Glink - 100 questions every first-time home buyer should ask: with answers from top brokers from around the country

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This book is intended as a general guide to the topics discussed and does not deliver accounting, personal finance, or legal advice. It is not intended, and should not be used, as a substitute for professional advice (legal or otherwise). You should consult a competent attorney and/or other professional with specific issues, problems, or questions you may have.

Company names, logos, and trademarks used in the book belong to the companies that own them. There is no attempt to appropriate these names, logos, and trademarks, and none should be construed. Also, there is no endorsement, implied or otherwise, of the companies listed in this book. They are used to illustrate the types of places, software, or information centers where readers can find more information. Finally, company names, phone numbers, addresses, and websites may have changed since the publication of this book.

For an up-to-date list of websites, or to contact Ilyce Glink, please visit her website, www.thinkglink.com.

Copyright 2005 by Ilyce R. Glink

All rights reserved.

Published in the United States by Three Rivers Press, an imprint of the Crown Publishing Group, a division of Random House, Inc., New York.
www.crownpublishing.com

THREE RIVERS PRESS and the Tugboat design are registered trademarks of Random House, Inc.

Library of Congress Cataloging-in-Publication Data

Glink, Ilyce R., 1964
100 questions every first-time home buyer should ask : with answers from top brokers from around the country / Ilyce R. Glink.3rd ed.
1. House buying. 2. Residential real estatePurchasing. 3. House buyingUnited States. 4. Residential real estatePurchasingUnited States. I. Title: One hundred questions every first-time home buyer should ask. II. Title.
HD1379.G58 2005
643.12dc22

2004020973

ISBN 1-4000-8197-1
eBook ISBN: 978-0-307-83450-8

Design by Sarah Gubkin

v3.1

For my mother, Susanne,
who is the kind of real estate agent
every home buyer dreams of;

for Sam, Alex, and Michael,
without whom my home would be just a house;

and in memory of Harry, Maddie, and Lexi Bull:
may their sunny smiles and happy hearts live on in us always.

Whether youre a first-time buyer or purchasing your first investment property, your first newly constructed house or your first house in 30 years, youve come to the right place.

This book is a book for first-time buyers and anyone who feels even a bit unsure about the process of buying a house. Others who might find this book helpful include buyers who bought homes within the past few years but had trouble with their agents, the negotiation process, the inspection, the closing, or any of the pieces that go into the complex game called real estate.

But first-time buyers are a breed apart. Brokers say the moment first-time buyers walk into the house of their dreams and realize it is affordable, a glow of complete satisfaction settles on their faces; it is the thrill of finally achieving the American Dream.

The idea for this book came to me as I was writing an article for the Your Place section of the Chicago Tribune at the start of my career as a real estate and money journalist many years ago. The article was supposed to be about the questions first-time buyers ask. The brokers I interviewed told me all first-time buyers ask the same questionsover and over again. I easily culled a dozen questions from my interviews with brokers. And then another dozen. Over the years, Ive added to, and refined, the questions on that list. In this third edition, there are perhaps a dozen new questions, and many more that have been completely rewritten. Because the real estate industry has continued to undergo a remarkable revolution since the last edition of this book was published, almost every answer contains changes as well.

One thing remains loud and clear: Home buying is complicated and becomes more so every time the government tries to simplify the process. First-time home buyers often dont know what questions to ask. Even seasoned home buyers dont remember to ask every question they should. In real estate deals, those unasked, unanswered questions are often the ones that cause the most trouble.

This new edition of 100 Questions Every First-Time Home Buyer Should Ask leads you through the maze of purchasing property by answering questions that pop up at different checkpoints along the way. Youll find plenty of information about shopping for a home and a loan on the World Wide Web, moving across state lines, and buying a brand-new home. The appendixes include a list of things you can do to save money on your home purchase, as well as an updated state-by-state guide that tells you where to file complaints against your mortgage lender and real estate agent or broker, an enhanced General Resources section, and a listing of all the websites used in this book. After this book goes to press, Ill continue to update those lists and add new information as it becomes available, on my website, www.thinkglink.com.

Ive tried to phrase these 100 questions in a way that you would think about them and ask them. And Ive tried to explain the answers in a way you would understand and recognize. There are two ways to use this book. You can read it cover to cover, starting with the introduction. Or you can pick it up when you have a question, find your question, and read the answer. I recommend you do both.