How to Buy a House in California
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Buy a home in the Golden State with the most complete guide available.A thorough, practical guide to every aspect of buying a house, How to Buy a House in California will help you make informed decisions that can save you thousands of dollars. This edition is completely updated to reflect the changing housing market, including an updated discussion about what to look for when buying a foreclosed or bank-owned home. Plus, you'll get the most up-to-date criteria lenders now require when you're shopping for a mortgage. Los Angeles Times One of the most detailed real estate books you will ever read...filled with practical advice...The emphasis is on strategies for getting the best price as well as not making costly mistakes.
IntroductionA.House-Buying Worries2B.The Basics of Buying a Good House2C.A Place to Live for Almost Everyone3D.Real Estate Websites4E.How to Use This Book51Describe Your Dream HouseA.You Know the House You Want to Buy2B.Don't Be Talked Into Buying the Wrong House3C.Identify Your Ideal House Profile3D.Create a House Priorities Worksheet6E.Prepare a House Comparison Worksheet82How Much House Can You Afford?A.The Basics of Determining Housing Affordability2B.Prepare a Family Financial Statement4C.How Much Down Payment Will You Make?9D.Estimate the Mortgage Interest Rate You'll Likely Pay10E.Calculate How Much House You Can Afford10F.Tips on Improving Your Financial Statement13G.Get Loan Prepproval183Narrowing the Affordability Gap: How to Afford Buying a HouseA.Why California Houses Are Expensive2B.Don't Buy a House at All--Rent and Invest Elsewhere3C.Fix Up the House You Already Own4D.Strategies for Buying an Affordable House54Raising Money for Your Down PaymentA.No and Low Down Payment Plans3B.Five Percent and Ten Percent Down Payment Mortgages3C.Private Mortgage Insurance3D.How Much Should Your Down Payment Be?6E.Using Equity in an Existing House as a Down Payment on a New One8F.Using a Gift to Help With the Down Payment8G.Borrowing Down Payment Money From a Relative or Friend10H.Is It a Gift or Loan? Sometimes It Pays to Be Vague10I.Borrowing From Your 401(k) Plan11J.Tapping Into Your IRA11K.Sharing Equity11L.Substituting a Second Mortgage for a Down Payment11M.Secure Your Loan Using Stock as Collateral125Working With Real Estate ProfessionalsA.Pros and Cons of Working With a Real Estate Professional2B.Work With a Real Estate Professional Paid by the Seller6C.Hire a Buyer's Broker and Pay the Commission9D.Hire a Broker by the Hour11E.Buy a House Yourself With No Professional Help12F.Finding a Good Agent12G.How Not to Find an Agent16H.Getting Rid of a Broker or Agent You Don't Like176How to Find a HouseA.The Best Time to Look for Houses3B.Check the Classified Ads3C.Visit Sunday Open Houses4D.Work With a Real Estate Salesperson5E.Gain Access to the Multiple Listing Service5F.How to Access Homes for Sale on the Internet6G.How Your Real Estate Agent Can Use a Computer to Help You Find a House7H.Enlist the Help of Personal Contacts7I.Do Your Own House Scouting8J.Enlist More Than One Agent to Help You Search10K.Find Foreclosures, Probate Sales and Lease Option Properties11L.Shop via TV11M.Finding a House When You're New to an Area11N.Online Help With Community and Neighborhood Information12O.Finding a New House127New Houses, Developments and CondominiumsA.Pitfalls and Pluses of Buying a New House2B.Choose the Developer, Then the House3C.Using a Real Estate Agent or Broker4D.Financing a New House5E.Optional Add-Ons and Upgrades6F.Choosing Your Lot8G.Restrictions on the Use of Your Property: CC&Rs11H.Dealing With Delays14I.Inspect the House Before Closing14J.Guarantees and Warranties168Financing Your House: An OverviewA.How Mortgage Lenders Think2B.Who Lends Mortgage Money?2C.Standardized Loans--Fannie