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The Housing Trap: How Buyers Are Captured And Abused And How To Defend Yourself Paperback – September 12, 2012

by Patrick Killelea (Author)
4.3 4.3 out of 5 stars 72 ratings
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You're being set up to spend your life paying off a debt you don't need to take on, for a house that costs far more than it should. The conspirators are all around you, smiling to lure you in, carefully choosing their words and watching your reactions as they push your buttons, anxiously waiting for the moment when you sign the papers that will trap you and guarantee their payoff. Don't be just another victim of the housing market. Use this book to defend your freedom and defeat their schemes. You can win the game, but first you have to learn how to play it.
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Previous page
  1. Print length
    114 pages
  2. Language
    English
  3. Publication date
    September 12, 2012
  4. Dimensions
    5 x 0.29 x 8 inches
  5. ISBN-10
    1479156213
  6. ISBN-13
    978-1479156214
  7. See all details
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Product details

  • Publisher ‏ : ‎ CreateSpace Independent Publishing Platform (September 12, 2012)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 114 pages
  • ISBN-10 ‏ : ‎ 1479156213
  • ISBN-13 ‏ : ‎ 978-1479156214
  • Item Weight ‏ : ‎ 6.4 ounces
  • Dimensions ‏ : ‎ 5 x 0.29 x 8 inches
  • Customer Reviews:
    4.3 4.3 out of 5 stars 72 ratings

Customer reviews

4.3 out of 5 stars
4.3 out of 5
72 global ratings

Top reviews from the United States

Spongebob
5.0 out of 5 stars An easy read and a sensible point of view!
Reviewed in the United States on October 9, 2012
Verified Purchase
Having been a regular reader of Patricks website for several years I thought I owed him one so bought this book on the kindle. I was not disappointed! The essence of the book is really that real estate prices should be (and have historically been) in line with rents/ salaries.

In the recent past, house prices have escalated unchecked and out of balance with historic's fueled by easy credit and lax standards for lending. Rents however, have remained mostly in check as they will always be (or should be) in line with salaries and what people can afford. This book explains the balance and unbalances in a way that makes perfect sense but is barely (if ever) reported in the mainstream media.

In many parts of the country, house prices will still need to fall into line. The entire real estate business, supporters and cheer leaders are all in on a massive Scam. Patrick sheds some light on the scam and its beneficiaries including Government.

While his reasoning is sound, abolish the tax incentives and make the whole process more transparent, it is highly unlikely to happen. It is wishful thinking as the powers that be have way to much of it!

The book itself is a quick read, (I read it in 1 night) but possibly the best investment any would be house buyers can make. There are several typos and spelling mistakes (at least on the kindle version) that give the impression the proof reader was dyslexic and it was put to press in a hurry.

I would have also liked to see some more information on dealing with auctions, price negotiations and the different types of mortgages available. Pros/ cons of each type. Guess that will wait for part 2??
11 people found this helpful
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Polyskill Reviewer
5.0 out of 5 stars If your thinking about buying a house... You should read this.
Reviewed in the United States on December 4, 2012
Verified Purchase
There is some good information in this little book. Though it is biased it is always good to get both sides of an argument so you can make informed decisions. Especially when spending so much money. I also liked books: "Don't believe everything you think" and "The Righteous Mind". Many will fall prey to the housing marketing because it is so emotional, perhaps a baby on the way or just newly-wed. On the flip side, buying absolutely makes sense for many. Best of luck to you and yours.
2 people found this helpful
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Isabella Chu
3.0 out of 5 stars Skip the book, read the blog
Reviewed in the United States on July 6, 2013
Verified Purchase
I don't print out emails or blogs. I could have saved myself $10.00 by reading the blog. That having been said, the book takes well placed cynicism about the Bay Area housing market and teeters near giving up on housing entirely. Sometimes it is a good time to buy a house. And houses to have intrinsic value beyond the box of wood, clay or stone that they are. It's also nice to own something. The author is right though, that it's not nice if you pay too much for it, and this book really tries to talk you out of doing that. The best piece of advice it gave was "it's cheaper to rent the house than to rent the money." It was a cool way of thinking about it and helpful when looking at cost-benefit.
11 people found this helpful
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LLKJB
5.0 out of 5 stars I have been doing this for years
Reviewed in the United States on November 30, 2012
Verified Purchase
The book back's what I have been doing for years.
Always sell and buy without a Realtor! have always beat the average by more than the 6%

I think some realtors aren't lying on purpose, just because they don't know any better!
Question do you want to pay someone 6% for being stupid..
Or do you want to give 6% to someone that knows they are lying?

I had one Broker tell me I was not a good American because I wouldn't list my house and was selling it my self,
He was mad because I wouldn't sell it to him at the 6% discount.. I sold it the next week at asking.

Answer neither one can be trusted.

Read the book! if you don't get it ask yourself have I been brain washed.
Then read it again.
The book is simple 1+1 = 2

Except for the uninformed "PRO" a list of the perpetrators of the crime.
1. Realtors
2. Mortgage Brokers "Look at the mess the US is in you want me to believe they all didn't know better?"
3. Appraisers "Some appraisers are OK about 10% is all that I have found"

LLKJB
7 people found this helpful
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windsurferman
5.0 out of 5 stars Read the book THEN buy the house, or not.
Reviewed in the United States on October 30, 2012
Verified Purchase
I wish we would have found this book before we bought our house. We would have known that we were paying too much.

I bought this book twice because my brother in law, a world traveling consultant based in Breckinridge CO, was in town talking about buying the home he was renting for $2500 a month. The owner wants $800,000 for this beautiful 4 bedroom 3 bath house with an attached one bedroom apartment overlooking the river and right next to the ski resort.

I told him he was insane. I showed him the rent vs buy calculators and he was shocked. I showed him this book and he asked to borrow it as he had a really early flight.

He called me later to tell me about his new investment savings plans and how he decided he is not going to buy in Breckinridge. I told him to keep the book and I would buy another one.

I can't say that I would never buy a house again, but I would reccomend this book to anyone considering a house purchase.
4 people found this helpful
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Andres Villavicencio
4.0 out of 5 stars An insightful read for home buyers and owners
Reviewed in the United States on May 20, 2015
Verified Purchase
If you are thinking about purchasing a home or interested in learning about what really makes the real estate market tick, buy this book. It well help you understand how the actual process works and further reveals the truth behind owning.
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San Diego Reviewr
5.0 out of 5 stars Will your next home bring you wealth or enslavement?
Reviewed in the United States on July 3, 2018
Verified Purchase
This is very important book for anyone who is considering buying a house. I have 20+ years of buying and selling residential real estate, and Patrick has done a very good job of simplifying a lot of the basic concepts of homeownership as well as owning rental properties . This book examines many of the facets of owning property including the hidden costs, lost opportunity costs, and very good valuation methods.
It also warns of the pitfalls of dealing with real estate agents and other stakeholders whose interests are not aligned with buyer .
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