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    Going Home... Renting to Home Ownership in 10 Easy Steps
    Going Home... Renting to Home Ownership in 10 Easy Steps
    Going Home... Renting to Home Ownership in 10 Easy Steps
    Ebook182 pages10 hours

    Going Home... Renting to Home Ownership in 10 Easy Steps

    By Michael Delaware

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    About this ebook

    ‘Going Home... Renting to Home Ownership in 10 Easy Steps’ is a book about making it simple to become a home owner. There can be many obstacles to getting a home. Challenging or rocky credit can make it seem all but impossible to become a home owner, and stop renting. Where does one start to unravel a messy financial situation? This book breaks down the process into 10 separate parts, and covers a lot of ground. It not only addresses how to understand your credit situation, and how a bank or lender looks at your history, but how to improve and repair it too. It also addresses the problem of having a ‘zero’ credit score, and what are the right steps you can take to improve that.

    It makes it easy to understand the entire home buying process from finding a Realtor to choosing a lender, and all the other professionals you will use along the way to make your purchase of a home the right choice for you. The book explains how to narrow down a home that meets your needs, and know when you have found it. It discusses how offers are made, negotiated and how to choose an experienced Realtor that can help you through the process. It also covers basics on what commitments you will need to meet along the way, as well as gives you as a home buyer an understanding of what to expect at closing.

    The book takes the mystery out of buying a home, and gives one a clear route to becoming a home owner even if starting out on the quest with a rocky start. ‘Going Home... Renting to Home Ownership in 10 Easy Steps’ will guide you and help you navigate through all the barriers that you may think are in your way. If you have ever wanted to stop renting and own your own home, then this is where you should start.

    LanguageEnglish
    PublisherMichael Delaware
    Release dateAug 30, 2013
    ISBN9781301742776
    Going Home... Renting to Home Ownership in 10 Easy Steps
    Author

    Michael Delaware

    Michael Delaware is a Phoenix, Arizona native who now resides in Battle Creek, Michigan with his wife Margarita. He also lived in Georgia for 15 years before moving to Michigan. He is a member of the National Association of Realtors, The Council of Residential Specialists, and the Michigan Association of Realtors. He is also an active member of the Battle Creek Area Association of Realtors where he was awarded 'Realtor of the Year' in 2010, and served as Board President in 2011. As an author, his works include numerous non-fiction books on real estate, sales management, marketing and other self-help topics. He has also written and published fiction stories for children all independently published by the: ‘If, And or But’ Publishing Company.

    Read more from Michael Delaware

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      Book preview

      Going Home... Renting to Home Ownership in 10 Easy Steps - Michael Delaware

      Going Home...

      Renting to

      Home Ownership

      in 10 Easy Steps

      Michael Delaware

      Published by Michael Delaware and 'If, And or But Publishing'

      Smashwords edition

      Copyright © 2013 Michael Delaware

      All rights reserved worldwide. No part of this publication may be replicated, redistributed, transmitted or given away in any form or by any means mechanical or electronic without the prior written consent of the author/publisher as relayed to you herein.  This includes photocopying or recording, or by any information storage and retrieval system, or transmitted email without permission in writing from the publisher. Reviewers may quote brief passages in reviews.

      This book contains clipart illustrations which were acquired by means of royalty free usage rights in 2013 and are copyright to GraphicsFactory.com.

      While attempts have been made to verify all information provided in this publication, neither the author nor the publisher assumes any responsibility for: errors, omissions, or contrary interpretations of the subject matter herein.  This book is for entertainment purposes only.  The views expressed are those of the author alone, and should not be taken as expert instruction or commands. 

      The reader is responsible for his or her own actions in using or applying the material presented herein.  Neither the author nor the publisher assume any responsibility or liability whatsoever on the behalf of the purchaser or reader of these materials.  Any perceived slight of any individual or organization is purely unintentional.

      Michael Delaware, Author

      'If, And or But' Publishing Company

      www.IfAndorButPublishing.com

      Facebook.com/Ifandorbutpublishing

      Title Page

      Disclaimer

      Introduction

      Chapter One: Getting the Fever

      Chapter Two: Organizing Your Life

      Chapter Three: Identifying Credit Problems

      Chapter Four: Neutralizing the Negatives

      Chapter Five: Getting Approved for Financing

      Chapter Six: Hunting for Your Dream Home

      Chapter Seven: Offering What is Right

      Chapter Eight: Meeting the Commitments

      Chapter Nine: Ending With the Keys

      Chapter Ten: Eureka! Home Ownership!

      Glossary of Common Real Estate Terms

      Useful Links & Resources

      Acknowledgements

      About the Author

      Michael's Blogs

      Publishers Page

      Before proceeding, it is important to make a necessary disclaimer concerning legal advice.  None of the information contained in this book is intended to constitute legal or other professional advice. You should not rely solely on the information contained in this book for making legal decisions. It is recommended one consult with an attorney or other professionals for specific advice tailored to your situation in the area of which you are doing business. The information contained herein has been obtained through sources deemed reliable but cannot be guaranteed as to its accuracy.  Any information of special interest should be obtained through independent verification.

      This publication is designed to provide information believed to be accurate based on research.  It is designed to serve as guiding information in regard to the subject matter covered.  One should conduct one’s own independent inspection and investigation of the material presented as it relates to your area, as Real Estate laws and conditions are subject to change.

      It is sold with the understanding that neither the author nor the publisher is engaged in rendering legal, accounting, investment, lending or any other professional advice.  If legal advice or other expert assistance is required, the services of a competent professional should be sought.

