Suggestions for making a Mobile Eastern Shore Real Estate inventory include:

• Organize it by room.

• Describe each item, including make and model, and where it was bought. Record the serial number, if the item has one.

• Attach sales receipts, purchase contracts, and appraisals to your list.

• For clothes, count each type of item, such as pants, shoes, shirts, coats, etc. Particularly note those that are valuable.

• Supplement your written list with photographs. Make sure you label the photos. *If you have a video camera, videotape each room. You can also add a narration as you tape.

• Don’t forget items that are in drawers, closets, attic, and basement.

• Use your computer. Make your list, scan in receipts, photos, and other papers. Keep these in a fireproof box. Make a copy of your inventory and photos and store them away from the house.

• Add valuable new items (such as a new entertainment system) to the inventory when you purchase them. Review and revise the list annually.

What is generally covered? Under the HO-3 policy type (the most popular), damage caused by perils and hazards such as fire, lightning, smoke, windstorm (in certain parts of the country), hail, vandalism, falling objects, theft, weight of snow or ice, vehicle striking the structure, building collapse, water damage from bursting pipes, and structural damage from an electrical surge are covered.

What is usually excluded? Under the same HO-3 policy, damage not covered includes that caused by an earthquake, floods, windstorms (in certain parts of the country), war, pets, birds, rodents, or insects, sewer backup, pollution. Damage done by you or that which is the result of normal wear and tear is also excluded.

Do not despair, however. You can add riders or special endorsements to your policy to cover some of the above-mentioned exclusions and/or to increase the coverage for items whose value exceeds the basic limits. Some of these endorsements can include: wind, sewer backup, jewelry, fine art, furs, theft coverage protection, etc.

Valuable items such as jewelry, art work, and collectibles should be appraised so that you will have adequate coverage. Another thing to consider is adding a rider to insure your home office if you do not have a separate business policy.

So you have purchased adequate insurance for your Mobile Eastern Shore real estate, have inventoried your belongings, and have put that list in a protected place–and you’re feeling secure and confident. But what if life throws you a curve and your property is stolen or damaged? Then what? Look for Part III in this series for help in filing and/or settling a claim and for tips to prevent losses at all.

Insuring Your Mobile Eastern Shore Real Estate – Part I

Types of homeowners insurance:

• HO-1 is very basic coverage, insuring against fire or lightening damage

• HO-2, called “broad coverage,” also covers loss of or damage to property resulting from windstorm or hail, theft, explosion, smoke damage from vehicles and aircraft, glass breakage, removal of property endangered by covered peril such as fire, vandalism, malicious mischief, and riot or civil commotion. HO-2 also covers building collapse, freezing of or accidental discharge of water or steam from within plumbing, heating, or air-conditioning, falling objects, weight of snow, ice, or sleet, and rupture or bursting of steam or hot water heating system

• HO-3, called the “special” form, insures your home and detached structures against loss or damage from any peril except for those specifically excluded in the policy. This is the policy most homeowners purchase. It is important for you to read your policy carefully to see what is excluded—you may want to cover exclusions with special endorsements.

• HO-4 is a tenant’s policy and insures your household contents and personal belongings against the perils of the HO-2 policy. It also covers additional living expenses if needed, medical payments, and also liability protection.
  

• HO-6 covers a condominium unit-owner who wishes to insure items not insured by the association policy, as well as the personal property inside the unit and personal liability protection.

• HO-8 is the “older home” policy. Having an older home may preclude your being able to buy a replacement policy; you may have to buy a modified replacement policy instead. This means that instead of replacing such older home materials as plaster walls for example, the policy will pay for standard building materials and processes in use now.

Some states designate their forms differently, using such titles as HO-A, HO-B, etc., but the coverage is generally the same.

Types of replacement policies:

• Actual cash value policies pay to replace your Mobile Eastern Shore real estate holdings and possessions, minus depreciation, up to the limit

• Replacement cost policies pay the actual cost of rebuilding or repairing your home and replacing your possessions up to the policy limit. No deduction for depreciation.

• Guaranteed replacement cost policies pay whatever it costs to rebuild your home as it was before the damage occurred even if it exceeds the policy limit.

• Extended replacement cost policies pay a specified percentage over the policy limit to rebuild your home. Usual percentages are 20%-25.

