{"product_id":"finding-the-uncommon-deal-isbn-9780470943663","title":"Finding the Uncommon Deal","description":"\u003cp\u003e\u003cb\u003eTake advantage of today's real estate market to find great properties at incredible prices\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOur recent economic meltdown transformed real estate from a popular investment to financial kryptonite. Too many people purchased homes with mortgages they simply could never afford. The good news: Great deals are out there for the taking. \u003ci\u003eFinding the Uncommon Deal\u003c\/i\u003e gives you the secrets to discovering and successfully negotiating the lowest prices for the most prized properties available.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eDiscover how to go beyond Internet listings to get on-the-ground intelligence on the best deals\u003c\/li\u003e \u003cli\u003eGet proven negotiating skills to close the deal at a rock-bottom price\u003c\/li\u003e \u003cli\u003eThe author has assisted thousands in purchasing homes as a lawyer, broker, and investor; has been ranked by internationally esteemed publication \u003ci\u003eChambers and Partners\u003c\/i\u003e as one of the leading real estate lawyers; and regularly appears as a real estate authority in the \u003ci\u003eNew York Times\u003c\/i\u003e and the \u003ci\u003eWall Street Journal\u003c\/i\u003e\n\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eIf you're successful enough to afford a home, then you probably have the skills needed to get a great deal in today's market. \u003ci\u003eFinding the Uncommon Deal\u003c\/i\u003e gives you the keys to leverage your skills for success and savings, opening the door to today's best properties and lowest prices.\u003c\/p\u003e \u003cp\u003eForeword Evan Farmer xiii\u003c\/p\u003e \u003cp\u003ePreface: Greed, Fear, and Opportunity in the New Real Estate Environment xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction: Should You Buy or Rent? 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Greatest Producer of Wealth for American Families 1\u003c\/p\u003e \u003cp\u003eThe United States Government Encourages Homeownership 3\u003c\/p\u003e \u003cp\u003eThe Pride of Having a Place to Call Your Own 3\u003c\/p\u003e \u003cp\u003eThe Time to Buy 4\u003c\/p\u003e \u003cp\u003eThe Cost of Buying and Maintaining a Home 5\u003c\/p\u003e \u003cp\u003eBuilding Equity 6\u003c\/p\u003e \u003cp\u003eThe Case for Renting 6\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I Finance: Do Not Go Shopping Until You Know How Much Money You Have to Spend 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Get Ready to Buy: Tools and Suggestions to Maximize Buying and Borrowing Power 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMake a List of Your Assets and Liabilities 15\u003c\/p\u003e \u003cp\u003eCreating a Budget and Living within Your Means 17\u003c\/p\u003e \u003cp\u003eThe Down Payment and Private Mortgage Insurance 21\u003c\/p\u003e \u003cp\u003eObtaining a Credit Report 23\u003c\/p\u003e \u003cp\u003eFICO Score 24\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 How to Get the Cheapest Loan at the Best Rate 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow Banks Make Money by Giving You a Loan 27\u003c\/p\u003e \u003cp\u003eWhat Is a Mortgage? 28\u003c\/p\u003e \u003cp\u003eObtaining the Loan: Learning the Bank’s Requirements 29\u003c\/p\u003e \u003cp\u003eThe Mortgage Broker 30\u003c\/p\u003e \u003cp\u003eGetting the Best Loan: Fitting the Loan into Your Plans and Financial Means 30\u003c\/p\u003e \u003cp\u003eThe New Good Faith Estimate: Keeping the Lender Honest 30\u003c\/p\u003e \u003cp\u003eChoosing the Most Appropriate Inexpensive Loan 31\u003c\/p\u003e \u003cp\u003eAnnual Percentage Rate (APR) 32\u003c\/p\u003e \u003cp\u003eTax Deductions and the Interest Rate on Your Mortgage 32\u003c\/p\u003e \u003cp\u003ePaying Points 33\u003c\/p\u003e \u003cp\u003eThe Amount of the Loan 35\u003c\/p\u003e \u003cp\u003eDocuments Required to Obtain a Loan 35\u003c\/p\u003e \u003cp\u003eThe Different Types of Loans 35\u003c\/p\u003e \u003cp\u003eThe Loan Process 41\u003c\/p\u003e \u003cp\u003eThe Financing Process 