      All the names referred to in any example contained within this book are pseudonyms.  Any perceived slight to any person or example related to or presented within this material is unintentional.

      Introduction

      The purpose of this book is to help those people that have been renting and have been struggling or have a challenging credit history to break free from this cycle and become home owners.  In some cases, this may be their very first time buying a home.  If this is the situation, then this could give you a golden ray of hope.  In other scenarios, there may be people that were homeowners that lost their home, along with their good credit, and their hope of ever being a homeowner again.  In this latter case, this book may represent a very real second chance.

      Are you one of those half a million Americans that believe the prospect of becoming a homeowner is beyond your scope?  Have you settled into a lifestyle of renting, merely because you see no way out?  Or perhaps, you think there is no other way?  Are you buried in credit problems, and the idea of navigating through the debris of the wreckage of your past mistakes on your financial picture better left in the graveyard of broken dreams? 

      There are a multitude of reasons to depart from this traditional part of the American Dream, and many may seem valid and true.  If your Uncle George always told you that buying a home was next to impossible unless you were rich, and you always followed every advice uncle George gave you, then perhaps you should click this eBook closed! 

      Still reading?  Well I’m glad you are still here.  Would it surprise you to hear that you can become a homeowner, if you follow through and take 10 precise steps?  It’s true.  Now the book title says they are 'Easy' and that is true.  It does not mean they are short, just that they can be achieved.  Time is an irrelevant concept with the purchase of real estate.  It is better to be prepared, and do it right, to get the best possible deal for yourself, rather than rush it.  

      Some of the steps might be longer than others, it all depends on your given situation.  However, each of the steps can be taken.  If you patiently work your way through each step presented in this book, you will find you can navigate through each and every obstacle that is thrown at you in the process.  The steps are not impossible, but may require some commitment and dedication on your part to complete them. This book is designed to be a simple guide to anyone venturing on this trail for the first time and serve as a road map.

      It is also written with a focus on simplicity, to cover the basic steps to take to reach this goal.  So if you are looking for comprehensive mortgage terms and tables, appraisal language and detailed property tax descriptions to put you to sleep, then you might be better off looking for another book.  I have tried not to use complicated language within the basic text of this book, however, like any subject there are terms unique to the process. For that reason I have included a simple real estate glossary at the end of this book.  With that, along with the magic of Kindle eBook dictionaries, this should be all you need should you find a term needs more clarity for you.  One can also consult other real estate glossaries on the internet if further information is needed.

      This book is not designed to replace the need for seeking professional advice from REALTORS®, Loan Officers, Mortgage Brokers, Appraisers, Home Inspectors, and any other number of professionals in the industry.   In fact, it is quite the reverse!  As an author, I encourage you to avail yourself of all of these professionals, as that is what they are there for, so use them every step of the way along your journey.  This book is not intended to be a guide or advice to choosing a professional in any of these fields.  The only advice I will offer on this is as follows: Choose someone you enjoy working with. More on that will be covered later.

      This book follows a simple layout.  The letters ‘G-O-I-N-G-H-O-M-E’ are the first letters of the first nine chapters, and cover the first nine steps.  The last chapter you might call the ‘exclamation point’ (!) as it puts you in the ‘driver’s seat’ as a homeowner, and gives you the steering wheel.

      Use this book as a road map to the ultimate goal of becoming a homeowner and release yourself from forever paying rent.  The 10 steps laid out in this text, if followed exactly, will help you arrive at your goal.  If you skip any step, or skimp on any of them and find you have not gotten the end result of each step, the solution is very simple: Go back and complete the earlier missed step and continue, making sure all the others are complete, and you will get there.  Failure to reach your goal is due to just one point; you missed or left incomplete an earlier step.  If there is any general overall rule in this book, that is it. 

      Enjoy your journey!

      Chapter One: Getting the Fever

      Let’s first examine the pros and cons of renting versus homeownership:

      Mobility: Renting Vs Home Ownership

      Renting offers one the ability to move without having to sell, which is probably the best overall benefit of renting. Usually the landlord will cover expenses such as lawn care and general maintenance that you would ordinarily have to cover as a homeowner.  At least that is the appearance, as you are not writing checks for these items directly, but more often than not you are paying for these expenses imbedded into your rent. 

      It is a fact that all landlords are investors, and their investment is the house, multi-unit or apartment that you are renting.  The return on their investment is your monthly rent, with which they cover all these expenses not to mention their profit.  It is true that some investments are better than others, and some landlords lose money every month through poor management, but they still have the asset and may even write off any ‘losses’ on their taxes. 

      The downside to renting is that one pays every month only for the right to stay somewhere, but without the sense of permanency and limited control on what you can do to your ‘space’.  When one pays for rent, one is in fact buying an intangible and limited asset called ‘time’ or ‘time to remain where one is’ for a specified period defined in the lease, which is usually in 30 day increments.  In other words, you are paying for the right to remain in that space with all your possessions for another 30 days of time.  When that time expires, you must pay again, and the cycle repeats itself.  If you do not pay, you eventually lose your right to remain there and must move, along with your possessions, elsewhere.  

      Another risk in renting is that one is relying on the landlord’s maintenance of the place you are renting.  If you sign a twelve month lease in March, and discover you do have working air conditioning in June, you would call the landlord.  If he or she is not willing to fix or service it, you may be in for a very uncomfortable renting experience.  If you have ever rented, you may have experienced something like this and that is why you are reading this book.  There are also the other issues that come from renting, such as noisy neighbors, limited space for storage, and sometimes limited parking. 

      With homeownership, your monthly payments go towards paying for a tangible ‘asset’ which is your home.  These monthly payments are in the form of a

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