How much insurance do you need for your Mobile Eastern Shore real estate holdings? The Insurance Information Institute suggests that you first need enough to cover the cost of rebuilding your house at today’s construction cost. Note: this does not include the cost of the land. Some lenders require only that you have enough to cover the cost of your mortgage, but that figure may be inadequate to cover your home’s value. In addition to the value of the structure itself, you will also need coverage for your possessions, living expenses if you have to live somewhere else for a period of time, and any liability you may incur. Your insurance agent can advise you as to the type and amount of insurance that would best suit your needs.

A knowledgeable and understanding real estate agent who is familiar with the needs and desires of the 55+ set, combined with the services of an attorney who specializes in both real estate and estate planning and an accountant who deals with senior tax implications, can be invaluable to you in looking at all aspects of selling your Mobile Eastern Shore real estate and helping you determine what is best for you. Senior Expert Margie Behr also advises that you think about taking out a home equity loan before you put your house on the market and that you involve your whole family in the decision-making process.

Deciding to Sell

If you do decide to sell, BankRate.com cautions you to first get a written market analysis and a financial evaluation which will help you and your team of advisors address the realities of the market, your investments, and tax objectives.

Once underway in the selling process, you‘ll have to prepare your Mobile Eastern Shore real estate for showing to potential buyers. That includes removing, storing, or giving away some large furnishing, heirlooms, or collections, and making your home as “clutter-free“ as possible. If this task looms too large for you to deal with by yourself, your real estate agent can provide you with qualified, responsible people who will make the burden much lighter. Remember that a well-maintained property with plenty of open space makes the house seem larger and shows off its assets.

The exterior, too, needs attention so that its “curb appeal“ will make shoppers want to come inside and investigate further. Keep lawns mowed, bushes trimmed, and flower beds fresh and colorful. Walkways, siding/brick, and roofs should be in good condition and entranceways must be attractive and inviting.

What and where to buy?

Bankrate.com stresses the importance of looking at all your options and comparing them to your physical needs-now and in the future. Carefully consider the benefits to a one-level home or a building with an elevator. Would a condo with no maintenance required be best for you? Have you thought about a retirement community? You’ll need to determine the value of being close to friends, doctors, churches, stores, public transportation, and facilities which foster leisure pursuits. Do you golf? Want to be involved in a recreational senior center? Will you want trails or bike paths nearby? Be sure to visit areas you are seriously considering–often and at different times of the day. Talk with current residents, drop in the stores, walk around the community with family members or a friend. You can also do some reconnaissance online at [our website] which give you very useful demographic information re: income, population, employment, crime rate, etc., or you can Google a specific neighborhood.

Two final precautions: 1) don’t commit to a vacate date on the Mobile Eastern Shore real estate you’re selling until you have secured a new residence. You don’t want to have to move twice! 2) if family is really important to you, don’t move too far from them. Many grandparents have regretted their move so much that they have moved back to be closer to the children!

As you go through the process of relocating to/from your Mobile Eastern Shore real estate, view it as an adventure, a chance to view the world from a different setting, meet new people, and make new friends–and enjoy the journey!

The Mobile Eastern Shore Real Estate Podcast

June 2010: This month’s edition covers Mobile Eastern Shore real estate market activity and then and we’ll promote the value and importance of home inspections as the summer selling season approaches. Features special guest Terri Murphy of US Learning. Program length: approximately 8 1/2 minutes

Types of homeowners insurance:

• HO-1 is very basic coverage, insuring against fire or lightening damage

• HO-2, called “broad coverage,” also covers loss of or damage to property resulting from windstorm or hail, theft, explosion, smoke damage from vehicles and aircraft, glass breakage, removal of property endangered by covered peril such as fire, vandalism, malicious mischief, and riot or civil commotion. HO-2 also covers building collapse, freezing of or accidental discharge of water or steam from within plumbing, heating, or air-conditioning, falling objects, weight of snow, ice, or sleet, and rupture or bursting of steam or hot water heating system

• HO-3, called the “special” form, insures your home and detached structures against loss or damage from any peril except for those specifically excluded in the policy. This is the policy most homeowners purchase. It is important for you to read your policy carefully to see what is excluded—you may want to cover exclusions with special endorsements.

