Buy, Close, Move In!: How to Navigate the New World of Real Estate - Safely and Profitably - And End up with the Home of Your Dreams
The rules have changed, but your dreams haven't. You can buy the home you want—let award-winning real estate guru Ilyce Glink show you how!\ \ With her books, syndicated newspaper and Internet columns, radio show, blog, Web site, and numerous media appearances, Ilyce Glink has become the go-to expert Americans rely on to help them successfully navigate the tricky world of real estate—a marketplace made even more complex today thanks to the Great Recession. Sure, there's a maze of new...
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The rules have changed, but your dreams haven't. You can buy the home you want—let award-winning real estate guru Ilyce Glink show you how! With her books, syndicated newspaper and Internet columns, radio show, blog, Web site, and numerous media appearances, Ilyce Glink has become the go-to expert Americans rely on to help them successfully navigate the tricky world of real estate—a marketplace made even more complex today thanks to the Great Recession. Sure, there's a maze of new regulations. Sure, it's harder than ever to find a great deal or get the best loan. But you can do it. All it takes is a little expert advice from Ilyce. Clear and concise, Buy, Close, Move In! cuts through confusing red tape to provide the essential inside information you need to make the best decisions, and answers commonly asked questions about every step of the process, including: Credit—from raising your score to identitifying theft protection Real estate investments—trends and opportunities Foreclosures, short sales, and auctions Appraisals, closing costs, and other fees Mortgages—fixed rate versus adjustable rate and other financing options With Ilyce Glink's Buy, Close, Move In! you're one step closer to home.
Preface xiIntroduction 1The First New World of Real Estate 2The Credit Crisis, the Housing Crisis, and Mortgage Fraud 5Today's Brave New World of Real Estate 111 Ten Things That Have Changed in Real Estate, Ten Things That Haven't 13Ten Things That Have Changed in the Real Estate Industry 15Ten Things That Haven't Changed in the Real Estate Industry 302 What Buyers Need to Know Now 41The Old Rules of Residential Real Estate 43The New Rules for Buying 453 The New World of Mortgage Finance 59Financing (or Refinancing) Your Home in an Era of Declining Home Values 61The Changing Roles of Fannie Mae and Freddie Mac 63The New Rules of Mortgage Finance 65Document Checklist for Your Mortgage Loan Application 76Today's Loan Options: Fixed-Rate Versus Adjustable-Rate Mortgages 81What You Need to Know About FHA Loans 83What to Do When You Don't Have a Down Payment: Options for 100 Percent Loans 86Getting a Jumbo Mortgage 92Home Buyer Closing Costs and Fees 95Changes in the Appraisal Industry 1034 Fixing Your Credit History and Credit Score Forever 111How Credit Scores Are Calculated 115What Is the Difference Between Great and Fair Credit? 116What You Need to Know About Credit Score Calculations 118How to Repair Your Credit History and Raise Your Credit Score Forever 122Credit Repair Scams to Avoid 129What to Do When Someone Else Damages Your Credit 132How to Contact the Three Major Credit Reporting Bureaus 133Credit or Security Freezes 134How to Protect Yourself Against Identity Theft 136Credit-Monitoring Services and Other Tools 1385 What Can You Afford to Buy? 140Calculating Your Income, Assets, Expenses, and Liabilities 143Expenses: How Much Do You Spend in a Year? 144Adding Up the Costs to Own, Operate, and Insure Your Home 149The Costs of Buying and Owning Investment Property 152Making Trade-Offs and Compromises 1576 Down Payment and Reserve Money: Where to Find it and Where to Stash it 160How Much Cash Do You Need? 161Sources of Cash for Your Down Payment and Closing Costs 162Down Payment and Mortgage Assistance Programs 164How to Find a Down Payment or Mortgage Assistance Program 170Smart Places to Stash Your Cash Until You're Ready to Use It 1717 Identifying Amazing Opportunities: Short Sales, Foreclosures, Fix-And-Flips, and Buy-And-Holds 177What Is a Short Sale? What Is a Foreclosure? 179The Skinny on Auctions 183Why Buy This House Over That House? Learning Selectivity 190Investors: Buying a Fix-and-Flip or a Buy-Hold Property 196Creating an Amazing Opportunity Checklist 200Building the Perfect Home-Buying Team 203Seven Winning Contract Negotiation Strategies 210Negotiating with a Lender for a Short Sale 212Negotiating with a Lender for a Foreclosure 2158 The Art of Savvy Real Estate Investing 217Profiting from Trends and Opportunities 218Finding Money for Real Estate Investments 222Pricing Investment Property: Learning How to Calculate the Cap Rate 230Understanding 1031 Exchanges 232Starting a Real Estate Investing Business: When LLCs Make Sense 235Onward and Upward 241AppendixI Top Ten Mistakes We're Now Making in the New World of Real Estate 243II Do You Qualify for a Home Buyer Tax Credit? 250III Six Tax Mistakes Real Estate Investors Often Make 253Glossary of Real Estate Terms Every Home Buyer or Real Estate Investor Should Know 257Acknowledgments 277Index 281About The Author 292
