The Judy Niemeyer Team Blog

One of the many preparations you need to make before purchasing a Mobile Eastern Shore home is to research and assess the location of the property. It’s not a “perfect” home for you if the neighborhood doesn’t provide what you want in terms of schools, amenities, curb appeal, safety, transportation, personal values, and atmosphere.

Just as you identify house features that are important to you before looking for a new home, you should also do the same in regards to a neighborhood. Make a list of favorable community attributes and prioritize the items so that you can focus on those aspects when evaluating the location of a potential Mobile Eastern Shore home. Determine what is really important to you and your family, what amenities are part of your everyday life, and what would constitute a “deal breaker.” Remember that you will most likely be part of the neighborhood for a long time and will want to be happy there.

Tips for gathering information vital to your search and assessment include the following:

1. Utilize word of mouth

• Ask family and friends for recommendations.
• Talk directly to potential neighbors.
• Visit the school principal, police precinct captain, and hospital director to help evaluate the quality of those institutions.
• Talk to your real estate agent about the status of property values, traffic congestion, and crime statistics.

2. Use the internet and local newspaper

• Check out the HOA rules for the development.
• Look up ratings for nearby medical facilities and schools.
• Investigate house prices, current number of foreclosures, and units presently for sale.
• Look at the demographics of the neighborhood. Is there a variety of age groups? Other children? Families?
• Go to www.GreatSchools.org/ for valuable information about nearby schools.

3. Visit the neighborhood often–in a car and on foot

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Tags: assess neighborhood, home buying tips, mobile eastern shore home

Part I of this article dealt with the cost of homeowners insurance for your Mobile Eastern Shore real estate and covered such areas as deductibles, discounts, and deals. Part II focuses on coverage, both basic and extended and services you should expect from an insurance company.

COVERAGE:

• Rebuilding: A common mistake made by owners of Mobile Eastern Shore real estate is to confuse a house’s market value with its replacement cost. Your insurance should cover the cost of rebuilding your home, and the value of the land should not be included in calculating that figure. To determine the replacement cost, most insurance companies use software that considers your home’s features, and most policies include coverage for up to 125% of the replacement cost.
• Liability: In these days of unusually high lawsuit awards, Don Griffin, the vice president of Property Casualty Insurers Association of America, recommends buying an “excess liability” or umbrella policy to cover you for one million dollars beyond what is already covered.
• Personal property: Most policies cover only 50% to 75% of the cost to replace the personal property in your Mobile Eastern Shore real estate. Seriously consider separate endorsements (also called riders or floaters) for some of your valuables such as fine art works, expensive collections (stamps or coins, e.g.), and jewelry. Here is an online property inventory checklist.
• Living expenses: Make certain your policy contains coverage to defray expenses you incur is you are forced to vacate your property while it is being rebuilt or repaired.
• Exclusions: Finally, carefully read the exclusions section of your policy to be aware of what is not covered.

SERVICES:

What you should expect from your insurance company is accessibility, a hassle-free claims process, assistance with the inventory of your Mobile Eastern Shore real estate holdings, contractor recommendations with workmanship guarantees, and home clean-up after a major loss.

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Tags: insuring your home, kudy niemeyer, mobile eastern shore homes for sale, mobile eastern shore real estate homeowners insurance

Congratulations! After a long search, you have finally found “the” home, your offer has been accepted, and you’ve signed innumerable documents. Now what? Before you begin to actually move, you need to find a homeowners insurance policy that protects your large investment and meets all the needs of your Mobile Eastern Shore real estate. At this point a wise purchaser will make another investment–one of time–to find the right policy in terms of cost, coverage, and service.

COST:

• The amount of your insurance should cover the cost of replacing or rebuilding your Mobile Eastern Shore real estate holding. That amount is not the same as market value (or even what you paid) since you already own the land. To determine the replacement cost of homes, many insurance companies use software that considers the features of your home and calculates the cost to rebuild. In addition, most policies include coverage for up to 125% of that cost.
• Personal property. Most policies cover personal property at 50% to 75% of the replacement value of the home. Consider adding separate endorsements (also called riders or floaters) for valuables such as fine art, expensive collections, jewelry, etc. How much extra does each of these “extras” cost?
• Explore consumer guides and online sites and interview agents for price quotes. The site for state insurance departments will give you typical rates charged by major insurers in your state. Check Ambest.com and Standard and Poors to ascertain financial stability of the companies you’re considering.
• Don’t consider price alone. Look for quality service and a solid track record. Registered complaint information can be found at NAIC.com.
• Discounts. Many companies will give you a discount in price if you insure both your car and your Mobile Eastern Shore real estate with them. Ask about other discounts for adding preventative devices such as smoke detectors, deadbolts, security systems, storm shutters, roof reinforcement, modernized plumbing, heating and electrical systems, etc. In addition, because they are at home more often and thus able to quickly detect problems, over 55 retirees often receive discounts.
• Credit rating. Since insurers are increasingly using credit information to influence the price of policies, the higher your credit rating, the lower the cost.

