Reader's Reviews
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I am currently in the process of buying my first home. This book has certainly helped with the basics of the home buying process for the typical person with no experience in real estate. I purchased this book along with a book on mortgages and found that the dual combination was essential for making good decisions. I liked that the book was easy to read, entertaining, and practical. I do agree with other book reviewers that there needs to be a supplement or a little more in depth information, but this can be accomplished by reading many sources. I would definitely recommend this book!
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Short and sweet, this is a really good buy. The chapters are layed out well and they cover a heap of practical content in the area of home buying. I'm an absolute newb before this book, now I'm talking everyone's head off about the process of home buying and why everyone should own..something. LOL.
You will need a supplement for condo/co-ops if your into that and some target info on mortgages, but pick this up.
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This is a great read for a first time homebuyer because it explains things clearly and thoroughly without making many assumptions about what you know. I liked the section on alternative forms of financing, especially useful in this day of ever more restrictive bank lending.
However, it basically assumes you are going to be using a real estate agent/broker/realtor, so I was disappointed because I want to work without one and I hoped this book would make me independent.
The forms are weak; I was hoping for some sample Offers or Contracts, but instead it has a dream house worksheet and some random other forms which are so small and basic that they could easily be offered for free as a download instead of necessitating the enclosed CD.
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99 % of the material in this book can be found on a bank website (a major bank like Bank of America). Material covered is so basic don't buy it. The major, major points you should know are not covered and those points are the mortgage market an how to maneuver in it. All the other stuff your lender and real estate person will tell you about and get you through. But you have to know how lenders, banks and brokers, make their money. You have to know what a par rate is and what a yield spread premium is. You have to know where to go to find par rates and current general rates for the day, the week. You have to know about fees that banks charge and how to negotiate around them. This book does not touch them --except for one little sentence!
I've read the book and it really is very, very primitive in regard to what really matters. Particularly in this wicked economy where all the lenders are doing even more strange things. Your best bet is to by the Smart Money digital "book" for $5.00 online. It's new and gives you the very important points noted above and even gives you average closing costs to use for negotiating. At least this Smart Money "book" gives you the big picture of finance and you can go look up any details you want.
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I found this book to be easy to follow and helpful in my process. I think the most important information is "How to find the best __________" --- fill in the blank, Realtor, Mortgage Broker, Inspector. It's very helpful to have a list of questions when interviewing people who know a lot more about the subject that I do. I'm glad I started my research with this book.
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