Finding the Uncommon Deal A Top New York Lawyer Explains How to Buy a Home For the Lowest Possible

Preface: Greed, Fear, and Opportunity in the New Real Estate Environment.

Introduction: Should You Buy or Rent?

The Greatest Producer of Wealth for American Families.

The United States Government Encourages Homeownership.

The Pride of Having a Place to Call Your Own.

The Time to Buy.

The Cost of Buying and Maintaining a Home.

Building Equity.

The Case for Renting.

Part I Finance: Do Not Go Shopping Until You Know How Much Money You Have to Spend.

1 Get Ready to Buy: Tools and Suggestions to Maximize Buying and Borrowing Power.

Make a List of Your Assets and Liabilities.

Creating a Budget and Living within Your Means.

The Down Payment and Private Mortgage Insurance.

Obtaining a Credit Report.

FICO Score.

2 How to Get the Cheapest Loan at the Best Rate.

How Banks Make Money by Giving You a Loan.

What Is a Mortgage?

Obtaining the Loan: Learning the Bank's Requirements.

The Mortgage Broker.

Getting the Best Loan: Fitting the Loan into Your Plans and Financial Means.

The New Good Faith Estimate: Keeping the Lender Honest.

Choosing the Most Appropriate Inexpensive Loan.

Annual Percentage Rate (APR).

Tax Deductions and the Interest Rate on Your Mortgage.

Paying Points.

The Amount of the Loan.

Documents Required to Obtain a Loan.

The Different Types of Loans.

The Loan Process.

The Financing Process.

3 Buying a Home with Little or No Money Down and Obtaining Seller Financing.

Putting Little or No Money Down.

Part II Finding the Uncommon Deal on a Home.

4 Becoming an Expert on Finding the Dream Home.

The Real Estate Broker.

Finding a Property to Purchase: Various Choices and Forms of Shelter.

Making the Decision.

5 Conducting the Search: Finding Your Allies in the Real Estate Hunt.

Insider Trading—The Legal Way.

Making Friends in Strange Places.

Location, Location, Location.

Determining Fixed Monthly and Yearly Housing Costs.

Making a Wish List.

Real Estate Brokers: The Guardians of Real Estate.

Maximizing the Success of the Search.

6 The Secret to Buying a Distressed Property.

The DNA of a Deal Finder.

Distressed Homes: The Most Common Uncommon Deals.

Finding the Uncommon Deals Using the Most Common Means.

Becoming a Proactive Deal Hunter.

7 Pre-Foreclosures and Short Sales.

Finding a Pre-Foreclosure.

The Foreclosure Filing.

Buying a Short Sale.

Learning More About the Distressed Property.

Making Contact with a Distressed Owner.

8 Foreclosures and Bank-Owned Properties.

Finding a Foreclosure Sale.

Buying a Foreclosed Property.

Attending the Foreclosure Auction.

Determining How Much Money to Bring to the Auction.

Foreclosure Pitfalls: Taking the Property As Is and Evicting the Occupants.

Losing the Property to Redemption Laws.

Financing the Purchase.

REO/Bank-Owned Properties.

9 Hidden Land Mines to Look Out for.

Determine Whether the Home Is Legally Habitable.

Be Aware of the Number of Units Sold and Occupied in Newly Constructed Apartment Developments.

Clear All Liens and Obtain Signoffs for Extensions and Alterations before Closing on a Home.

Inspecting for and Understanding the Underground Oil Tank.

Buying a Home with Occupants or Tenants in Possession.

Purchasing a Land Lease in a Cooperative Apartment: Determine Whether You Are Buying or Renting the Land.

Property Taxes Can Change.

Different Ways to Take Title to the Home.

10 Creative Ways to Get the Seller to Accept Your Below-Market Offer.

Offer All Cash or Do Not Make the Deal Contingent on Obtaining a Loan.

Know How to Play the Negotiation Game: Making and Responding to