Peter Richmond - The Complete Idiots Guide to Buying a Home

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Table of Contents

This book is dedicated to my mother, Edna Dorothy Richmond, and my sister, Paula (Richmond)
Adriance. Both were teachers, the most valuable and, unfortunately, most underappreciated position in
our society today. Both taught English composition and literature.

ALPHA BOOKS

Published by the Penguin Group
Penguin Group (USA) Inc., 375 Hudson Street, New York, New York 10014, USA
Penguin Group (Canada), 90 Eglinton Avenue East, Suite 700, Toronto, Ontario M4P 2Y3, Canada (a division of
Pearson Penguin Canada Inc.)
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Group Pty. Ltd.)
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New Zealand Ltd.)
Penguin Books (South Africa) (Pty.) Ltd., 24 Sturdee Avenue, Rosebank, Johannesburg 2196, South Africa
Penguin Books Ltd., Registered Offices: 80 Strand, London WC2R 0RL, England

Introduction

Congratulations! Either youre about to buy a home or youre giving serious thought to doing so. Buying a home can be one of the most exciting things you will ever dobut it can also be one of the scariest, since its likely to be the biggest financial investment youll ever make. However, as youll find from following the advice and ideas contained in this book, you canhandle the daunting parts and really take pleasure in your home-buying process. And of course, it all leads up to you being handed the keys to your new home and finally moving in!

Youll find many different home-buying subjects covered here, all of them important parts of the processdeciding what you want and need in your home, meeting with a Realtor, securing a mortgage, finding a home, placing an offer, going through the inspections, obtaining certain documents, and getting through the closing.

We lead you through this process by sharing personal experiences in both banking and real estate. Good luck! See you at the housewarming!

How to Use This Book

Weve organized this book into five easy-to-follow parts, each covering a specific part of the process of buying a home, to help you successfully find and purchase your home.

Part 1, Home Buying 101,examines your goals and concerns about buying a home. Included in this part is a discussion of terminology youll need to be familiar with, how to find a Realtor, and how to determine exactly what kind of a home you want to buyincluding location, style, and size of home. By the end of this part, youll have a completed dream list of what you want your home to look like!

Part 2, Money Talk,is all about the financials of buying a home. From the money youll needdown payment and closing coststo how youll pay for itcash, mortgageto the money youll savetax breaks and morethis part covers it all. First, youll figure out how youre going to pay for your home. Youll learn about various types of mortgages and mortgage lenders, and youll discover options from government-supported institutions; youll also come to understand the interest rates and costs associated with a loan. Youll learn about your credit history and score, and how both affect your purchase and your mortgage. If your credit hasnt always been stellar, youll find valuable information on how this affects your loan and what you can do to improve it before buying a home.

Part 3, Finding Your Home,focuses on finding your dream home. Youll learn about traditional open houses and how you can find your homeand take toursthrough the Internet. This part also shows you how to understand whether its a sellers or buyers market and what that means to you. Youll examine the home and its surrounding area to see if it fits your criteria, and then learn how to place an offer on the home. And since not every home purchase is picture perfect, youll learn how to handle any obstacles that come along.

Part 4, Getting Closer,gives you a primer on home inspections. Now that you have the home youre interested in, this part shows you how to find out if its in good condition and, if there are any problems, how to use them to your financial benefit. Youll also learn about the disclosure documents youll need and the benefits of seller financing and seller concessionsthe latter of which can save you hundreds, if not thousands, of dollars in closing costs.

Part 5, Taking Possession and Moving In,gets you to the finish line. It focuses on everything you need to know about the closing. Youll learn the differences between escrow and attorney closes. Youll also find out everything you need to know about moving into your new home, including the potential advantages of using professional moving companies versus the advantages of doing the move on your own.

Separately, when we feel something should be highlighted for you, we do it with a sidebar, set in a special box such as this:

Tips and Traps

Pay attention to this information. It can be very useful!

Warning!

Be very careful about what we share in these sidebars. Dont take this information lightly.

definition

This tells you in plain English exactly what something means.

Quotes and Facts

Here youll find quotes from experts and buyers about their home-buying experiences, or helpful facts related to the subject being discussed.

Acknowledgments

Id like to thank a number of people for their help, guidance, and ideas on this book, for without them it would not have happened. As always, my agent Marilyn Allen, absolutely the best agent anyone could ever have, tops the list. Lisa Iannucci, an excellent writer in her own right, kept me on point and was always a great source of ideas and suggestions to keep the project on track. Her edits were very valuable to me as well. For his friendship, ideas, and information on the latest in the mortgage industry, Alan Garber continues to be invaluable. I also want to thank Ellie Besancon of the California Association of Realtors, as well as Lily Ruiz and Tim de Wolfe of the San Francisco Federal Reserve Bank for their assistance with some of the documentary forms you see in this book.

Also not to be forgotten by any means are the following members of the greatest organization of practicing Realtors anywhere, The Allen Hainge CyberStars: Ken Deshaies, Tucker Robbins, Elaine Lawson, Sven Andersen, Cheryl Scott-Daniels, Sandra Nickel, Jackie Safran, Allyson Hoffman, Henri Gutner, Nick Molnar, Stephanie Evelo, Alice Held, and Tim Kinzler. If you, dear reader, ever need a Realtor, you can do no better than any of these folks.

Finally, to my wife Jane and my daughters Jenn and Sara for their continuing love, help, and inspiration. Words are never enough, but will have to suffice for your constant support and understanding.

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