Trapdont Get Upside Down

This is real estate jargon that means that it will cost you more to sell your house (after paying off your mortgage, closing costs, and commission) than your house is worth.

The trouble with a declining real estate market is that you don't know, and no one can tell you, how far it will fall before it reaches bottom and rebounds. If you buy on the way down, you will lose.

Therefore, if the market is declining; instead of buying, you may want to rent, at least temporarily. While renting doesn't offer all the benefits of ownership, it does allow you to move out gracefully without having to sell at a loss.

Real Estate 101

Real Estate 101

This book makes it easy to not only buy a home, but figure out everything that you need to do, even get a loan. In simple and easy to understand language, it talks about where you should buy a home, what to look for in a home, how to find a home, how to get an agent, how to get a mortgage and more. This is a step by step process that you, a new home buyer, can use to purchase a home.

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