Annie Hart Cool, Cape Cod Real Estate Specialist

This week I wrote Mother's Day Cards to many women who I have worked with in the last 10 years. Why Not? I am certain my cards were unexpected. I know from the response they were well received. Even the women who are not Mother's by Biology were thrilled to hear from me and to be acknowledged.

You see, I am not a Mother. I believe Mother's Day is for Women everywhere. Women MOTHER others all the time. I sent a card to a Client who is a former NUN and she said... "you are so right, I have been a Mother to thousands".

So Celebrate Women on Mother's Day. I heard from one woman called and said she is considering moving and would like me to come look at her house to list. She enjoyed the card.

Contacts mean Contracts. Reach out. Let your people know you are still in Real Estate. Sometimes a hand written note ....goes a long way!

I have found that pre listing packages and a request for information prior to the actual appointment engages the home owner and starts our partnership out on the right foot. I usually include information about my company and me. I also ask for them to prepare some home work items prior to our appt.

1. Gas and electric bills for the past 12 months;

2. Any warranties and guarantees that you have of any items that you plan to leave in the house;

3. A copy of the floor plan if you have one;

4. A survey or plat of the property if you have one;

5. An extra front door key;

7. A list of people that may be interested in buying the property.

Enclosed you will find some additional information about my company

Cape Associates Century 21 and me.

I have found that inviting the sellers in to the process immediately sets me apart from my competition. Sellers want to be involved in the process... Invite them in!

1. Too Low an Offer

You would be surprised at how many dream homes are lost because of the buyer's inability to move a little on price, terms, or concessions. Remember that $5000 in today's loan market increases your monthly investment $35.82 per month - the cost of an average dinner out and hardly a price worthy of giving up a lifetime of satisfaction. Follow your professional advice if you really want the property!

2. Not Using a Real Estate Professional

Lenders, Abstract/Title, Inspectors, and Facilitators are all important members of the purchasing process. They must be the best and they must work together. Remember, your agent is the best coach in assembling the team!

3. Bypassing a Professional Inspection

Your real estate agent can point out obvious defects; the appraiser, whether FHA, VA or Conventional can also point out some defects. Therefore, we recommend a professional inspection (structural, mechanical, plumbing, electrical, etc.), who puts on the overalls and crawls below, in and above your future investment to write up a complete report.

4. Not understanding Needs, Wants, and Dreams

Write down your minimum needs, then the "what would be nice" items, then the "in my dreams" items. A great agent always fulfills your need without exceeding your financial capabilities, and usually surprises you with many of your wants and dreams.

5. Match Financing toYour Ownership

When counseling with your agent regarding your purchase, your financing terms have to be consistent with your ownership. For instance, if you are not going to stay in the property long, then get a variable resistant financing so you have the lowest interest rate during your time of ownership, plus an assumable loan (probably) when you sell. Long Term ownership? Go for a fixed loan so you can lock in a market rate for 30 years.

WWW.AnnieHartCool.com

The property values, and thus the equity, which homeowners possess in their properties across Cape Cod and the Commonwealth have in the last few years reached new heights. This newfound wealth can be advantageous for parties seeking home equity loans or selling their property. However, equity is also a valuable asset upon which creditors may levy to satisfy judgments secured against property owning defendants. Luckily, Massachusetts' residents may avail themselves of the Declaration of Homestead to protect that equity. In addition, the Massachusetts Legislature has recently made this tool even better.

Prior to November 2, 2000, Massachusetts General Laws, Chapter 188, Section 1 provided a homeowner who occupied or intended to occupy the home as a principal residence with a one hundred thousand ($100,000.00) dollar protection of the equity in the home. The homestead "estate" is exempt from the laws of attachment, levy on execution and sale for payment of debts or legacies. However, there are certain circumstances when the Declaration of Homestead would be ineffective, such as, when the property is sold for taxes, for any debts contracted prior to the acquisition of the estate of homestead, for a debt contracted for the purchase of the home, or for spousal support or child support obligations. Only one owner of the property may acquire the estate of homestead for the benefit of his/her family, and it may only be acquired on one principal residence. Massachusetts General Laws also provided a homestead "estate" for elderly or disabled persons. An elderly person is defined as anyone sixty-two (62) years of age or older. This "elder" homestead provided two hundred thousand dollars for each individual having an ownership interest in the property.

Effective November 2, 2000 the Massachusetts Legislature increased the protection of the homestead estate to three hundred thousand dollars of equity based on the same rules as above. Additionally, each elder of disabled joint homeowners can protect up to three hundred thousand dollars of equity in the home, which amounts may be aggregated. If a Declaration of Homestead was filed prior to the November 2, 2000 deadline, the increased amounts indicated above automatically apply and there is no need to file a new declaration.

The Declaration of Homestead is a simple document to produce and is recorded at the Registry of Deeds in the county where the property is located. An increasing practice for conveyance attorneys is to recommend the creation and filing of the homestead in conjunction with the execution of documents at the closing. Although the Declaration of Homestead may be done at any time, the sooner it is filed, the more subsequent creditors may be avoided. With this new increase in protected equity, the Declaration of Homestead is more of an attractive estate-planning tool than ever.

First Quarter Results show median prices are down 18%

Single Family Homes

2008 2009

Total sales Cape Cod 1155 846

Upper Cape Sales 211 121

Average price $259,000 $200,000