THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Saturday, November 12, 1994 TAG: 9411100520
SECTION: REAL ESTATE WEEKLY PAGE: 12 EDITION: FINAL
SOURCE: BY PAIGE FLEMING, SPECIAL TO REAL ESTATE WEEKLY
LENGTH: Medium: 78 lines
For those who have never bought a home, venturing into the real estate market for the first time can be quite daunting. It seems that everyone knows more than you, the buyer, and everyone has a different idea as to what is best.
There are hundreds of questions and no simple answers. Until now.
Llyce R. Glink, author of ``100 Questions Every First-Time Home Buyer Should Ask,'' (Times Books, $14 paperback) took every possible question an inexperienced home buyer would ask and answered them.
Glink, who was in Chesapeake recently to promote her book, explains how it all came about.
``I wrote the book because I used to work for a book publisher,'' she says, ``and we used to look at real estate books and the more I got into writing about real estate, the more I felt that the books out there for first-time home buyers weren't answering the questions first-time buyers had.
``The specific impetus for the book was an article I wrote (for a newspaper) called `The Top Ten Questions First-Time Home Buyers Always Ask.' The problem was that once I started interviewing brokers, I came up with 30 questions.
``And you know how newspaper editors are. He said we have a limited amount of space. Cut it down to 10. So I just filed the rest of the questions.''
As she continued to write about real estate in her nationally syndicated column, ``Real Estate Matters,'' for the Chicago Sun Times, she came up with more questions.
``After culling through all the questions and keeping files,'' Glink says, ``I found that brokers from all over the country had had the same experience with their first-time buyers.''
Glink talked to real estate brokers from almost all 50 states and thousands of home buyers plus lots of people not specifically credited in the book. Once she got down to writing, it took five months to finish. By that time she had sold it to Times Books.
The book, which contains not only 100 of the most commonly asked questions by first-time buyers, also contains plenty of tips for the house hunter. For example: ``While they're expensive, a VA loan might be just the ticket, especially if you're running short on cash. And though you still must qualify for this amount, the upper loan limit is $184,000, which can help you buy a very nice home.''
She points out that the VA loan limit may soon be stretched to $203,000.
The last quarter of the book contains copies of sample contracts and contingencies, all presented in an informal, easy-to-read format. Having copies of each contract to be signed at the settlement is a big help, says one first-time buyer who read the book and also noted that ``it let me feel more knowledgable about the whole process.''
Clink says people who haven't bought a home for the last five to 10 years also might benefit from reading over the questions and contracts. She also has some warning.
``The biggest mistake anyone shopping for a home can make is staying with the wrong broker,'' she says. ``I think working with the wrong broker and not having the guts to change can be a mistake. But it's easily correctable.''
Also, if you're battling your broker, call the managing broker. ``That's their job, to mediate between the two and settle things. Knowledge is power and you deserve to work with the best person you can.''
Glink also makes a distinction between different kinds of agents. A buyer broker works solely for the buyer and doesn't act as a listing agent; thus, he has to have a broader base of clients to make as much money as a conventional agent.
Therefore, a buyer broker may not know as many details about a neighborhood as a conventional agent who works in a smaller area but knows more specifics. And the neighborhood is very important, Glick says.
A second book, ``100 Questions Every Home Seller Should Ask,'' will be out n April followed by a third scheduled for later in 1995. ILLUSTRATION: Staff photo by STEVE EARLEY
Everything the novice home buyer needs to know is in Llyce Glink's
book.
by CNB