June 28, 2008
BOOK REVIEW: 'How to Buy Your First Home' Contains Valuable Information...But It Needs Updating to Reflect Current Housing Meltdown
By David M. Kinchen
Huntingtonnews.net Book Critic
"It was the best of times, it was the worst of times; it was the age of wisdom, it was the age of foolishness; it was the epoch of belief, it was the epoch of incredulity; it was the season of Light, it was the season of Darkness; it was the spring of hope, it was the winter of despair; we had everything before us, we had nothing before us; we were all going directly to Heaven, we were all going the other way." - Charles Dickens
Dickens could have been describing the current housing situation, instead of the French Revolution in his novel "A Tale of Two Cities."
Chicago area lawyer and real estate expert Diana Brodman Summers pitches in to help the first-time home buyer with her "How to Buy Your First Home" (Sphinx Publishing, 328 pages, index, appendixes, internet resources, $14.95) and much of the information is timeless.
However, the book, a 2nd edition, came out three years ago and is in need of updating and revision. The current housing situation is the worst in more than two decades -- some say in a generation -- and first time buyers will likely feel like a cat up a tree with three pit bulls -- maybe more -- snarling and howling on the ground. I have historical perspective, since I've been covering the real estate scene since 1970.
Summers' book promises to "Take the fear out of buying your first home."
She's on target when she says that buying your first house -- I prefer the more neutral "house" to the more emotional "home" -- can be an intimidating and overwhelming process. In non-legalize she guides the newbie buyer through the entire process, including:
* Preliminaries-Renting versus buying, determining what you can afford, deciding where to live
* Searching for Your Home-What to look for in a home, hiring a realtor
* Finances-Mortgage basics, government agencies, home loans for veterans
* The Buying Process-Weighing your mortgage options, hiring an attorney, making an offer, inspecting and appraising your home
* The Future-Caring for your home and increasing the value of your investment
I like her writing style, displayed in a book by Summers that I recently reviewed, "The Home Buyer's Answer Book" link: http://www.huntingtonnews.net/columns/080418-kinchen-columnsbookreview.html
In my April 18, 2008 review, I said that her advice makes this the ideal book for any home buyer. I'll add that it's an up-to-date look at the housing scene, making it an invaluable "owner's manual" to the often confusing process of acquiring residential real estate.
In her 2005 book, Summers says that the best mortgage is a fixed-rate one, rather than an adjustable rate mortgage (ARM) with a low teaser rate that converts to a higher rate in a year or two. In view of the nationwide decline in home prices and the historically high foreclosure rate, I'd amend that statement to say it's the ONLY kind of mortgage I can recommend. If you can't get a fixed-rate mortgage -- preferably with a 20 percent down payment -- you're better off renting. The chances of refinancing an ARM when the teaser rate expires and the new rate takes hold are slim to none.
Right now, I'd suggest that you buy both books, read them thoroughly, take plenty of notes, and try to find a house that hasn't been "staged" -- dressed up with furniture and with the smell of baking bread permeating the entire structure. You'll get a better idea of where your furniture will fit with an empty house. And, you might get a terrific deal on a foreclosed house owned by the lender, as long as it hasn't been vandalized and is in a neighborhood that suits you.
Good luck, and happy hunting! To borrow a tag line from one of my favorite TV shows, "Hill Street Blues": "Be careful out there."
Publisher's web site: www.SphinxLegal.com
Share This Story:
Make HNN Your Homepage (IE Users Only)
BOOK REVIEW: 'How to Buy Your First Home' Contains Valuable Information...But It Needs Updating to Reflect Current Housing Meltdown
By David M. Kinchen
Huntingtonnews.net Book Critic
"It was the best of times, it was the worst of times; it was the age of wisdom, it was the age of foolishness; it was the epoch of belief, it was the epoch of incredulity; it was the season of Light, it was the season of Darkness; it was the spring of hope, it was the winter of despair; we had everything before us, we had nothing before us; we were all going directly to Heaven, we were all going the other way." - Charles Dickens
Dickens could have been describing the current housing situation, instead of the French Revolution in his novel "A Tale of Two Cities."
Chicago area lawyer and real estate expert Diana Brodman Summers pitches in to help the first-time home buyer with her "How to Buy Your First Home" (Sphinx Publishing, 328 pages, index, appendixes, internet resources, $14.95) and much of the information is timeless.
However, the book, a 2nd edition, came out three years ago and is in need of updating and revision. The current housing situation is the worst in more than two decades -- some say in a generation -- and first time buyers will likely feel like a cat up a tree with three pit bulls -- maybe more -- snarling and howling on the ground. I have historical perspective, since I've been covering the real estate scene since 1970.
Summers' book promises to "Take the fear out of buying your first home."
She's on target when she says that buying your first house -- I prefer the more neutral "house" to the more emotional "home" -- can be an intimidating and overwhelming process. In non-legalize she guides the newbie buyer through the entire process, including:
* Preliminaries-Renting versus buying, determining what you can afford, deciding where to live
* Searching for Your Home-What to look for in a home, hiring a realtor
* Finances-Mortgage basics, government agencies, home loans for veterans
* The Buying Process-Weighing your mortgage options, hiring an attorney, making an offer, inspecting and appraising your home
* The Future-Caring for your home and increasing the value of your investment
I like her writing style, displayed in a book by Summers that I recently reviewed, "The Home Buyer's Answer Book" link: http://www.huntingtonnews.net/columns/080418-kinchen-columnsbookreview.html
In my April 18, 2008 review, I said that her advice makes this the ideal book for any home buyer. I'll add that it's an up-to-date look at the housing scene, making it an invaluable "owner's manual" to the often confusing process of acquiring residential real estate.
In her 2005 book, Summers says that the best mortgage is a fixed-rate one, rather than an adjustable rate mortgage (ARM) with a low teaser rate that converts to a higher rate in a year or two. In view of the nationwide decline in home prices and the historically high foreclosure rate, I'd amend that statement to say it's the ONLY kind of mortgage I can recommend. If you can't get a fixed-rate mortgage -- preferably with a 20 percent down payment -- you're better off renting. The chances of refinancing an ARM when the teaser rate expires and the new rate takes hold are slim to none.
Right now, I'd suggest that you buy both books, read them thoroughly, take plenty of notes, and try to find a house that hasn't been "staged" -- dressed up with furniture and with the smell of baking bread permeating the entire structure. You'll get a better idea of where your furniture will fit with an empty house. And, you might get a terrific deal on a foreclosed house owned by the lender, as long as it hasn't been vandalized and is in a neighborhood that suits you.
Good luck, and happy hunting! To borrow a tag line from one of my favorite TV shows, "Hill Street Blues": "Be careful out there."
Publisher's web site: www.SphinxLegal.com
Share This Story:
Make HNN Your Homepage (IE Users Only)