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Tags: home buying tips, homeowners insurance, judy niemeyer, mobile eastern shore homes for sale, mobile eastern shore real estate

As the real estate market and economic conditions change, so do strategies for buying and selling homes. Listed below are a few recommendations to help both buyers and sellers of Mobile Eastern Shore real estate be successful.

SELLERS:

1. Choose a successful, aggressive real estate agent.

You will want someone who is familiar with your neighborhood and will be proactive in selling your Mobile Eastern Shore real estate. Ask in advance about his/her plan for marketing your property and make sure it includes, at the very least, an MLS listing, on-line and newspaper advertising, and regularly scheduled open houses.

2. Remember the importance of curb appeal in attracting would-be buyers.

3. De-personalize and de-clutter your home.

Put away family photos and prized collections. Clear countertops. Potential buyers need to be able to envision themselves, not you, in your home and clearly view the favorable features of the property without being distracted by too much “stuff.”

4. Hire a professional appraiser.

An “expert” third party opinion is quite useful in supporting your asking price.

5. Be realistic about pricing your Mobile Eastern Shore real estate.

Look at recent comps, listen to your realtor’s advice, and be competitive. Don’t let your emotions interfere with price negotiations and understand that a “designer décor” doesn’t make the home worth more.

6. Offer incentives to attract buyers.

Such items might include helping defray closing costs or moving expenses, making repairs, replacing appliances and/or carpeting, etc. You should also consider providing a home warranty program for the first year.

7. Be flexible.

You certainly don’t want to lose a buyer because of a settlement date or a request for a conveyance of furniture, tools, draperies, etc. Keep an open mind in your negotiations and be willing to meet the potential buyer halfway. 

BUYERS:

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Tags: home buyting tips, home selling tips, judy niemeyer, mobile eastern shore homes for sale, mobile eastyern shore real estate

If you are considering buying or selling a Mobile Eastern Shore home, you need to be aware of the possible impact an easement could have on the property’s value or on a buyer’s impression of the property. An easement is a encumbrance on the title of the property and indicates that a third party has been granted the right to use a defined area of the parcel for a general or specific purpose.      

There are many types of easement, both as a permanent arrangement and a limited-time agreement, and the most common ones are the:

• Right-of-way – Allows a person(s) to travel across the land of a Mobile Eastern Shore home.         
• Public entity – Gives utility companies and/or local governments the right to install power lines, sewers, and water mains, etc.
• Other easements
  a. Provides pathways across pieces of property.
  b. Forbids the blocking of a view.
  c. Permits public access to a beach or park.
  d. Allows use of a neighbor’s driveway.
  e. Grants rights to preservation organizations.
  f. Limits types of development on/of the land.

 While in most cases easements extend only along boundaries and have little effect on the value of your Mobile Eastern Shore home, it is important to determine that they do not affect the general use of the property or place any burden on the owner of that land. Owners and would-be buyers should… 

1. Be aware of what easements apply to the piece of real estate

2. Understand exactly what the easement allows and/or prohibits and

3. Possibly obtain an appraisal of the value of the easement.    

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Tags: easements, mobile eastern shore home, types of easements, what is easement

Judy Niemeyer of Ashurst and Niemeyer presents:
The Mobile Eastern Shore Real Estate Podcast

July 2011:This month’s edition covers Mobile Eastern Shore real estate market activity and then we’ll discuss improvement projects that generate ROI.Features special guest Terri Murphy of US Learning.Program length: approximately 7 1/2 minutes   download podcast mp3 file   |   subscribe to podcast feed

The Judy Niemeyer Team knows that selling or buying a Mobile Eastern Shore home is a major event in your life. It represents one of the largest single investments you may make in your lifetime. It is, therefore, our Goal to make this experience a seamless one. Whether buying Mobile Eastern Shore real estate or marketing Mobile Eastern Shore homes for sale, we will provide unparalleled professional, quality service and the most productive approach to achieving your goals.

You can contact Judy by email or by calling 251-990-0569.

Search all Mobile Eastern Shore homes for sale.

Tags: mobile eastern shore real estate, podcast

Although the housing market has been unpredictable in recent months, the existence of a seller’s market and the availability of low interest rates are providing incentives for potential buyers. Obtaining a mortgage, especially one which is attractive to you, is not as easy as it was a few years ago. As a result of the extreme increase in the number of foreclosures, banks have raised their lending standards for all borrowers, and there is little reason to believe that these stringent requirements will lessen anytime soon. This tight credit situation affects would-be buyers of Mobile Eastern Shore real estate in numerous ways, among them down payments, credit scores, documentation, debt-to-income ratio, and appraisals.

        1. Down payments: Requirements will be higher. Generally speaking, to get the best interest rate you need to put down at least 20% of the purchase price of the Mobile Eastern Shore real estate. FHA loans are available for a down payment of only 3% to 5% but these loans will include additional costs for insurance and a slightly higher interest rate.

