Disclosure: This is not a paid review. I was provided a complimentary copy from the publisher but under no obligation to write a review.
How to Buy Your First Home, 2E by Diana Brodman Summers covers a lot of ground in 174 pages (plus 113 additional pages including a glossary and several informative appendixes).
The book is well written and broken into a logical sequence of sections that include:
Preliminaries
Searching for Your Home
Finances
The Buying Process
The Future
Each section includes several chapters written in easy to understand language. Scattered throughout the text are “Attorney Tip” boxes and “Click On This” sidebars with URLs for pertinent web sites —both of which should be helpful to first time home buyers.
The Glossary is extensive and very well done, almost worth the cost of the book on its own.
I’d be remiss in not pointing out one flaw in the book. Granted, I am a real estate broker and may be biased, but this statement by Summers struck me as being very poor advice:
Never let your real estate agent know that you are willing to go higher in an offer for a home. The higher the selling price, the more commission they make. While it is not ethical, your real estate agent may be tempted to tell the sellers that you are willing to pay more.
If you can’t trust your real estate agent, you are working with the wrong agent. To withhold any information from them out of fear they will utilize that to gain a few extra dollars is not a good idea. Better to do your due diligence up front in selecting the right agent, and work with your agent openly and honestly in all aspects of the transaction. The vast majority of agents have their clients best interests in mind. Given typical commissions and brokerage splits, your agent might make an extra $240 if you pay $10,000 more. The agent that sacrifices a potential future client (along with their family and friends) for that kind of money is the agent that likely won’t be in business very long.
That aside, How To Buy Your First Home contains a great deal of sound information and advice for the first time home buyer.
See the Google Book Search for full table of contents, index, and samples from most chapters.
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Having a new home is a wonderful experience, full of excitement and joy. Actually, the feeling of being close to your new home is incomparable and very overwhelming. I’m looking forward on it.
Ditto’s on the comment that if you can’t trust your real estate agent, you are working with the wrong agent. Nice review.
Personally I have always worked with agents who got rave reviews from my family and friends. So far it has always gotten me someone who was great to work for and I would be willing to recommend myself.
This sounds like a great book! I have been thinking about giving out books to first time buyers to generate some interest in that area. This might be a good one to check out for that.
Thanks for the review Jay! This sounds like a good book to read and add to my Library collection of Real Estate Books. The author must live in a sub-agency state. Thank goodness for Buyer Agency. I love working with first time buyers and sharing in the happiness they feel in owning their home.
Sounds like a great book Jay. I would love to have a book like that to give to some of my first time homebuyers.
I also agree with you about the agent section. To tell the truth, I am always trying to get a lower price for my clients and try to keep them in check with reality. So often I try and push them to buy a home they can afford by lowering their standards a little or trying to negotiate for extra money off the deal for them. Being house poor because of a mortgage that is more than one can afford is not a fun position to be in – I’ve been there, done that and have the shirt to prove it.
Fortunately, I’m busy enough not to care what price they buy the house for. It’s more important to me that people get a house within their budget. They may not thank me at the time, but they certainly do thank me once they go from being a renter to paying principle, interest, insurance and household maintenance fees that almost equal double what they were paying in rent prior to owning their own home.
Also, their parents love it when I actually agree with their advice of not paying too much for your first home. The first page of the book probably should be: LISTEN TO YOUR FOLKS. Believe it or not, they’ve been there and done it before you.
Okay, I’m rambling now Jay. Sorry, but this is a very good subject that I can go on and on about.
Quite good recommendations! I am thinking how to buy my first house…
I wish that I had this book when first buying a house. This is a great resource for first time buyers. This is the time to get into the market, if you can afford to invest.
I think the book was attempting to explain that the RE agent works for the seller ultimately. It is rare that the buyer would establish a special arrangement to have the agent work directly for them.
Just thinking of buying my own home is a very good idea. And it’s sounds very thrilling and exciting. But of course, we know that there are a lot of things to be kept in mind when searching for that dream home. Thanks to this book, I don’t have to worry anymore. This really sounds like a very good book.
Its the post which is the base of my topic,First you buy your house in a proper place which is suitable for you.Its really one of the best post which makes you improve.Home improvement then society improvement.Then nation must be,I appreciate your thinking and nice post.Keep blogging.