42\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Buying a Home with Little or No Money Down and Obtaining Seller Financing 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePutting Little or No Money Down 50\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Finding the Uncommon Deal on a Home 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Becoming an Expert on Finding the Dream Home 59\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Real Estate Broker 60\u003c\/p\u003e \u003cp\u003eFinding a Property to Purchase: Various Choices and Forms of Shelter 60\u003c\/p\u003e \u003cp\u003eMaking the Decision 68\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Conducting the Search: Finding Your Allies in the Real Estate Hunt 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInsider Trading—The Legal Way 71\u003c\/p\u003e \u003cp\u003eMaking Friends in Strange Places 72\u003c\/p\u003e \u003cp\u003eLocation, Location, Location 72\u003c\/p\u003e \u003cp\u003eDetermining Fixed Monthly and Yearly Housing Costs 73\u003c\/p\u003e \u003cp\u003eMaking a Wish List 74\u003c\/p\u003e \u003cp\u003eReal Estate Brokers: The Guardians of Real Estate 75\u003c\/p\u003e \u003cp\u003eMaximizing the Success of the Search 79\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 The Secret to Buying a Distressed Property 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe DNA of a Deal Finder 83\u003c\/p\u003e \u003cp\u003eDistressed Homes: The Most Common Uncommon Deals 84\u003c\/p\u003e \u003cp\u003eFinding the Uncommon Deals Using the Most Common Means 84\u003c\/p\u003e \u003cp\u003eBecoming a Proactive Deal Hunter 85\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Pre-Foreclosures and Short Sales 89\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinding a Pre-Foreclosure 89\u003c\/p\u003e \u003cp\u003eThe Foreclosure Filing 90\u003c\/p\u003e \u003cp\u003eBuying a Short Sale 92\u003c\/p\u003e \u003cp\u003eLearning More About the Distressed Property 94\u003c\/p\u003e \u003cp\u003eMaking Contact with a Distressed Owner 95\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Foreclosures and Bank-Owned Properties 103\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinding a Foreclosure Sale 103\u003c\/p\u003e \u003cp\u003eBuying a Foreclosed Property 104\u003c\/p\u003e \u003cp\u003eAttending the Foreclosure Auction 104\u003c\/p\u003e \u003cp\u003eDetermining How Much Money to Bring to the Auction 105\u003c\/p\u003e \u003cp\u003eForeclosure Pitfalls: Taking the Property \u003ci\u003eAs Is\u003c\/i\u003e and Evicting the Occupants 105\u003c\/p\u003e \u003cp\u003eLosing the Property to Redemption Laws 105\u003c\/p\u003e \u003cp\u003eFinancing the Purchase 105\u003c\/p\u003e \u003cp\u003eREO\/Bank-Owned Properties 106\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Hidden Land Mines to Look Out for 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDetermine Whether the Home Is Legally Habitable 111\u003c\/p\u003e \u003cp\u003eBe Aware of the Number of Units Sold and Occupied in Newly Constructed Apartment Developments 112\u003c\/p\u003e \u003cp\u003eClear All Liens and Obtain Signoffs for Extensions and Alterations before Closing on a Home 113\u003c\/p\u003e \u003cp\u003eInspecting for and Understanding the Underground Oil Tank 113\u003c\/p\u003e \u003cp\u003eBuying a Home with Occupants or Tenants in Possession 114\u003c\/p\u003e \u003cp\u003ePurchasing a Land Lease in a Cooperative Apartment: Determine Whether You Are Buying or Renting the Land 115\u003c\/p\u003e \u003cp\u003eProperty Taxes Can Change 116\u003c\/p\u003e \u003cp\u003eDifferent Ways to Take Title to the Home 116\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Creative Ways to Get the Seller to Accept Your Below-Market Offer 121\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOffer All Cash or Do Not Make the Deal Contingent on Obtaining a Loan 121\u003c\/p\u003e \u003cp\u003eKnow How to Play the Negotiation Game: Making and Responding to the Counter Offer 122\u003c\/p\u003e \u003cp\u003eGet the First Call When the Price Drops: Give Sellers Your Price and Ask Them to Call You When the Asking Price Falls 123\u003c\/p\u003e \u003cp\u003eBecome