Nolo's Essential Guide to Buying Your First Home

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Authors: Ilona Bray,Alayna Schroeder,Marcia Stewart

Tags: #Law, #Business & Economics, #House buying, #Property, #Real Estate

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Table of Contents

Your Homebuying Companion

CHAPTER 1 - What’s So Great About Buying a House? Why You Can and Should Do It

Investment Value: Get What You Pay For … And Then Some

Tax Breaks: Benefits From Uncle Sam

Personality and Pizzazz: Your Home Is Your Castle

No More Mr. Roper: Say Goodbye to Renting

You Can Do It … If You Want To

CHAPTER 2 - What Do You Want? Figuring Out Your Homebuying Needs

Know Your Ideal Neighborhood: Why Location Matters

Know Yourself: How Your Lifestyle, Plans, and Values Affect Your House Priorities

Know Your Ideal House: Old Bungalows, New Condos, and More

Would You Like Land With That? Single-Family Houses

Sharing the Joy, Sharing the Pain: Common Interest Properties

Factory Made: Modular and Manufactured Homes

Putting It All Together: Your Dream List

CHAPTER 3 - Does This Mean I Have to Balance My Checkbook? Figuring Out What ...

Beyond the Purchase Price: The Costs of Buying and Owning a Home

Spend Much? How Lenders Use Your Debt-to-Income Ratio

Blasts From the Past: How Your Credit History Factors In

What’s Your Monthly Budget? Understanding Your Finances

Getting Creative: Tips for Overcoming Financial Roadblocks

The Power of Paper: Getting Preapproved for a Loan

CHAPTER 4 - Stepping Out: What’s on the Market and at What Price

What’s the Buzz? Checking Out Neighborhoods From Your Chair

See for Yourself: Driving Through Neighborhoods

On Foot: Talking to the Natives

Sunrise, Sunset: Getting Day and Night Perspectives

Got Houses? Finding Out What’s Locally Available

How Much Did That One Go For? Researching “Comparable” Sales

Hot or Cold? Take the Market’s Temp

Just Looking: The Open House Tour

Nothing to Look at Yet? Finding Your Dream Development

CHAPTER 5 - Select Your Players: Your Real Estate Team

Your Team Captain: The Real Estate Agent

Your Cash Cow: The Mortgage Broker or Banker

Your Fine Print Reader: The Real Estate Attorney

Your Sharp Eye: The Property Inspector

Your Big Picture Planner: The Closing Agent

Strength in Numbers: Other Team Members

CHAPTER 6 - Bring Home the Bacon: Getting a Mortgage

Let’s Talk Terms: The Basics of Mortgage Financing

Who’s Got the Cash? Where to Get a Mortgage

Narrowing the Field: Which Type of Mortgage Is Best for You?

Getting Your Cash Together: Common Down Payment and Financing Strategies

Where Do I Look? Researching Mortgages

I’ll Take That One! Applying for Your Loan

Unique Financial Considerations for Co-op Buyers

CHAPTER 7 - Mom and Dad? The Seller? Uncle Sam? Loan Alternatives

No Wrapping Required: Gift Money From Relatives or Friends

All in the Family: Loans From Relatives or Friends

A One-Person Bank: Seller Financing

New Home Financing

Backed by Uncle Sam: Government-Assisted Loans

CHAPTER 8 - I Love It! It’s Perfect! Looking for the Right House

How Your Agent Can Help

The Rumor Mill: Getting House Tips From Friends

Planning Ahead for House Visits

Come on In: What to Expect as You Enter

Do We Have a Match? Using Your Dream List

All the World’s Been Staged: Looking Past the Glitter

Recent Remodels: What to Watch Out For

Walk the Walk: Layout and Floorplan

What Do They Know? Reviewing Seller Disclosure Reports

Reviewing the Seller’s Inspection Reports (If Any)

Poking Around: Doing Your Own Initial Inspection

Hey, Nice Dirt Pile! Choosing a Not-Yet-Built House

Buying a New or Old Condo or Co-op? Research the Community

CHAPTER 9 - Plan B: Fixer-Uppers, FSBOs, Foreclosures, and More

Castoffs: Searching for Overlooked Houses

A Foot in the Door: Buying a Starter House

Have It Your Way: Buying a Fixer-Upper or House You Can Add on To

Share Your Space: Buying Jointly

Subdivide Your Space: Renting Out a Room

Hey, Where’s Their Agent? Looking for FSBOs (For Sale by Owners)

On the Auction Block: Buying Short Sale, Foreclosure, or Probate Properties

CHAPTER 10 - Show Them the Money: From Offer to Purchase Agreement

Start to Finish: Negotiating and Forming a Contract

More Than Words: What’s in the Standard Purchase Contract

Too Much? Not Enough? How Much to Offer

Keeping Your Exit Routes Open: Contingencies

Putting Your Money Where Your Mouth Is: The Earnest Money Deposit

Divvy It Up: Who Pays What Fees

Deal or No Deal: Picking an Expiration Date

Think Ahead: Closing Date

Strategies in a Cold Market: What to Ask For

Strategies in a Hot Market: Making Your Offer Stand Out

Contracting to Buy a Brand-New Home

CHAPTER 11 - Toward the Finish Line: Tasks Before Closing

Wrappin’ It Up: Removing Contingencies

Will It Really Be Yours? Getting Title Insurance

Yours, Mine, or Ours? What to Say on the Deed

Get Ready, ’Cause Here I Come: Preparing to Move

CHAPTER 12 - Send in the Big Guns: Professional Property Inspectors

Inspection Overview: What, When, and at What Cost?

House Calls: Your General Inspection

Tagging Along at Your General Inspection

Say What? Understanding Your General Inspection Report

Termite or Pest Inspections

When to Get Other, Specialized Inspections

Trouble in Paradise: Inspecting Newly Built Homes

CHAPTER 13 - Who’s Got Your Back? Homeowners’ Insurance and Home Warranties

Damage Protection: Hazard Insurance

Protection for Other’s Injuries: Liability Insurance

Your Out-of-Pocket: Homeowners’ Insurance Costs

Shopping Around for Homeowners’ Insurance

Jointly Owned, Jointly Insured: What Your Community Association Pays For

Home Warranties for Preowned Houses

Home Warranties for Newly Built Houses

CHAPTER 14 - Seal the Deal: Finalizing Your Homebuying Dreams

Preview of Coming Attractions: What Your Closing Will Involve

Is It Really Empty? Final Walk-Through of an Existing House

Is It Really Finished? Final Walk-Through of a New House

Your Last Tasks Before the Closing

The Drum Roll, Please: Attending the Closing

Closing Documents, Part One: Your Mortgage Loan

Closing Documents, Part Two: Transferring the Property

Can I Move In? Taking Possession

CHAPTER 15 - Settling Into Your New Home

Tell the World You’ve Moved

Home, Hearth, and Hors d’Oeuvres: Settle in Socially

The Safest Home in Town: Yours

Cozy Up … Without Breaking The Bank

There’s a Place for It: Organize Your Records

Back to the Future: Get Your Finances on Track

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