• HO-4 is a tenant’s policy and insures your household contents and personal belongings against the perils of the HO-2 policy. It also covers additional living expenses if needed, medical payments, and also liability protection.
  

• HO-6 covers a condominium unit-owner who wishes to insure items not insured by the association policy, as well as the personal property inside the unit and personal liability protection.

• HO-8 is the “older home” policy. Having an older home may preclude your being able to buy a replacement policy; you may have to buy a modified replacement policy instead. This means that instead of replacing such older home materials as plaster walls for example, the policy will pay for standard building materials and processes in use now.

Some states designate their forms differently, using such titles as HO-A, HO-B, etc., but the coverage is generally the same.

• Types of replacement policies:

• Actual cash value policies pay to replace your Mobile Eastern Shore real estate holdings and possessions, minus depreciation, up to the limit

• Replacement cost policies pay the actual cost of rebuilding or repairing your home and replacing your possessions up to the policy limit. No deduction for depreciation.

• Guaranteed replacement cost policies pay whatever it costs to rebuild your home as it was before the damage occurred even if it exceeds the policy limit.

• Extended replacement cost policies pay a specified percentage over the policy limit to rebuild your home. Usual percentages are 20%-25.

How much insurance do you need for your Mobile Eastern Shore real estate holdings? The Insurance Information Institute suggests that you first need enough to cover the cost of rebuilding your house at today’s construction cost. Note: this does not include the cost of the land. Some lenders require only that you have enough to cover the cost of your mortgage, but that figure may be inadequate to cover your home’s value. In addition to the value of the structure itself, you will also need coverage for your possessions, living expenses if you have to live somewhere else for a period of time, and any liability you may incur. Your insurance agent can advise you as to the type and amount of insurance that would best suit your needs.

1. decrease the amount of their monthly mortgage payments
2. reduce the duration of their current loan, or
3. provide money for home improvements or other expenses. Interested? Read on…

Knowledge

Before you rush into refinancing your Mobile Eastern Shore real estate, be aware of two key strategies that will benefit you. The first is KNOWLEDGE. Carefully investigate the pros and cons of different refinancing features such as interest rate, closing costs and fees, and the term of the loan. Determine the purpose of your refinancing and the amount of savings and/or money you hope to gain from it. Examine your personal financial situation–now and in the future–to identify the best option for you.

Since refinancing is all about numbers, you will want to see figures in black and white before beginning the refinancing process. Online sources allow you to input your information re: the amount of the mortgage, the interest rate, the term of the loan, and fees to calculate your monthly expenditures and savings.

Options

Research the advantages and disadvantages of a fixed rate and an adjustable rate mortgage (ARM). A fixed rate is usually for a term of 15 or 30 years, and the interest rate remains the same for the term of the loan. An ARM means that after 3 or 5 years your interest rate can change (usually going higher). If you are planning to stay in your Mobile Eastern Shore real estate for only a short time, an ARM may be beneficial for you.

If you currently have an ARM which has a relatively low rate of interest, but you are concerned about future increases, you might consider converting your current loan into a 15 or 30 year fixed rate mortgage. Or, since the difference between a fixed 15 year and a fixed 30 year interest rate is significant, you could save thousands of dollars by shortening the life of your present loan, often with only a slight increase in the amount of your monthly payment.

Comparison Shop

The second most important strategy is COMPARISON SHOPPING. It is imperative that you compare the rates and terms of several mortgage lenders. Again, online sources such as can provide you with multiple loan quotes. Beware of high refinancing fees or borrowing more than you need. Ideally, you should thoroughly investigate the rates, terms, and features of at least three lenders.

The key to finding the best refinancing situation for you is to obtain and understand your current mortgage information, assess your present and future financial status and needs, and comparison shop. You will most likely find that marketing conditions have made this a perfect time to refinance your Mobile Eastern Shore real estate, thus allowing you to escape high mortgage payments and/or make financially sound decisions for the future.

What’s your Mobile Eastern Shore real estate worth?

There is, however, a painless way to lessen the angst and allow you to cope well (maybe even enjoy) the relocation process–and that is organization. While you may be proficient at researching and hiring a moving company and finding a reliable Realtor to sell your current residence and help you find the perfect Mobile Eastern Shore home, there are numerous “small” steps you can take to eliminate unpleasant surprises later on and to make the process go more smoothly.

