]... always point out situations in which we think that’s a good idea—consult an attorney licensed to practice in your state Bray, Ilona M., 1962-Nolo’s essential guide to buying your first home / by Ilona Bray, Alayna Schroeder, & Marcia Stewart 2nd ed p cm ISBN-13: 978-4133-0935-5 (pbk.) ISBN-10: 1-4133-0935-6 (pbk.) 1 House buying I Schroeder, Alayna, 1975- II Stewart, Marcia III Title HD1390.5.B734... helped us get there—professionals (some who taught us what to do, others who taught us what not to do!) and our families, who share the joy of homeownership with us About the Authors Ilona Bray is an attorney, author, and legal editor at Nolo Her other real estate books include The Essential Guide for First- Time Homeowners and Selling your House in a Tough Market, both co-authored with Alayna Schroeder... with adviser Sandy Gadow Your Homebuying Companion Buying a house may be one of the first certifiably grown-up things you ever do And no matter how ready you feel, taking a major step like this —particularly one where there are so many zeros on the price tag—can make you want to just close your eyes and get it over with But if you’re going to invest your time and money, you want to make sure you don’t... working on a real estate story—people from the realty industry would say, ʹHow can you write about home ownership when you donʹt even own a home? ʹ Iʹd say, ʹDo I have to rob a bank to write about crime?ʹ Now that Iʹve been writing about real estate for years, I realize thereʹs no end of stuff to learn— details of mortgages, appraisals, the physical structure of homes, unique homebuying experiences, and... Questionnaire Attorney Reference Questionnaire Home Inspector Interview Questionnaire Home Inspector Reference Questionnaire Tools for Evaluating a House’s Physical Condition Indiana Seller’s Residential Real Estate Disclosure California Real Estate Transfer Disclosure Statement California Natural Hazard Disclosure Statement Sample Home Inspection Report Final Walk-Through Checklist (Existing Home) Final... turned it into a beautifully designed book And to Ellen Bitter in Nolo’s Application Development Department for helping put together the capital Homebuyer’s Toolkit on the CD-ROM Thanks also to Nolo founder Jake Warner, who championed this book idea for many years Our basements may be cluttered, our gardens may need weeding, and our floors may need a good scrubbing—but we love our homes Thanks to the people... happy to stay in for a long time, no matter what the market does To do that, you need a lot of information This book is full of nuts-and-bolts information about the homebuying process But it’s also got anecdotes and advice that we hope will remind you to enjoy this exciting, if sometimes frustrating or nervewracking process Keep in mind what you’re aiming for: your own home, where you’re free to pound... a “Dream List” that prompts you to set out your priorities, checklists to carry when you tour a house or condo, or a set of interview questions for potential real estate agents, you’ll find it there And as a bonus, it includes MP3s with interviews of several of our advisers, plus this book’s authors, who share their insider insights Navigating the path to YOUR FIRST HOME The three authors of this book,... goals and objectives may be, we hope you recognize yourself in some of the stories and experiences reflected in this book So hang on tight to this book, that is It will be your companion, providing advice, information, and inspiration all along the path to your new front door CHAPTER 1 What’s So Great About Buying a House? Why You Can and Should Do It Meet Your Adviser Broderick Perkins, an award-winning... surrounding trees Alayna Schroeder is a member of Nolo’s editorial staff whose legal career has taken her from corporate law firm to consulting to a stint in the Peace Corps According to Sacramento Magazine, the home she shares with her husband and Bolivian-born dog, Luna, is in one of the Sacramento area’s ten Great Neighborhoods—a fact Alayna tries to remember as she redoes the aging plaster and labors . idea—consult an attorney licensed to practice in your state. Bray, Ilona M., 1962-Nolo’s essential guide to buying your first home / by Ilona Bray, Alayna Schroeder, & Marcia Stewart. 2nd ed Costs of Buying and Owning a Home Spend Much? How Lenders Use Your Debt -to- Income Ratio Blasts From the Past: How Your Credit History Factors In What’s Your Monthly Budget? Understanding Your Finances Getting. Pizzazz: Your Home Is Your Castle No More Mr. Roper: Say Goodbye to Renting You Can Do It … If You Want To CHAPTER 2 - What Do You Want? Figuring Out Your Homebuying Needs Know Your Ideal

