The following houses and property are represented by The Prater Company, 114 1st Avenue NW, Fayette, AL 35555, 205-932-5946

Address	Description		Price
213 19th Street	3 BR ~ 1.5 Bath ~ 1790 sq ft		$79,900
2116 Shannon Circle	3 BR ~ 2 Bath ~ 1751 sq ft		$119,900
423 Temple Avenue North	4 BR ~ 3 Bath ~ 3300 sq ft		$179,900
375 High Forest Drive	4 BR ~ 5776 sq ft ~ must see		$499,900

The information below is meant to make new home buyers, especially first time buyers, aware of some of the issues involved in buying a house. Buying a home brings a lot of issues to light that first time buyers have probably never thought about. A few things are mentioned here just to give potential buyers a place to start.

Buying a house has several possible steps, all of which can be performed by anyone willing to assume responsibility for each task. Each step may have options with financial factors to be considered. It is up to the buyer to determine what those factors may be for each step in their particular case. Here, it is best to research and discuss all options with each person or company that may be involved in the process to be sure all costs are known before it comes time to sign on the dotted lines. This is especially true of all the possible closing costs. Being aware of all potential costs allows one to better understand what can be be afforded. And the purchase price will not be the final cost. Additional expenses in the form of taxes and insurance will be added in later, and these can be considerable amounts.

Determine what you can truly afford by researching all you can. Then you will know what to expect at each step and will not be disappointed in the end.

As a buyer, you are typically looking to make a 20-30 year committment on probably the most expensive item you will ever own. Make sure it is a sound investment. Houses can look good on the outside but they have many hidden areas that can be expensive to repair. Issues with the roof, foundation, climate control, electrical, plumbing, flooring, siding, basement, termites and so, on can turn a dream home into a living nightmare. The small cost of an inspection can prevent a major-major expense. And when you get ready to sell, will you be able to? The next purchaser may have an inspector that will discover all the problems you are buying.

Sellers with an inspection report in-hand remove much of the anxiety of home buyers by giving them confidence they are making a good decision. It also expedites the sale process since the buyer won't need to request an inspection of their own. And nothing will kill the sale of a home quicker than the buyer discovering issues they consider serious or if they believe the seller is hiding something. In some cases there could even be legal repercussions that could cost more than any profit made on the sale.

There are any number of people that can inspect a house; you can even do it yourself. But not all will have the training, experience or resources to know what to look for and how to look in a building and grounds. Knowing a home is sound and trouble-free at the time of purchase can be reassuring. Being aware about potential problems up front can save a lot of heartache (and money) later.

House Calls Home Inspections		Erb Home Inspection Services
Roger Karr		Patrick Erb
1669 Bexar Ave, E		5502 State Highweay 129
Hamilton, Al 35570		Winfield, AL
[email protected]		205-412-5256
(205) 412-2620 (205) 921-7382
Forester Home Inspections
Mike Forester
P. O. Box 104
Haleyville, AL 35565
205-269-4039

Inspectors look for something wrong, appraisers, generally, assume everything is fine. While Inspections will determine the physical condition of the house and grounds, the Appraiser will provide an educated guess about the value of the property. The final value will be determined by the buyer and seller, with input from a financial institution if one is involved. An accurate appraisal helps all parties involved. The appraisal is important because a lender will not loan more than it thinks the property is worth. This protects the lender in case it must later assume control of the property. It protects the purchaser from entering into an overpriced transaction and helps the seller know the property is priced fairly.

A real-estate agent uses experience and familiarity with the local market to help a seller determine a fair price; but for someone selling the property themselves (For Sale By Owner), it is often a good idea to employ an appraiser to make sure the house is priced realistically and they receive fair value. A house priced too low will deprive the seller of deserved income while a house priced too high may make it impossible to sell.