the Real Estate Broker’s Best Friend 123\u003c\/p\u003e \u003cp\u003eBring Your Financial Resume to Demonstrate Your Ability to Close on the Home 124\u003c\/p\u003e \u003cp\u003eThe Right of First Refusal 124\u003c\/p\u003e \u003cp\u003eBuyer Flexibility: Learn the Seller’s Moving Preferences 125\u003c\/p\u003e \u003cp\u003eEndear the Seller through Thoughtful Gestures and Remembering Names and Life Events 125\u003c\/p\u003e \u003cp\u003ePlace an Ad or Create a Web Site or Commercial 126\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Negotiating a Great Deal on a Newly Constructed Property: What You Must Know Before Signing the Contract to Purchase 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConduct an Extensive Inspection of the Premises Using a Qualified Inspector\/Engineer 130\u003c\/p\u003e \u003cp\u003eKnow the Builder’s Past Performances 131\u003c\/p\u003e \u003cp\u003eObtain Warranties from the Builder 131\u003c\/p\u003e \u003cp\u003eThe Brand Names and the Appliances and Fixtures Installed Should Be Itemized in the Contract of Sale 132\u003c\/p\u003e \u003cp\u003eThe Most Common Problem When Purchasing a New Construction: The Move-In Date 132\u003c\/p\u003e \u003cp\u003eLocking In an Interest Rate 133\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III Getting Uncommon Deals on Closing Costs 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 The Closing Map: A Guide to Finding and Buying a Home 141\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eObtaining Financing 141\u003c\/p\u003e \u003cp\u003eMaking the Offer 142\u003c\/p\u003e \u003cp\u003eHiring an Attorney 143\u003c\/p\u003e \u003cp\u003eThe Acceptance of the Offer and Drafting of the Contract of Sale 143\u003c\/p\u003e \u003cp\u003eSigning the Contract of Sale and Making the Contract Deposit 144\u003c\/p\u003e \u003cp\u003eInsurance and Tax Escrow 145\u003c\/p\u003e \u003cp\u003eThe Mortgage Contingency Clause and Other Contingencies 145\u003c\/p\u003e \u003cp\u003eThe Closing Date 146\u003c\/p\u003e \u003cp\u003eThe Engineer 147\u003c\/p\u003e \u003cp\u003eDue Diligence for Cooperative and Condominium Purchases 147\u003c\/p\u003e \u003cp\u003eReviewing the Building’s Financials 147\u003c\/p\u003e \u003cp\u003eTermite Inspection 148\u003c\/p\u003e \u003cp\u003eBoard Applications 149\u003c\/p\u003e \u003cp\u003eTitle Insurance and Lien Search 149\u003c\/p\u003e \u003cp\u003eThe Board Interview 150\u003c\/p\u003e \u003cp\u003eObtaining the Right of Possession of the Home 150\u003c\/p\u003e \u003cp\u003eThe Closing 151\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Using the Home Inspection to Lower the Price 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Inspection 156\u003c\/p\u003e \u003cp\u003eFinding the Right Home Inspector 158\u003c\/p\u003e \u003cp\u003eProtecting Yourself When Signing the Contract of Sale 160\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Finding, Hiring, and Utilizing an Aggressive Attorney 163\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhether to Hire an Attorney 164\u003c\/p\u003e \u003cp\u003eFinding an Attorney 164\u003c\/p\u003e \u003cp\u003eThe Mini-Interview 165\u003c\/p\u003e \u003cp\u003eQuestions for the Attorney Candidate(s) 165\u003c\/p\u003e \u003cp\u003eWhen to Consult an Attorney 166\u003c\/p\u003e \u003cp\u003eThe Functions of the Purchaser’s Attorney 167\u003c\/p\u003e \u003cp\u003eThe Makings of a Good Real Estate Attorney 170\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 The Walk Through: The Final Inspection 173\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Walk Through as an Inspection 173\u003c\/p\u003e \u003cp\u003eThe Punch List 174\u003c\/p\u003e \u003cp\u003eLet the Buyer Beware 174\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 The Importance of Homeowner’s Insurance: Acquiring the Knowledge to Purchase and Maintain a\u003c\/b\u003e \u003cb\u003eSufficient Policy for Your Home or Investment Property 179\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Homeowner’s Insurance Policy 180\u003c\/p\u003e \u003cp\u003eThe Function of the Homeowner’s Insurance Policy 180\u003c\/p\u003e \u003cp\u003eWays to Reduce the Cost of Homeowner’s Insurance 181\u003c\/p\u003e \u003cp\u003eMaintaining a Homeowner’s Insurance Policy 182\u003c\/p\u003e \u003cp\u003eInsurance through the Federal Government 183\u003c\/p\u003e \u003cp\u003eHomeowner’s Insurance in Cooperatives and Condominiums 183\u003c\/p\u003e \u003cp\u003eObtain References 184\u003c\/p\u003e \u003cp\u003eWhat You Should Know Before Making a Claim 184\u003c\/p\u003e \u003cp\u003e\u003cb\u003e17 The Purchase of Title Insurance 189\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Is Title Insurance? 