Buy, Close, Move In!: How to Navigate the New World of Real Estate - Safely and Profitably - And End up with the Home of Your Dreams »

Ilyce Glink is the author of ten books, including the bestselling 100 Questions Every First-Time Home Buyer Should Ask. Her nationally syndicated column, "Real Estate Matters," appears in more than 125 newspapers and Web sites, and her online "Ask Ilyce" columns are read by hundreds of thousands of people every month. She is a top-rated radio host in Atlanta, the Home Equity blogger at CBS MoneyWatch.com, host of the Internet program "Expert Real Estate Tips," and publisher of ThinkGlink.com.

The rules have changed, but your dreams haven't. You can buy the home you want—let award-winning real estate guru Ilyce Glink show you how!

With her books, syndicated newspaper and Internet columns, radio show, blog, Web site, and numerous media appearances, Ilyce Glink has become the go-to expert Americans rely on to help them successfully navigate the tricky world of real estate—a marketplace made even more complex today thanks to the Great Recession. Sure, there's a maze of new regulations. Sure, it's harder than ever to find a great deal or get the best loan. But you can do it. All it takes is a little expert advice from Ilyce.

Clear and concise, Buy, Close, Move In! cuts through confusing red tape to provide the essential inside information you need to make the best decisions, and answers commonly asked questions about every step of the process, including:

• Credit—from raising your score to identitifying theft protection
• Real estate investments—trends and opportunities
• Foreclosures, short sales, and auctions
• Appraisals, closing costs, and other fees
• Mortgages—fixed rate versus adjustable rate and other financing options

With Ilyce Glink's Buy, Close, Move In! you're one step closer to home.

Preface xi

Introduction 1

The First New World of Real Estate 2

The Credit Crisis, the Housing Crisis, and Mortgage Fraud 5

Today's Brave New World of Real Estate 11

1 Ten Things That Have Changed in Real Estate, Ten Things That Haven't 13

Ten Things That Have Changed in the Real Estate Industry 15

Ten Things That Haven't Changed in the Real Estate Industry 30

2 What Buyers Need to Know Now 41

The Old Rules of Residential Real Estate 43

The New Rules for Buying 45

3 The New World of Mortgage Finance 59

Financing (or Refinancing) Your Home in an Era of Declining Home Values 61

The Changing Roles of Fannie Mae and Freddie Mac 63

The New Rules of Mortgage Finance 65

Document Checklist for Your Mortgage Loan Application 76

Today's Loan Options: Fixed-Rate Versus Adjustable-Rate Mortgages 81

What You Need to Know About FHA Loans 83

What to Do When You Don't Have a Down Payment: Options for 100 Percent Loans 86

Getting a Jumbo Mortgage 92

Home Buyer Closing Costs and Fees 95

Changes in the Appraisal Industry 103

4 Fixing Your Credit History and Credit Score Forever 111

How Credit Scores Are Calculated 115

What Is the Difference Between Great and Fair Credit? 116

What You Need to Know About Credit Score Calculations 118

How to Repair Your Credit History and Raise Your Credit Score Forever 122

Credit Repair Scams to Avoid 129

What to Do When Someone Else Damages Your Credit 132

How to Contact the Three Major Credit Reporting Bureaus 133

Credit or Security Freezes 134

How to Protect Yourself Against Identity Theft 136

Credit-Monitoring Services and Other Tools 138

5 What Can You Afford to Buy? 140

Calculating Your Income, Assets, Expenses, and Liabilities 143

Expenses: How Much Do You Spend in a Year? 144

Adding Up the Costs to Own, Operate, and Insure Your Home 149

The Costs of Buying and Owning Investment Property 152

Making Trade-Offs and Compromises 157

6 Down Payment and Reserve Money: Where to Find it and Where to Stash it 160

How Much Cash Do You Need? 161

Sources of Cash for Your Down Payment and Closing Costs 162

Down Payment and Mortgage Assistance Programs 164

How to Find a Down Payment or Mortgage Assistance Program 170

Smart Places to Stash Your Cash Until You're Ready to Use It 171

7 Identifying Amazing Opportunities: Short Sales, Foreclosures, Fix-And-Flips, and Buy-And-Holds 177

What Is a Short Sale? What Is a Foreclosure? 179

The Skinny on Auctions 183

Why Buy This House Over That House? Learning Selectivity 190

Investors: Buying a Fix-and-Flip or a Buy-Hold Property 196

Creating an Amazing Opportunity Checklist 200

Building the Perfect Home-Buying Team 203

Seven Winning Contract Negotiation Strategies 210

Negotiating with a Lender for a Short Sale 212

Negotiating with a Lender for a Foreclosure 215

8 The Art of Savvy Real Estate Investing 217

Profiting from Trends and Opportunities 218

Finding Money for Real Estate Investments 222

Pricing Investment Property: Learning How to Calculate the Cap Rate 230

Understanding 1031 Exchanges 232

Starting a Real Estate Investing Business: When LLCs Make Sense 235

Onward and Upward 241

Appendix

I Top Ten Mistakes We're Now Making in the New World of Real Estate 243

II Do You Qualify for a Home Buyer Tax Credit? 250

III Six Tax Mistakes Real Estate Investors Often Make 253

Glossary of Real Estate Terms Every Home Buyer or Real Estate Investor Should Know 257

Acknowledgments 277

Index 281

About The Author 292