McRae Real Estate & Appraisal		Reece Appraisal Company
James D McRae		William (Bill) H Reece, Jr.
P. O. Box 67		2212 11th Avenue Suite 101 Executive Plaza
Hamilton, AL 35570		Haleyville, AL, 35565
Phone 205-487-9018 Fax--- 888-581-8851		Phone 205-486-9578 Fax--- 205-486-7653
The Prater Company		Richard Wood Appraisal
Larry Humber		Richard Wood
114 1st Ave NE		424 County Road 477
Fayette, AL 35555		Haleyville, AL 35564
Phone 205-932-5946 Fax--- 205-932-5946		Phone 205-486-5875 Fax--- 205-282-4369

Real Estate agents can be an effective go-between for buyers and sellers, providing services to both that often require expertise essential to a smooth transfer of property. The guidance of a realtor can be a critical element in the sale and transfer of property as their presence acts to remove personal emotions and stress in dealing with multiple parties. At different times during the sale they will be involved with pricing, advertising, showing of the property, negotiating, contracts, financing, etc. in order to complete the process. Each of these steps can be contentious and leave parties with hard feelings. Knowing how to evaluate inquiries (not all are serious and can consume a great deal of time), present property in a way appealing to a buyer, negotiate prices, manage legal forms while working with financial institutions or governmental agencies are values realtors supply. This expertise can be the difference in a sale or no sale in many cases.

The Prater Company		Gilmer Realty Company
114 1st Avenue NE		44671 Hwy 17
Fayette, AL 35555		Vernon, AL 35592
205-932-5946		205-695-9600
Lawson Real Estate		Richardson Real Estate
2545 6th Avenue, Oak Tree Plaza		42244 AL Hwy 195
Haleyville, AL 35564		Haleyville, AL 35564
205-486-4140		205-486-9475
Darden Real Estate		Darden Real Estate
44274 AL Hwy 17		55288 AL Hwy 17
Vernon, AL 35592		Sulligent, AL 35586
205-695-7653		205-698-8585
Darden Real Estate		McRae Real Estate
133 2nd Ave SE		1941 Military Street South
Hamilton, AL 35570		Hamilton, AL 35570
205-921-7653		205-487-9018
Cummings Real Estate		DeFoor Realty, LLC
12625 US Hwy 278		940 Hwy 13
Hamilton, AL 35570		Haleyville, AL 35565
205-921-4004		205-486-3313

A Title Search is a safeguard in any real estate transaction. There are multiple types of title searches for use in different financial or legal actions. When buying a house or property a purchaser would want a "full coverage" search that would provide a "clear title" since it includes a review of all documents having a legal bearing on the use of and ownership of a piece of real property. This will determine the rights and restrictions that may govern the sale of the land by the seller and use of the land and any assets located on it by the purchaser.

The transfer rights of land ownership can be restricted in several ways that prevent the new owner from exercising full use of the property. Some rights may be leased or sold separate from the property itself. These transferred rights may be broadly or narrowly defined depending on the interests of the purchasing or leasing party. The limits of these transferred rights must be clearly understood by the purchaser to insure a correct understanding of what is being purchased and to what extent the purchaser may use the property. Examples of these reservations are "mineral rights" or "oil and gas rights" that belong to someone other than the seller of the physical property. There may also be "usage rights" that allow third parties to utilize the land for their own purposes.

Another type of encumbrance often found on real property is in the form of liens placed on the property by financial institutions, governments, companies or individuals. Until these constraints are satisfied the owner can never take full control of the property and is always subject to action by the one that placed the lien on the property.

The companies below may offer other services and products related to the searching process beside the "title search" itself. One such product may be "Title Insurance" that would protect the buyer from any title issues arising after the sale.

Most Law Offices		North Alabama Title Company		A1 Abstract and Title
		121 Ashwood Drive		118 1st Street SE
		Winfield, AL 35594		Hamilton, AL 35570
		205-487-4348		205-921-1171
Valley Title		Marion County Title
106 1st Street SW		107 1st Street SW
Hamilton, AL 35570		Hamilton, AL 35570
205-921-9231		205-921-9146

Without the financial institutions to lend great sums of money, today's housing and real-estate developments would not exist. It is their ability to make large sums available for borrowing that enables most to build or purchase a home. Having only one product (money) to "sell", financial institutions must protect it from loss and while making a profit in order to pay their expenses and supply funds for others making purchases. And to do that they must ensure they can recover their investments in the form of loans on real property. Thus the requirement for inspections, appraisals, title searches and so on. This produces many of the documents involved in the purchase of a house or land.

Although most people will opt for a fixed interest rate for a set period of time, there are several other methods available for repayment. Whichever method is selected it should be carefully considered to ensure repayment is possible and the monthly budget is not handicapped by an excessive mortgage payment. Lenders will want to examine an applicant's income and expenses before determining how much they will loan.

