Internet information makes good book better
By Robert Bruss
Tribune Media Services
    "HOME BUYING FOR DUMMIES, SECOND EDITION, By Eric Tyson and Ray Brown (Hungry Minds Inc., New York, 2001), $21.99, 306 pages. Available in stock or by special order at better bookstores, public libraries and www.amazon.com.
    Best-selling real estate authors Eric Tyson and Ray Brown have improved their second edition of "Home Buying for Dummies" by adding important new material on using the Internet to shop for homes. They made an already excellent book even better.
    This "fun read" book, written in a semi-humorous style, begins with the home-buying basics, such as comparing the cost of renting vs. owning, explaining who should not buy (someone who expects to move within the next few years), checking your finances and figuring out what price home you can afford.
    Brown and Tyson share lots of personal examples to make the book believable. For example, Brown explains he and his wife bought a vacation home that wasn't remotely like what they had originally told their agent they wanted. Brown shared how, as they looked at listings, their idea of what they wanted evolved. He says this is typical of buyers who change their minds during the home-purchase quest.
    What will empower readers with knowledge is the authors strong opinions on many topics. To illustrate, in the mortgage chapter, they say, "Avoid loans with prepayment penalties." Then they explain why. Particularly good is their explanation of how FICO (Fair, Isaac Company) credit scores are determined and what borrowers can do to improve theirs.
    The new Internet home-buying chapter is especially strong. It discloses the authors' favorite home-search site (realestate.yahoo.com) and their favorite mortgage Web site (www.eloan.com). They even explain how savvy do-it-yourself sellers get their listings on the multiple listing Web sites. This especially good chapter wraps up with other useful Web sites for buyers, such as those for home-inspection information (www.ashi.com) and real estate news (www.inman.com and www.deadlinenews.com).
    Of the many "how to buy a home" books on today's market, this is by far the best because it's simple, yet complete. Although I don't agree with everything the authors say, especially when they discourage home buying with no money down, it is 99 percent sound, reliable information for buyers.
    If you are considering buying a home, don't fail to first read this excellent new book. The book is jam-packed with important advice, details and examples for buyers.
    A particularly strong chapter is the one on negotiating. Tyson and Brown share strategies, good and bad, that they have seen buyers use. For example, they discourage making "low-ball" offers, primarily because it might insult the seller but also because sellers rarely accept very low offers.
    Chapter topics include To Buy or Not To Buy, That Is the Question; Getting Your Financial House in Order; What Can You Afford to Buy?; Why Home Prices Rise and Fall; Selecting a Mortgage; Mortgage Quandaries, Conundrums and Paperwork; Where and What To Buy; Your Real Estate Team; What's It Worth?; Negotiating To Get What You Want; and Ten Tips for Realty Web Surfing. The appendix contains a sample home-purchase contract and a home-inspection report.
    Home buyers can't go wrong reading this superb book. It is filled with facts, humor, advice and strong opinions of the authors. They even share "dirty tricks" to watch out for during the home-buying process, such as an ultra-low appraisal by a lender who doesn't want to make a mortgage loan. On my scale of one to 10, this outstanding book rates an off-the-chart 12.
Questions should be mailed to Robert Bruss, Tribune Media Services, 435 N. Michigan Ave., Suite 1400, Chicago, Ill. 60611.