The 106 Common Mistakes Homebuyers Make (and How to Avoid Them): Edition 4

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Everything first-timers need to know to avoid the most commonmistakes homebuyers make

Written especially for first-timers, this eye-opening guideturns you into an educated consumer, ensuring that the home orcondo you buy is both a comfortable place to live and a greatinvestment for the future. Compiled from the experience of hundredsof homebuyers, real estate agents, home builders, and mortgagelenders, it shows you the most common mistakes buyers make andillustrates them in practice so you don't fall into the sametraps.

Now revised and updated for today's hot real estate market, thisinvaluable resource covers everything from negotiating with sellersand making the down payment to shopping for the best mortgage andhandling the closing. The new Fourth Edition also includestotally up-to-date guidance on using the Internet to findproperties, secure financing, and collect important data. If you'rethinking about buying a home in this overheated market, don't makethese mistakes:

  • Researching selling prices and still overpaying
  • Believing everything your agent tells you
  • Buying into an upscale neighborhood that's movingdownscale
  • Underestimating utilities and other costs
  • Allowing your agent to negotiate for you
  • Letting fear get the better of you and not buying at all

Written by one of the nation's leading real estate experts andpacked with hundreds of valuable tips and suggestions, The 106Common Mistakes Homebuyers Make, Fourth Edition will give youthe confidence--and the wisdom--to buy the right home at the rightprice.

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About the author

GARY W. ELDRED, PhD, has been involved in hundreds of real estate transactions as a buyer, seller, and consultant during the past two decades. Nationally known for his Stop Renting Now seminars, Dr. Eldred currently serves as the Executive Director of the National Initiative for Home Ownership. He has also held faculty positions in real estate at Stanford University, the University of Illinois, and the University of Virginia. He is also the author of the Wiley titles Yes! You Can Own the Home You Want, 106 Mortgage Secrets All Homebuyers Must Learn—But Lenders Don't Tell, and The Beginner's Guide to Real Estate Investing, as well as coauthor of Investing in Real Estate.
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Additional Information

Publisher
John Wiley & Sons
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Published on
Jan 31, 2011
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Pages
324
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ISBN
9781118046340
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Language
English
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Genres
Business & Economics / General
Business & Economics / Real Estate / Buying & Selling Homes
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Content Protection
This content is DRM protected.
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Available on Android devices
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In the Make Money series, renowned real estate investor andbestselling author Gary W. Eldred shows you how to profit from thesafest, most reliable wealth builder in the world-real estate. Withcoverage of all the fundamentals-from finding the right propertiesto financing and managing them-Eldred shows you the ropes so youdon't have to learn important lessons the hard way. Unlike generalguides to investing in real estate, each title in the Make Moneyseries gives you the specialized expertise necessary to fullyprofit from a select investment strategy.

Make Money with Condominiums and Townhouses shows homebuyers andinvestors how to travel the road to real estate wealth-often withlittle or nothing down. As an affordable investment vehicle,condominiums and townhouses offer numerous advantages over othertypes of rental property-they require relatively little day-to-daymanagement, they tend to attract more desirable tenants than otherrental properties, and they offer low risk and high returns. Fullof time-tested techniques and proven money-making strategies, MakeMoney with Condominiums and Townhouses will show you how to:
* Relax while you put your money to work
* Find properties with high rates of appreciation
* Evaluate homeowner association finances
* Choose profitable locations
* Understand the changing demographics that may affect yourinvestment
* Finance your properties with little or no money down
* Achieve positive cash flow quickly
* Build up equity
* Understand by-laws, disclosure statements, and managementcontracts
The bestselling guide to real estate, newly revised for today'sinvestors

More than ever, investing in property today will set you ontrack to conquer financial uncertainty and build your long-term networth. Investing in Real Estate, Seventh Edition offers dozens ofexperience- proven methods to convert these challenging times intothe best of times.

Whether you want to fix and sell or buy, improve, and hold,market savvy real estate investor Gary W. Eldred shows you how toachieve your goals. He provides time-tested ways to grow aprofitable portfolio and shows you how property investing candeliver twenty-two sources of financial return. You'll learn how tonegotiate like a pro, read market trends, and choose from multiplepossibilities to finance your properties. This timely new editionalso includes:

Historical context to emphasize how bargain prices and nearrecord low interest rates now combine to offer unprecedentedpotential for short- and long-term profits

Successfully navigate and meet today's loan underwritingstandards

How to obtain discounted property prices from banks, underwaterowners, and government agencies

How to value properties accurately—and, when necessary,intelligently challenge poorly prepared lender appraisals

Effective techniques to acquire REOs and short sales onfavorable terms within reasonable time frames

How to market and manage your properties to outperform otherinvestors

And much more!