Mae, Freddie Mac and the Secondary Mortgage Market3D.Mortgage Types3E.Comparing Fixed Rate and Adjustable Rate Mortgages4F.Finding the Least Costly Mortgage--Points, Interest Rates and Other Lender Fees6G.What Mortgage Is Best for You?79Fixed Rate MortgagesA.Should You Choose a Fixed Rate Mortgage If You Can Afford One?2B.Not All Fixed Rate Mortgages Are the Same--Down Payments, Points, Interest Rates and Other Variables3C.Avoid Mortgages With Prepayment Penalties5D.Fixed Rate Mortgages' Lengths and Payment Schedules5E.Most Fixed Rate Loans Aren't Assumable7F.Short-Term Fixed Rate Mortgages With Balloon Payments7G.Two-Step Mortgages8H.Buydown Mortgages--The Seller Subsidizes Your Payments810Adjustable Rate MortgagesA.Are ARMs a Decent Consumer Choice?2B.Loan and Payment Caps4C.Negative Amortization4D.ARM Indexes and Margins6E.Assumability6F.Prepayment Penalties7G.Hybrid Adjustable Rate Mortgage7H.Summing Up--What Good ARMs Look Like711Government-Assisted LoansA.Veterans Affairs Loans2B.Federal Housing Administration Financing4C.California Housing Finance Agency Programs6D.Cal-Vet Loans7E.Municipal Financing Programs912Private MortgagesA.Get a Loan From Friends or Relatives2B.Shared Equity Transactions6C.Second Mortgages--Financing by Sellers6D.Second Mortgages--Financing by Private Parties Other Than the Seller813Obtaining a MortgageA.Gather Information on Mortgage Rates and Fees2B.Shopping for a Mortgage Online3C.Work With a Loan Broker4D.Interview Lenders5E.Complete the Mortgage Rates and Terms Table6F.Apply for and Get a Loan11G.Get Your House Appraised1314Buying a House When You Already Own OneA.Check the Housing Market Carefully2B.Bridge Financing: How to Own Two Houses Briefly6C.Tax Breaks for Selling Your Home715How Much Will You Offer?A.How a Contract Is Formed2B.Decide How Much You Will Offer2C.What Is the Advertised Price?2D.How Much Can You Afford?3E.What Are Prices of Comparable Houses?3F.Is the Local Real Estate Market Hot or Cold?5G.Is the House Itself Hot or Cold?7H.What Are the Seller's Needs?8I.Is the House Uniquely Valuable to You?8J.How Much Are You Willing to Pay?9K.Making the Final Decision916Putting Your Offer in WritingA.What Makes an Offer Legally Valid?2B.Offer Form Terminology2C.How to Fill Out the Contract to Purchase Real Property Form317Presenting Your Offer and NegotiatingA.State Your Intent to Make an Offer2B.Present Your Offer3C.Bid on Two or More Houses4D.Pick a Negotiator4E.The Seller's Response to Your Offer7F.Negotiate by Counteroffers13G.An Offer Is Accepted--A Contract Is Formed13H.Revoking an Offer or Counteroffer14I.Making a Backup Offer1418After the Contract Is Signed: Escrow, Contingencies and Title InsuranceA.Open Escrow2B.Remove Contingencies5C.Obtain Hazard Insurance11D.Obtain Title Report and Title Insurance13E.Conduct Final Physical Inspection of Property15F.Closing Escrow1519Check Out a House's ConditionA.Short History of California House Inspections2B.Real Estate Transfer Disclosure Statement2C.Natural Hazard Disclosure Statement9D.Earthquake and Seismic Disclosures9E.Environmental Hazards11F.Lead11G.Disclosure of Deaths and/or AIDS12H.Disclosure of Military Ordnance12I.Local Disclosures12J.Inspecting the Property Yourself12K.Arranging Professional Inspections13L.Are the Repairs Really Needed?18M.Who Pays for Defects?19N.Ask for a Home Warranty2020Legal Ownership: How to Take TitleA.One Unmarried Person2B.Two or More Unmarried People2C.Married Couple Owning Together4D.Married Person Owning Alone7E.Partnership8F.Placing the Property in a Living Trust821If Something Goes Wrong During EscrowA.The Seller Backs Out2B.The Seller Refuses to Move Out2C.You Back Out3D.The Seller Dies3E.You Discover a Defect in the Property3F.The House Is Destroyed by Natural Disaster (Fire, Earthquake, Flood)4G.House-Hungry Martians Take Possession of the House4H.Finding a Lawyer4
