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

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The 106 Common Mistakes Homebuyers Make (and How to Avoid Them)
by Gary W. Eldred
from Wiley

Customer Reviews:

• Avg. Customer Rating: 4.0 / 5.0

• Seriously Out-of-date
  This is one of those people who should have to eat every copy of their book sold. Most of the first few reasons detail why buying is better than renting (not always true; us California renters are laughing now at the people who bought 2-3 years ago) and how you can finance a home with zero down and bad credit (and get the taxpayers to insure your bad debt.) The latest edition was published in 2006, at the very precipice of the housing price spiral we're all riding down, down, down with no bottom in sight.... more info

• Some good tips
  This was great for tips. The book was not 100% applicable to our situation and at times was a bit repetetive. But overall it was a good buy and was informative.

• Be careful about "expert" advice.
  I haven't finished the book, yet, but I quickly noticed how this author, along with other real estate "experts", sees himself as an advocate of an active real estate market. He wants people to buy. I don't really think rent versus own is what this book is suposed to be about. But, it's like the author couldn't help but get on his soapbox. Some of his suggestions are to eat less, use all cash reserves and even buy a home with a partner.
  The author questioned whether historical stock valuations would... more info

• The 107th common mistake is reading this book
  This book is very light on facts and written in surprisingly defensive tone. Also, it is at best lazy and deeply flawed in its analysis of investment returns, and at worst deliberately misleading. It is stated in an example that 10K down on a 100K house will likely net you a 24% annual return on your investment. It is figured that (on a 30-year loan) after 8 years we've paid down to an 80K balance and the house is now worth 137K. It is then calculated that our original 10K has increased in value five-fold... more info

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