Aside from the price of the house, the greatest cost is the interest; therefore one should shop around for interest rates just as when buying any other item. Other major costs of house buying are taxes, insurance and closing costs. All of these are variable amounts depending on the valuation of the house. Closing costs usually run in the 3-5% range of the cost of the house and may be financed as part of the total amount. Land taxes are generally fairly low, especially if a homestead exemption is claimed, but home owners insurance can add a substantial amount to the monthly payment. Home owners insurance is required by lenders to preserve their investment in case of fire or other destruction. Taxes and insurance may be collected by the lender on a monthly basis as part of the regular payment. At year end the lender will then pay the taxes and insurance.

Although a loan may be made locally, it is almost always assigned (sold) to a large company that specializes in real estate loans. The home buyer then makes payments to the purchasing company.

Traders and Farmers - Bear Creek
309 Main Street ~ P.O. Box 188
Bear Creek, AL 35543
205-486-2222
First National Bank - Berry
17871 Hwy 18 East ~ P.O. Box 476
Berry, AL 35546
205-689-4553
State Bank and Trust - Brilliant
1080 Main Street
Brilliant, AL 35548
205-465-2277
Traders and Farmers - Double Springs		First National Bank - Double Springs
10 Blake Drive ~ P.O. Box 99		15305 Hwy 278 ~ P.O. Box 1270
Double Springs, AL 35553		Double Springs, AL 35553
205-489-5011		205-489-5246
Lister Hill Credit Union - Double Springs
15365 Highway 278
Double Springs, AL 35553
205-489-8761
Citizens Bank of Fayette		West Alabama Bank - Fayette
100 Temple Avenue South		305 2nd Street NE
Fayette, AL 35555		Fayette, AL 35555
205-932-8911		205-932-5201
Regions Bank - Fayette		Alabama Credit Union - Fayette
123 Temple Avenue North		2305 Temple Avenue North
Fayette, AL 35555		Fayette, AL 35555
800-734-4667		205-932-5488
State Bank and Trust - Guin		Wells Fargo - Guin
7370 U.S. Hwy 43		7577 US HWY 43
Guin, AL 35563		Guin, AL 35563
205-468-3307		205-468-3344
PeoplesTrust - Hackleburg
34888 US Hwy 43 ~ P.O. Drawer A
Hackeleburg, AL 35564
205-395-1944
Traders and Farmers - Haleyville		First National Bank - Haleyville
819 20th Street ~ P.O. Drawer 550		1100 20th Street ~ P.O. Box 656
Haleyville, AL 35565		Haleyville, AL 35565
205-486-5263		205-486-8121
Lister Hill Credit Union - Haleyville
42213 Highway 195
Haleyville, AL 35565
205-486-9405
First National Bank - Hamilton		PeoplesTrust - Hamilton
341 Military Street ~ P.O. Box 99		1281 Military Street South
Hamilton, AL 35570		Hamilton, AL 35570
205-921-7435		205-921-9708
Lister Hill Credit Union - Hamilton		Wells Fargo - Hamilton
2201 Military Street South		320 Bexar Avenue West
Hamilton, AL 35570		Hamilton, AL 35570
205-921-0042		205-921-7886
CB & S - Hodges
1481 Highway 172 ~ P.O. Box 150
Hodges, AL 35571
205-935-3101
Traders and Farmers - Lynn
29 Heck Road ~ P.O. Box 160
Lynn, AL 35575
205-893-5100
West Alabama Bank - Millport
30330 Highway 17 ~ P.O. Box 759
Millport, AL 35576
205-662-9228
CB & S - Phil Campbell
3571 Broad Street ~ P.O. Box 220
Phil Campbell, AL 35581
205-993-5315
First National Bank - Sulligent		First State Bank - Sulligent
55220 Hwy 17 ~ P.O. Box 396		5856 Hwy 278 ~ P.O. Box 596
Sulligent, AL 35586		Sulligent, AL 35586
205-698-9135		205-698-8116
Bank of Vernon		Citizens State Bank - Vernon
44825 Highway 17 ~ P.O. Box 309		315 NW Columbus Avenue
Vernon, AL		Vernon, AL 35592
205-695-7141		205-695-9162
State Bank and Trust - Winfield		State Bank and Trust - Midtown
1945 U.S. Hwy 43		194 Bankhead Hwy
Winfield, AL 35594		Winfield, AL 35594
205-487-4265		205-487-4265
Lister Hill Credit Union - Winfield		Wells Fargo - Winfield
2796 US Highway 43		1135 U.S. Hwy 43
Winfield, AL 35594		Winfield, AL 35594
205-487-0111		205-487-3221