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  • Title Page

  • Praise

  • Copyright Page

  • Acknowledgements

  • About the Authors

  • Your Homebuying Companion

  • CHAPTER 1 - What’s So Great About Buying a House? Why You Can and Should Do It

  • Investment Value: Get What You Pay For … And Then Some

  • Tax Breaks: Benefits From Uncle Sam

  • Personality and Pizzazz: Your Home Is Your Castle

  • No More Mr. Roper: Say Goodbye to Renting

  • You Can Do It … If You Want To

  • CHAPTER 2 - What Do You Want? Figuring Out Your Homebuying Needs

  • Know Your Ideal Neighborhood: Why Location Matters

  • Know Yourself: How Your Lifestyle, Plans, and Values Affect Your House Priorities

  • Know Your Ideal House: Old Bungalows, New Condos, and More

  • Would You Like Land With That? Single-Family Houses

  • Sharing the Joy, Sharing the Pain: Common Interest Properties

  • Factory Made: Modular and Manufactured Homes

  • Putting It All Together: Your Dream List

  • CHAPTER 3 - Does This Mean I Have to Balance My Checkbook? Figuring Out What ...

  • Beyond the Purchase Price: The Costs of Buying and Owning a Home

  • Spend Much? How Lenders Use Your Debt-to-Income Ratio

  • Blasts From the Past: How Your Credit History Factors In

  • What’s Your Monthly Budget? Understanding Your Finances

  • Getting Creative: Tips for Overcoming Financial Roadblocks

  • The Power of Paper: Getting Preapproved for a Loan

  • CHAPTER 4 - Stepping Out: What’s on the Market and at What Price

  • What’s the Buzz? Checking Out Neighborhoods From Your Chair

  • See for Yourself: Driving Through Neighborhoods

  • On Foot: Talking to the Natives

  • Sunrise, Sunset: Getting Day and Night Perspectives

  • Got Houses? Finding Out What’s Locally Available

  • How Much Did That One Go For? Researching “Comparable” Sales

  • Hot or Cold? Take the Market’s Temp

  • Just Looking: The Open House Tour

  • Nothing to Look at Yet? Finding Your Dream Development

  • CHAPTER 5 - Select Your Players: Your Real Estate Team

  • Your Team Captain: The Real Estate Agent

  • Your Cash Cow: The Mortgage Broker or Banker

  • Your Fine Print Reader: The Real Estate Attorney

  • Your Sharp Eye: The Property Inspector

  • Your Big Picture Planner: The Closing Agent

  • Strength in Numbers: Other Team Members

  • CHAPTER 6 - Bring Home the Bacon: Getting a Mortgage

  • Let’s Talk Terms: The Basics of Mortgage Financing

  • Who’s Got the Cash? Where to Get a Mortgage

  • Narrowing the Field: Which Type of Mortgage Is Best for You?

  • Getting Your Cash Together: Common Down Payment and Financing Strategies

  • Where Do I Look? Researching Mortgages

  • I’ll Take That One! Applying for Your Loan

  • Unique Financial Considerations for Co-op Buyers

  • CHAPTER 7 - Mom and Dad? The Seller? Uncle Sam? Loan Alternatives

  • No Wrapping Required: Gift Money From Relatives or Friends

  • All in the Family: Loans From Relatives or Friends

  • A One-Person Bank: Seller Financing

  • New Home Financing

  • Backed by Uncle Sam: Government-Assisted Loans

  • CHAPTER 8 - I Love It! It’s Perfect! Looking for the Right House

  • How Your Agent Can Help

  • The Rumor Mill: Getting House Tips From Friends

  • Planning Ahead for House Visits

  • Come on In: What to Expect as You Enter

  • Do We Have a Match? Using Your Dream List

  • All the World’s Been Staged: Looking Past the Glitter

  • Recent Remodels: What to Watch Out For

  • Walk the Walk: Layout and Floorplan

  • What Do They Know? Reviewing Seller Disclosure Reports

  • Reviewing the Seller’s Inspection Reports (If Any)