189\u003c\/p\u003e \u003cp\u003eWho Pays for Title Insurance? 190\u003c\/p\u003e \u003cp\u003eWhy an Owner’s Policy Should Always Be Purchased 191\u003c\/p\u003e \u003cp\u003eThe Function of a Title Insurance Company 191\u003c\/p\u003e \u003cp\u003eThe Cost of Title Insurance 192\u003c\/p\u003e \u003cp\u003eExamples of When Title Insurance Becomes Important 192\u003c\/p\u003e \u003cp\u003eTitle Insurance and Purchasing a Cooperative Apartment 194\u003c\/p\u003e \u003cp\u003eThe Abstract 194\u003c\/p\u003e \u003cp\u003e\u003cb\u003e18 Closing Cost Guide: Determining the Complete Cost of Selling or Purchasing a Property 199\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCustomary Purchaser Closing Costs 200\u003c\/p\u003e \u003cp\u003ePurchaser Closing Costs Unique to Cooperatives and Condominiums 205\u003c\/p\u003e \u003cp\u003eClosing Cost Example: New York Customary Purchaser Closing Costs 206\u003c\/p\u003e \u003cp\u003eCustomary Seller Closing Costs 208\u003c\/p\u003e \u003cp\u003eConclusion 221\u003c\/p\u003e \u003cp\u003eAcknowledgments 223\u003c\/p\u003e \u003cp\u003eIndex 225\u003c\/p\u003e \u003cp\u003e\u003cb\u003eADAM LEITMAN BAILEY, ESQ.,\u003c\/b\u003e has assisted thousands of property owners in buying homes. He owns one of the nation’s most prominent real estate law firms as well as a real estate brokerage company and investment properties. The esteemed \u003ci\u003eChambers \u0026amp; Partners\u003c\/i\u003e publication has selected him as one of New York’s Lead-ing Real Estate Lawyers, and he was named a Super Lawyer by \u003ci\u003eLaw \u0026amp; Politics\u003c\/i\u003e magazine.\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eFINDING THE UNCOMMON DEAL\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReal estate deals are like worms: to find the choice ones, you’ll have to do some digging. In today’s tumultuous market, buyers who are willing to dig deep can now find some of the best opportunities in history. In \u003ci\u003eFinding the Uncommon Deal\u003c\/i\u003e, you’ll get the expert advice you need to navigate this changing real estate world. You’ll learn how to maximize your buying and borrowing power, gather on-the-ground intelligence on great deals, and negotiate for rock-bottom prices.  \u003c\/p\u003e\u003cp\u003e“\u003ci\u003eFinding the Uncommon Deal\u003c\/i\u003e tells you what you \u003ci\u003emust know\u003c\/i\u003e before buying a home … period. I highly recommend reading this book at any stage of your real estate experience. This is the most comprehensive home-buying resource written by one of the most respected and knowledgeable real estate attorneys, investors, educators, and mentors in the country!”\u003cbr\u003e\u003cb\u003e—Evan Farmer, host of home-makeover and real estate show \u003ci\u003eWhile You Were Out\u003c\/i\u003e\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“This should become an essential guide for home-buyers. It combines a real estate lawyer’s insider expertise with easy-to-follow directions for everyday house-hunting and home-buying. For good measure, Adam Leitman Bailey sprinkles in anecdotal lessons and commonsense financial advice from his personal experiences. Don’t leave home or move to a new one without this book.” \u003cbr\u003e\u003cb\u003e—Leonard Downie, former executive editor, \u003ci\u003eThe Washington Post\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989213855973,"sku":"NP9780470943663","price":19.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470943663.jpg?v=1761783233","url":"https:\/\/k12savings.com\/products\/finding-the-uncommon-deal-isbn-9780470943663","provider":"K12savings","version":"1.0","type":"link"}