Join the pros who are profiting from today's market. All youneed is the knowledge edge provided by Investing in RealEstate, Seventh Edition—the most favored and reliableguide to gaining the rewards that real estate offers.

"This is the best how-to-invest-in-real-estate bookavailable."
—Robert Bruss

INVEST NOW for Large Future Gains

INVEST NOW for Increasing Cash Flows

INVEST NOW for Lifetime Security

In the Make Money series, renowned real estate investor andbestselling author Gary W. Eldred shows you how to profit from thesafest, most reliable wealth builder in the world-real estate. Withcoverage of all the fundamentals-from finding the right propertiesto financing and managing them-Eldred shows you the ropes so youdon't have to learn important lessons the hard way. Unlike generalguides to investing in real estate, each title in the Make Moneyseries gives you the specialized expertise necessary to fullyprofit from a select investment strategy.

Make Money with Small Income Properties shows you how to grow yourfortune by purchasing and managing multi-unit rentalproperties-from duplexes to twenty-four-unit buildings. Compared toother real estate investments, small income properties offer higherreturns, positive cash flows, and easy-qualifying seller financing.The expert guidance you'll find here illustrates how you can boostproperty values and increase rent collections through effective andfriendly management. This simple-to-follow guide offers theknowledge you need to find properties that will increase in value,manage them effectively (rule one: never think of yourself as alandlord), and maximize your profits. Make Money with Small IncomeProperties will show you how to:
* Purchase and profit from affordable rental properties
* Develop your entrepreneurial strategy
* Understand the economy and pick the right neighborhoods
* Size up the market and your competition
* Carve out a target market
* Accurately price properties
* Build equity fast with easy improvements
* Create ways to generate more income
The only guidebook that shows you how to finance any property--withor without bank approval

Would you like to discover all of the many ways that you canfinance real estate? Want to learn how to cut your financing costs,avoid pitfalls, and negotiate the best terms? Then let GaryEldred's 106 Mortgage Secrets All Borrowers Must Learn--But LendersDon't Tell, Second Edition guide you. Fully updated, this practicalguide explains how today's changing mortgage market really works.Unlike other mortgage guides, this book goes beyond traditionalbank-originated loans and shows you how to benefit with sellerfinancing, assumables, subject-to, wraparounds, lease options,foreclosures, and other money-saving possibilities.

106 Mortgage Secrets also protects you from the sharp practices ofloan reps that have recently sparked Congressional hearings andmultiple state investigations. In addition, Eldred shows how andwhy the right financing decisions can add tens (and sometimeshundreds) of thousands of dollars to your long-term net worth. Withthese 106 secrets, you'll build the confidence and the knowledgeto:
*

Increase your borrowing power
*

Obtain the lowest interest rate
*

Understand the true pros and cons of ARMs
*

Cut (or eliminate) the cost of mortgage insurance
*

Save big with seller financing, assumptions, foreclosures, andREOs
*

Strengthen your credit profile and credit score
*

Avoid getting taken... by the fine print and garbage fees
*

Steer clear of scams and unprincipled loan reps and lenders
*

Accumulate wealth through homeownership and investmentproperties


Simple, concise, and comprehensive, this book reveals everythingproperty buyers need to know--especially the 106 financing secretslenders too often omit.
In the Make Money series, renowned real estate investor andbestselling author Gary W. Eldred shows you how to profit from thesafest, most reliable wealth builder in the world-real estate. Withcoverage of all the fundamentals-from finding the right propertiesto financing and managing them-Eldred shows you the ropes so youdon't have to learn important lessons the hard way. Unlike generalguides to investing in real estate, each title in the Make Moneyseries gives you the specialized expertise necessary to fullyprofit from a select investment strategy.

Make Money with Condominiums and Townhouses shows homebuyers andinvestors how to travel the road to real estate wealth-often withlittle or nothing down. As an affordable investment vehicle,condominiums and townhouses offer numerous advantages over othertypes of rental property-they require relatively little day-to-daymanagement, they tend to attract more desirable tenants than otherrental properties, and they offer low risk and high returns. Fullof time-tested techniques and proven money-making strategies, MakeMoney with Condominiums and Townhouses will show you how to:
* Relax while you put your money to work
* Find properties with high rates of appreciation
* Evaluate homeowner association finances
* Choose profitable locations
* Understand the changing demographics that may affect yourinvestment
* Finance your properties with little or no money down
* Achieve positive cash flow quickly
* Build up equity
* Understand by-laws, disclosure statements, and managementcontracts
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