100 Questions Every First-Time Home Buyer Should Ask
by: I. Glink
Topics include: existing home warranties, preclosing inspection, buyer tip, home buyer should ask, estate tax escrow, escrow service fee, buying new construction, conventional broker, home that costs, disapproval right, buyer broker, managing broker, seller broker, exclusive buyer agent, real property transaction, inspection contingency, home warranty, dual agent, listing sheet, real estate commission, real estate attorney, good faith estimate, attorney approval, exclusivity agreement, seller disclosure
The author doesn't do enough to warn you about hidden home faults. Home inspectors can't completely help here: They usually get their referrals from brokers, and won't tell you the worst of what can happen -- or the brokers will stop recommending them. Spend extra time and money and have trustworthy experts scan the potential home in terms of wiring/electrical, heating + air conditioning, structural, roofing, basements, plumbing, soil, and environmental hazards. They will find things that you can use to get the price lowered to cover the cost of repairs.
Look into "rent with an option to purchase" options. All of your rent can go towards the down payment.
Reviews:
a) Not thinking about how hard it may be to resell the home. (b) Underestimating how much money will be needed to fix the house up. (c) Overpaying for the home because of not realizing how to negotiate. (d) Waiting until finding one's soul mate before purchasing. (e) Spending more than you can afford, and using boxes for furniture. (f) Buying a house that does not fit your needs (where will you put four kids and you in two bedrooms?). (g) Long commutes to work, school, shopping.
Tip: spend time in the lawn / yard of your potential new home at all hours of the day and night. You might be surprised by some of the positive and negative features that crop up.
Good reference sections on contracts, resources, and real estate terms; also has mortgage payment tables in the Appendix (but they only go up to $100,000).