  • Poking Around: Doing Your Own Initial Inspection

  • Hey, Nice Dirt Pile! Choosing a Not-Yet-Built House

  • Buying a New or Old Condo or Co-op? Research the Community

  • CHAPTER 9 - Plan B: Fixer-Uppers, FSBOs, Foreclosures, and More

  • Castoffs: Searching for Overlooked Houses

  • A Foot in the Door: Buying a Starter House

  • Have It Your Way: Buying a Fixer-Upper or House You Can Add on To

  • Share Your Space: Buying Jointly

  • Subdivide Your Space: Renting Out a Room

  • Hey, Where’s Their Agent? Looking for FSBOs (For Sale by Owners)

  • On the Auction Block: Buying Short Sale, Foreclosure, or Probate Properties

  • CHAPTER 10 - Show Them the Money: From Offer to Purchase Agreement

  • Start to Finish: Negotiating and Forming a Contract

  • More Than Words: What’s in the Standard Purchase Contract

  • Too Much? Not Enough? How Much to Offer

  • Keeping Your Exit Routes Open: Contingencies

  • Putting Your Money Where Your Mouth Is: The Earnest Money Deposit

  • Divvy It Up: Who Pays What Fees

  • Deal or No Deal: Picking an Expiration Date

  • Think Ahead: Closing Date

  • Strategies in a Cold Market: What to Ask For

  • Strategies in a Hot Market: Making Your Offer Stand Out

  • Contracting to Buy a Brand-New Home

  • CHAPTER 11 - Toward the Finish Line: Tasks Before Closing

  • Wrappin’ It Up: Removing Contingencies

  • Will It Really Be Yours? Getting Title Insurance

  • Yours, Mine, or Ours? What to Say on the Deed

  • Get Ready, ’Cause Here I Come: Preparing to Move

  • CHAPTER 12 - Send in the Big Guns: Professional Property Inspectors

  • Inspection Overview: What, When, and at What Cost?

  • House Calls: Your General Inspection

  • Tagging Along at Your General Inspection

  • Say What? Understanding Your General Inspection Report

  • Termite or Pest Inspections

  • When to Get Other, Specialized Inspections

  • Trouble in Paradise: Inspecting Newly Built Homes

  • CHAPTER 13 - Who’s Got Your Back? Homeowners’ Insurance and Home Warranties

  • Damage Protection: Hazard Insurance

  • Protection for Other’s Injuries: Liability Insurance

  • Your Out-of-Pocket: Homeowners’ Insurance Costs

  • Shopping Around for Homeowners’ Insurance

  • Jointly Owned, Jointly Insured: What Your Community Association Pays For

  • Home Warranties for Preowned Houses

  • Home Warranties for Newly Built Houses

  • CHAPTER 14 - Seal the Deal: Finalizing Your Homebuying Dreams

  • Preview of Coming Attractions: What Your Closing Will Involve

  • Is It Really Empty? Final Walk-Through of an Existing House

  • Is It Really Finished? Final Walk-Through of a New House

  • Your Last Tasks Before the Closing

  • The Drum Roll, Please: Attending the Closing

  • Closing Documents, Part One: Your Mortgage Loan

  • Closing Documents, Part Two: Transferring the Property

  • Can I Move In? Taking Possession

  • CHAPTER 15 - Settling Into Your New Home

  • Tell the World You’ve Moved

  • Home, Hearth, and Hors d’Oeuvres: Settle in Socially

  • The Safest Home in Town: Yours

  • Cozy Up … Without Breaking The Bank

  • There’s a Place for It: Organize Your Records

  • Back to the Future: Get Your Finances on Track

  • APPENDIX A

  • Index

  • NOLO

  • Sample Forms From the CD-Rom

  • Questions for Seller Worksheet

  • Condo/Co-Op Worksheet

  • Questions for Talking with Locals

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