Take advantage of today's real estate market to find great properties at incredible prices
Our recent economic meltdown transformed real estate from a popular investment to financial kryptonite. Too many people purchased homes with mortgages they simply could never afford. The good news: Great deals are out there for the taking. Finding the Uncommon Deal gives you the secrets to discovering and successfully negotiating the lowest prices for the most prized properties available.
* Discover how to go beyond Internet listings to get on-the-ground intelligence on the best deals
* Get proven negotiating skills to close the deal at a rock-bottom price
* The author has assisted thousands in purchasing homes as a lawyer, broker, and investor; has been ranked by internationally esteemed publication Chambers and Partners as one of the leading real estate lawyers; and regularly appears as a real estate authority in the New York Times and the Wall Street Journal
If you're successful enough to afford a home, then you probably have the skills needed to get a great deal in today's market. Finding the Uncommon Deal gives you the keys to leverage your skills for success and savings, opening the door to today's best properties and lowest prices.
Autorentext
ADAM LEITMAN BAILEY, ESQ., has assisted thousands of property owners in buying homes. He owns one of the nation's most prominent real estate law firms as well as a real estate brokerage company and investment properties. The esteemed Chambers & Partners publication has selected him as one of New York's Lead-ing Real Estate Lawyers, and he was named a Super Lawyer by Law & Politics magazine.
Inhalt
Foreword Evan Farmer xiii
Preface: Greed, Fear, and Opportunity in the New Real Estate Environment xvii
Introduction: Should You Buy or Rent? 1
The Greatest Producer of Wealth for American Families 1
The United States Government Encourages Homeownership 3
The Pride of Having a Place to Call Your Own 3
The Time to Buy 4
The Cost of Buying and Maintaining a Home 5
Building Equity 6
The Case for Renting 6
Part I Finance: Do Not Go Shopping Until You Know How Much Money You Have to Spend 13
1 Get Ready to Buy: Tools and Suggestions to Maximize Buying and Borrowing Power 15
Make a List of Your Assets and Liabilities 15
Creating a Budget and Living within Your Means 17
The Down Payment and Private Mortgage Insurance 21
Obtaining a Credit Report 23
FICO Score 24
2 How to Get the Cheapest Loan at the Best Rate 27
How Banks Make Money by Giving You a Loan 27
What Is a Mortgage? 28
Obtaining the Loan: Learning the Bank's Requirements 29
The Mortgage Broker 30
Getting the Best Loan: Fitting the Loan into Your Plans and Financial Means 30
The New Good Faith Estimate: Keeping the Lender Honest 30
Choosing the Most Appropriate Inexpensive Loan 31
Annual Percentage Rate (APR) 32
Tax Deductions and the Interest Rate on Your Mortgage 32
Paying Points 33
The Amount of the Loan 35
Documents Required to Obtain a Loan 35
The Different Types of Loans 35
The Loan Process 41
The Financing Process 42
3 Buying a Home with Little or No Money Down and Obtaining Seller Financing 49
Putting Little or No Money Down 50
Part II Finding the Uncommon Deal on a Home 57
4 Becoming an Expert on Finding the Dream Home 59
The Real Estate Broker 60
Finding a Property to Purchase: Various Choices and Forms of Shelter 60
Making the Decision 68
5 Conducting the Search: Finding Your Allies in the Real Estate Hunt 71
Insider TradingThe Legal Way 71
Making Friends in Strange Places 72
Location, Location, Location 72
Determining Fixed Monthly and Yearly Housing Costs 73
Making a Wish List 74
Real Estate Brokers: The Guardians of Real Estate 75
Maximizing the Success of the Search 79
6 The Secret to Buying a Distressed Property 83
The DNA of a Deal Finder 83
Distressed Homes: The Most Common Uncommon Deals 84
Finding the Uncommon Deals Using the Most Common Means 84
Becoming a Proactive Deal Hunter 85
7 Pre-Foreclosures and Short Sales 89
Finding a Pre-Foreclosure 89
The Foreclosure Filing 90
Buying a Short Sale 92
Learning More About the Distressed Property 94
Making Contact with a Distressed Owner 95
8 Foreclosures and Bank-Owned Properties 103
Finding a Foreclosure Sale 103
Buying a Foreclosed Property 104
Attending the Foreclosure Auction 104
Determining How Much Money to Bring to the Auction 105
Foreclosure Pitfalls: Taking the Property As Is and Evicting the Occupants 105
Losing the Property to Redemption Laws 105
Financing the Purchase 105
REO/Bank-Owned Properties 106
9 Hidden Land Mines to Look Out for 111
Determine Whether the Home Is Legally Habitable 111
Be Aware of the Number of Units Sold and Occupied in Newly Constructed Apartment Developments 112
Clear All Liens and Obtain Signoffs for Extensions and Alterations before Closing on a Home 113
Inspecting for and Understanding the Underground Oil Tank 113
Buying a Home with Occupants or Tenants in Possession 114
Purchasing a Land Lease in a Cooperative Apartme...