Book Review: The Foolproof Guide to Buyinga Home

by Stephan M. Pollan and Mark Levine
Simon & Schuster, NY, $11.00, 239 pp.

Reviewed by Stephanie A. Chisholm

If the process of buying a home could be considered a journey to unchartedlands, Stephan Pollan has created a road map with explicit directions. TheFoolproof Guide to Buying a Home contains 117 specific steps for home buyers,all the way from assessing your current dwelling to checking the movingboxes for damages after moving into your new home.

Mapping out the home buying process by covering every potential pitfalland opportunity could require an encyclopedia. Fortunately, Stephan Pollanand Mark Levine have created the Foolproof Guide to Buying a Home to getright to the point of every issue that home buyers will face.

Steps in the first chapter on establishing your goals challenge readersto be honest with themselves about their what qualifies as their ideal home.For example, step 3 asks the reader to "Examine your feelings aboutprivacy." By considering the many different benefits and drawbacksabout home features, home buyers will feel more comfortable when it is timeto actually look at homes.

Additional chapters cover putting together a team of professionals, househunting, negotiating with sellers, inspections, contracts, getting a mortgage,moving and closing. Instead of a dry text book approach to each area, thereader is treated to bite-sized nuggets of information that are supplementedwith many supporting tips.

One of the most refreshing aspects of the Foolproof Guide to Buying aHome is its crisp, direct approach to dealing with the many professionalsthat a home buyer must to complete a purchase. The authors do not shy awayfrom advising readers what to look for in an attorney, home inspector, Realtoror mortgage lender. They strongly suggest interviewing each professional,and provide a list of criteria and questions for each meeting. Warning 31.4,for instance, suggests that "if the pro takes a telephone call duringyour preliminary interview, think twice about whether you want him or heron your team. Why? Because he or she will have no qualms about doing thesame thing when you're at your wit's end waiting for a response to an urgentinquiry." Despite being taken to task to prove their worth, the bestservice providers in each area will most likely welcome the opportunityto show their professionalism and credentials.

In reviewing for accuracy, only three tips were found to be outdated.Tip 21 states that "lenders will generally loan only 80% of the purchaseprice of a home," but mortgage lenders have routinely been offering5% down payment loans with mortgage insurance for many years. Another tipthat compares fixed and adjustable rate mortgages comments that "...theup-front points that have to be paid at closing (for adjustable rate mortgages)are lower than those of a fixed rate mortgage." The reality is thatin today's market, lenders offer a 0 point, 1 point and 2 point option forall nearly all fixed and all adjustable rate mortgage programs. Finally,the authors state that "(Adjustable rate mortgages) tend to be combinedwith initial loan fess that are quite sizable..." In our research wehave found no difference in fees between fixed and adjustable rate mortgages.

Aside from these few comments that need updating, the remainder of theGuide is right on target. In fact, one of the best features of this handbookis the collection of tips that support many of the 117 steps. Instead ofmaking one general statement about all types of dwellings, Mr. Pollan andMr. Levine add comments for buyers of retirement homes, vacation homes andapartments. Learning the many subtleties of these types of properties beforeplunging into buying them can save buyers the heartache of getting intoa bad situation.

As it says on the back cover, "Your dream home is out there. Letthe Foolproof Guide to Buying a Home help you find it."

About The Authors of the Foolproof Guide to Buying a Home:

Stephen M. Pollan is an attorney and real estate consultant, and hehas been a regular commentator on CNBC and Today in New York. He and MarkLevine are the authors of ten books and numerous articles for New York,Worth, Money, Working Woman, and other magazines. Stephen Pollan lives inNew York City and Mark Levine lives in Ithaca, NY.

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