        2. Credit scores: You will most likely need a score of 730 for the best rates, whereas the average score for an FHA borrower is about 690. Financial advisors strong urge you to obtain a copy of your credit report six months before loan shopping (you are entitled to one free report from each of the three bureaus annually at www.annualcreditreport.com ) and examine it carefully to detect any errors/misinformation.

        3. Documentation: Be prepared! Lenders will ask for a great deal of documentation regarding your salary, savings, job stability, debts, and the like. You will need to provide pay stubs for the past 30 days; W-2 forms for the past two years; bank, retirement, and investment account statements; and a listing of debts and monthly expenses. Monthly housing expenses should not exceed 28% of your gross monthly income, and total debt should be less than 37% of that amount. If you are self-employed, you will also have to submit two years of tax returns and possibly a profit-loss statement.

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Tags: getting mortgage, home buying tips, how to get mortgage, mobile eastern shore hojme, mobile eastern shore real estate

Because of the ever-growing number of foreclosed homes, more and more buyers are considering purchasing one of them, either for a principal residence or an investment. However, in spite of rumors to the contrary, finding foreclosed homes at “bargain” prices and making a killing by selling them immediately is not a common occurrence, and purchasing any foreclosed Mobile Eastern Shore home requires a great deal of research, preparation, patience, and perseverance.

RESEARCH:

            1. The very first thing you need to do is to become familiar with your state’s foreclosure laws. These statutes will dictate what you can and can’t do in terms of purchasing, financing, and selling foreclosures.

            2. Locate foreclosed properties. Search public records, newspapers, HUD listings, magazines/newsletters specifically dealing with this type of real estate, and the Internet. Also check with your realtor.

            3. Check public records for liens and/or encumbrances.

            4. Know the assessed value of the property and comparable sales prices in the neighborhood.

            5. Learn the differences in buying pre-foreclosures, buying them at a public auction, and buying real estate owned (REO) foreclosures.

PREPARATION:

            1. Find a realtor experienced in foreclosures.

            2. Obtain pre-approval from a lender so that you can act quickly when you find the Mobile Eastern Shore home you want.

            3. Tour the property and inspect it as closely as possible. Have the home inspected by a professional if the lender will allow it.
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Tags: buying a foreclosed home, foreclosed home, home buying tips, how to buy foreclosure, mobile eastern shore foreclosure, mobile eastern shore home

 Judy Niemeyer of Ashurst and Niemeyer presents:

The Mobile Eastern Shore Real Estate Podcast

April 2011:This month’s edition covers Mobile Eastern Shore real estate market activity and then we discuss top tips to help buyers and sellers get the most from their next transaction in the spring market. Features special guest Terri Murphy of US Learning. Program length: approximately 6 1/2 minutes   download podcast mp3 file | subscribe to podcast feed

The Judy Niemeyer Team knows that selling or buying a Mobile Eastern Shore home is a major event in your life. It represents one of the largest single investments you may make in your lifetime. It is, therefore, our Goal to make this experience a seamless one. Whether buying Mobile Eastern Shore real estate or marketing Mobile Eastern Shore homes for sale, we will provide unparalleled professional, quality service and the most productive approach to achieving your goals.

You can contact Judy by email or by calling 251-990-0569.

Search all Mobile Eastern Shore homes for sale.

Tags: mobile eastern shore homes, mobile eastern shore real estate, podcast

Once the appraiser has applied the three approaches to the appraisal of your Mobile Eastern Shore real estate, he/she must decide which of them is the most reliable and most closely follows the actions of the market. For residential properties, the Sales Comparison Analysis is typically the most reliable. For commercial or industrial properties, all three techniques (or portions of one or more) may be reliable. The appraiser reconciles the various aspects of each technique into what he or she believes produces a credible and supportable opinion of value. The result is the Final Value Estimate, which, depending on the needs of the client, may be expressed as a single number or a range of value.

What If It’s Low?

If the appraisal of your Mobile Eastern Shore real estate comes in low, that doesn’t necessarily mean that you can’t complete the transaction. Your options to rectify the situation included the following:

• You can make up the difference in cash.
• The seller can lower the price.
•  The seller can carry a second mortgage for the difference.
•  You can order a second appraisal
• You can supply a list of comparable sales and ask for a review of the appraisal.

What Does It Include?

Under the Equal Credit Opportunity Act, your lender must furnish you with a copy of the appraisal of your Mobile Eastern Shore real estate if you request one in writing. Appraisals are very detailed reports, but they should include the following:

• Details about the subject property, along with side-by-side comparisons of three similar properties.
• An evaluation of the overall real estate market in the area.
• Statements about issues the appraiser feels are harmful to the property’s value, such as poor access to the property.
• An estimate of the average sales time for the property.
• What type of area the home is in (a development, stand alone acreage, etc.).

Do remember that an appraisal of your Mobile Eastern Shore real estate is not a home inspection and cannot be considered a guarantee that the property is in good condition. Appraisers make notes about obvious problems, but they do not perform tasks done by certified home inspectors.

Ins and Outs of Mobile Eastern Shore Real Estate Appraisals – Part 1

Tags: appraisal, getting a low appraisal, home selling tips, low appraisals