Questions answered for new buyers

Bob Bruss Real Estate Center: "Questions answered for new buyers
By: Bob Bruss

If you are thinking about buying a house or condo, a great place to learn the basics is "The Everything Homebuying Book, Second Edition" by Mark B. Weiss and Ruth Rejnis. This new survey book explains the essential considerations for potential home buyers.

The book begins with six fears typical first-time home buyers often have. The authors answer such doubts as "I'm worried about the economy," "I'm confused about what to buy," "I'm afraid of being denied a loan" and "I don't have enough money for a down payment." Weiss and Rejnis overcome these fears with reassuring reasons to buy a home.

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However, the authors are very realistic. They list reasons why some people should not buy a home. The reasons not to buy include "You do not plan to stay in a home at least three years," and "You truly do not have the money for a down payment and cannot carry a mortgage payment no matter how many tips on both are offered in these pages."

The book's theme is to make readers confident educated home buyers so they won't make serious mistakes. This aim is partly accomplished by emphasizing such home ownership benefits as investment appreciation in market value, leverage (i.e., controlling a property with a small amount of cash), tax benefits, saving money, more space, security and pride of ownership.

If the book has a fault, it places too much emphasis on the cash down payment and how to raise it. Weiss and Rejnis suggest getting parents to help with the down payment, low down payment mortgage plans, lease-option purchases and equity sharing. But the authors overlook some of the newest home finance plans, such as 103 percent mortgages from Fannie Mae for home buyers with good credit and good income.

Weiss and Rejnis wisely explain why home buyers should first get pre-approved in writing by an actual mortgage lender before even looking at houses or condos. By getting pre-approved, the authors explain, home buyers will know what price range they can afford. Then they proceed to explain the variety of mortgage choices available.

Next, the book delves into details of finding a buyer's agent to make the house hunt easier by locating the right house or condo. The benefits and pitfalls of buyer's agency are well-explained.

An entire chapter is devoted to condominiums and cooperative apartments. This chapter does a good job of explaining the unique features of condo and co-op living, as well as special considerations for avoidance of a "bad" condo or co-op.

The book's best chapter is "Negotiating the Best Price." It emphasizes negotiation tactics to avoid overpaying and getting the lowest price the seller will accept. In addition to sharing negotiation strategies, Weiss and Rejnis explain how to keep emotions in check during the negotiation. For example, they suggest, "Do not slam doors or burn bridges. It is hard to come back after you say to the seller, ‘Take your stupid house and stuff it.'"

Chapter topics include "The Ins and Outs of Buying a New Home," "The Price of Home Ownership," "Choosing the Right Mortgage," "Working With a Real Estate Agent," "Buying Solo or With Others," "Which House is Right for You?" "Shopping the Neighborhood," "Negotiating the Best Contract," "The House Inspection" and "The Closing."

Weiss and Rejnis offer the right amount of home buying facts and practical advice without going into too much detail. They recommend using a lawyer, especially when buying from a for-sale-by-owner seller. This very complete book authoritatively discusses virtually everything important that is involved with home-buying. On my scale of one to 10, it rates a solid 10.

"The Everything Homebuying Book," Second Edition, by Mark B. Weiss and Ruth Rejnis (Adams Media Corporation, Avon, MA), 2003, $14.95, 289 pages; Available in stock or by special order at better bookstores, public libraries, and www.amazon.com.


(For more information on Bob Bruss publications, visit his
Real Estate Center).

Copyright 2003 Inman News Features

Distributed by Inman News Features
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