The 106 Common Mistakes Homebuyers Make (& How to Avoid Them)

by Gary W. Eldred

Book Overview

Everything the first-time buyer needs to know to avoid the 106 most common mistakes in purchasing a home or condo. Written especially for first-timers, this eye-opening guide turns you into an... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 0471199990
• ISBN13: 9780471199991
• Release Date: February 1998
• Publisher: Wiley
• Length: 320 Pages
• Weight: 0.15 lbs.
• Dimensions: 0.8" x 6.0" x 9.0"

Customer Reviews

False mortgage lock

Last October(2001), we had locked in a rate at rock bottom (6.25%) for 30 days. Rates started to climb and our mortgage broker began dragging her feet. Almost each day, we got a new request for more documents, verifications, or explanations. But when we got almost ready to close on the 28th day, the broker told us the sellers (or we) would have to make a $117 plumbing repair before we could settle. Of course, that delay would cost us our lock and we would be forced to take a new rate of around 7.0%. Fortunately, because we had read this book, we strongly suspected what was really happening. We were about to become victims of a false rate lock. But we knew what to do. We raised holy heck. We threatened complaints with every regulatory agency that even remotely was concerned with mortgages. We got our 6.25%. But if we hadn't been warned ahead of time by 106 Mistakes, we would probably have just capitulated. We wouldn't have known any better. So, this book saved us big bucks.

Worth its weight in platinum

Having read a pile of homebuying books, I would rate this one tops for six reasons:(1) The author clearly knows what he is talking about from experience--unlike too many authors who are primarily journalist or biased real estate agents.(2) It's easy and fun to read. (3) It gives dozens of ways to buy with little or even nothing down. (4) It reveals scams and tricks that real estate and mortgage "profesionals" use to fleece the unknowing. (5)The author knows real estate across the country--not just in California or other specific locales(i.e., too many HB books are written by writers who don't seem to know that Chicago or San Francisco aren't the areas where most people are buying). (6)Unbelivebly, the author lists his telephone number and email in the book so as to invite comments and questions. I queried and he called and talked 20 minutes to adress my concerns. And no, he didn't charge me or try to sell me any more books and tapes.

By far the best

Having spent several hours in B & N reading through the many different books on homebuying, we bought this one and Dummies. 106 Mistakes turned out to be the best by far. It gave us far more concrete examples concerning everything from mortgages to inspection to homeowner associations. In addition, it really helped us understand how to evaluate the appraisal as wellas the investment potential of the homes and neighborhoods we were considering. Eldred's experience and expertise seems to stand head and shoulders above the others. Plus, this book is the most entertaining to read. Don't look for a home without it.

Buy smart,invest wisely

Want to make sure your Realtor doesn't steer you wrong-either through dishonesty or ignorance? READ THIS BOOK. As a Realtor myself, I see the dark side of our business all too often. "Make the sale, pocket the commission" rules the mindset of most agents. Why do I want homebuyers to read 106 Mistakes? Because it means more business for straightshooting sales professionals(like myself) and less business for the mindless many with whom I have to compete.

The great equalizer plus fun to read

Great book, fun to read. Really gives you the inside info to make sure your realtor, mortgage lender, and lawyer aren't taking you for a ride. I read four books on homebuying (Dummies, 100 Questions, Tips and Traps) and got more down-to-earth practical advice from 106 Mistakes than all the others combined. If you like real life examples instead of vague generalities, you'll find that this book delivers the advice you need. At least it did for us!