If you are contemplating a home purchase, you are aware of a plethora of companies offering the best deal on mortgage loans. They also advertise a myriad of other benefits, the best insurance, the best agents, and a year's supply of pizza. Here is the rest of the story. The rate: The cost of money is market driven. The majority of lenders sell the loans after they are made, and the salability is based upon the yield, or rate, of the mortgage. The only way you can get a lower rate is to pay extra 'points' up front, which amounts to pre-paid interest. No bargain! The service: Remote lenders deal by long distance, their representatives may not be fully trained to advise a customer in the most appropriate loan programs available. Sometimes it is not possible to talk to the same person from one day to another. Decision makers are never available and do not return phone calls. No leverage! The fees: The cost of a mortgage include such fees as 'origination', 'processing' appraisal, points, insurance, flood certification, tax service, credit check, septic inspection, etc, etc, etc. Lenders define fees with a great deal of imagination. Fees can add up! The bottom line: In my experience, you are best advised to deal with a local lender. They are knowledgeable, available and responsive, and will not surprise you at closing! They even return phone calls. Sandy is our 'in house' lending expert. With 29 years of lender experience, she can explain the best strategy to fit your income, goals and situation.

Whenever you purchase real estate, your contract will contain a provision concerning how you take title to the property. For a married couple, one possibility is 'Joint Tenants with Right of Survivorship' , which translates that, in the event of the death of one party, the surviving spouse simply files a death certificate to take sole ownership of the property. This avoids probate, and simplifies the change of title. However if the couple has a complicated estate, or either has children from a previous marriage, other ways of assuming title may be more appropriate, both from a tax standpoint and to provide for heirs. 'Tenants in Common with Right of Survivorship' can offer this type of provision. In addition, the couple may form a family trust and take title in the trust, which provides for the successor interests. The message here is to seek advice from your accountant and your attorney to determine the best way to take title and avoid future problems. If you have a real estate question, call Roy at 417 9224 or email at rhannon3@cox,net

If you are thinking about selling your own home, do yourself a favor and consult a real estate professional before you make up your mind to do it yourself. The liabilities involved in a real estate transaction can pose serious consequences for an uninformed seller (or buyer). We use a nine page contract form that has evolved through experience to cover almost anything that can happen in a sale, and that is coupled with a four page disclosure statement for the seller to provide on the property. There are inspections and requirements that happen between the contract and closing that must be performed in a timely manner by both buyer and seller. Doy you save money by selling yourself? Probably not, especially if you underprice or overprice your property. Can you screen prospects when you run a blind ad in the paper, so that you are sure that you are dealing with qualified buyers. No! But we do. Call us if you would like a no-obligation consultation for your real estate needs.

'How long will it take you to sell our home?' Mr Seller asked during the listing presentation. I whipped out my special crystal ball that I carry for just such a question, gazed in it for a time and said ' I don't know.' These are the hardest words for a real estate professional to utter, because we are supposed to know the answers to all of the sellers and buyers questions. I can tell sellers how long similar properties have been on the market, but the truth is I cannot specify how long it will take to sell a property. Price, condition and location are the primary factors affecting the buyers' decision to make an offer. There are many other factors involved, but these are the big three. You can adjust the price, improve the condition, but you can't change the location. You can, however, put the odds on your side by selecting an experienced real estate professional to assist in marketing your property. Call Roy or Sandy for a market analysis-we will leave the crystal ball at home, and tell you the facts.

'Nothin' is certain 'cept death and taxes' - So the saying goes. With tax time coming up, it is time to think about getting your paperwork in order for filing. If you do not own your own home it might be a good time to ask your tax advisor about the advantages of home ownership as a tax shelter. There are some other tax advantages of home ownership, chief of whichs is the tax exemption of capital gain on sale, which you are eligible for if you have lived in your current residence for two of the last five years. That means all of the equity in your home is tax up to $500,000, if married and filing jointly. So, if you have been in your home since 1975 and want to take a trip around the world with your tax free proceeds of the sale, call us. P.S., If you haven't got a will or trust arrangement, call an attorney. Hannon Real Estate Services ' There is a difference

A HOA is a homeowners association. When you buy residential property in a subdivision, how you use the property is governed by a private regulations called covenants, conditions and restrictions (CC&R's). These regulate things like minimum home sizes, animals, home businesses and the like, and are enforce by your neighbors. A homeowners association is one step beyond CC&R's, it is a formal organization consisting of a board of directors whose mission is to maintain the common areas, pools, amenities and whatever else is necessary to govern the subdivision. HOA'S operate under a set of rules and bylaws that must be accepted by every homeowner. There is usually a monthly fee levied on each property, and there can be assessments for maintenance above and beyond the ordinary. Prospective buyers need to know how HOA regulations may impact their lifestyles. Call us if you have any questions about things you should know before you buy or sell.

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