FINANCES:
To alleviate any concerns you may have about the financial ramifications of living in a new city, you can compare the cost of living in two places by visiting HomeFair.com. This site will help you calculate how far your salary will go in your new location.

SCHOOLS:
HomeFair.com also provides pertinent information about school systems throughout the U.S. Here you can discover student/teacher ratio, instructional costs per pupil, special programs, number of students going on to higher education, etc. You can also Google the board of education in your new city for information.

AMENITIES:
The Chamber of Commerce can help you learn about religious facilities, cultural opportunities, parks and outdoor activities, hospitals and health care availability, and a myriad of other questions you may have–perhaps adult education

LOCAL REGULATIONS:
You should investigate in advance property taxes and/or local assessments. Learn about average utility charges, trash/recycling rules and facilities, and licensing and car registration procedures in the area of your Mobile Eastern Shore home.

TRANSPORTATION:
Do you require public transportation? Does the new location offer mass transit? Is traffic congestion a problem? Best to be forewarned in this area. Go online to contact the municipal/governmental offices or the Department of Transportation in the new location.

MISCELLANEOUS:
Make arrangements in advance to get legal documents and school and medical records before you leave your present location. Also, if your current bank does not have a branch in the new city, look into setting up a new bank account before you actually move. Begin now to fill out change of address cards to send to magazines, credit card companies, etc. It’s so much easier to do this before moving!

While your move to your new Mobile Eastern Shore home may necessarily be an exciting adventure, by eliminating worries of the unknown and becoming familiar with your new surroundings in advance, you can anticipate and actually look forward to beginning a new phase of your life.

A knowledgeable and understanding real estate agent who is familiar with the needs and desires of the 55+ set, combined with the services of an attorney who specializes in both real estate and estate planning and an accountant who deals with senior tax implications, can be invaluable to you in looking at all aspects of selling your Mobile Eastern Shore real estate and helping you determine what is best for you. Senior Expert Margie Behr also advises that you think about taking out a home equity loan before you put your house on the market and that you involve your whole family in the decision-making process.

If you do decide to sell, BankRate.com cautions you to first get a written market analysis and a financial evaluation which will help you and your team of advisors address the realities of the market, your investments, and tax objectives.

Once underway in the selling process, you‘ll have to prepare your Mobile Eastern Shore real estate for showing to potential buyers. That includes removing, storing, or giving away some large furnishing, heirlooms, or collections, and making your home as “clutter-free“ as possible. If this task looms too large for you to deal with by yourself, your real estate agent can provide you with qualified, responsible people who will make the burden much lighter. Remember that a well-maintained property with plenty of open space makes the house seem larger and shows off its assets.

The exterior, too, needs attention so that its “curb appeal“ will make shoppers want to come inside and investigate further. Keep lawns mowed, bushes trimmed, and flower beds fresh and colorful. Walkways, siding/brick, and roofs should be in good condition and entranceways must be attractive and inviting.

What and where to buy? Bankrate.com stresses the importance of looking at all your options and comparing them to your physical needs-now and in the future. Carefully consider the benefits to a one-level home or a building with an elevator. Would a condo with no maintenance required be best for you? Have you thought about a retirement community? You’ll need to determine the value of being close to friends, doctors, churches, stores, public transportation, and facilities which foster leisure pursuits. Do you golf? Want to be involved in a recreational senior center? Will you want trails or bike paths nearby? Be sure to visit areas you are seriously considering–often and at different times of the day. Talk with current residents, drop in the stores, walk around the community with family members or a friend. You can also do some reconnaissance online at [our website] which give you very useful demographic information re: income, population, employment, crime rate, etc., or you can Google a specific neighborhood.

Two final precautions: 1) don’t commit to a vacate date on the Mobile Eastern Shore real estate you’re selling until you have secured a new residence. You don’t want to have to move twice! 2) if family is really important to you, don’t move too far from them. Many grandparents have regretted their move so much that they have moved back to be closer to the children!

As you go through the process of relocating to/from your Mobile Eastern Shore real estate, view it as an adventure, a chance to view the world from a different setting, meet new people, and make new friends–and enjoy the journey!

What’s your Mobile Eastern Shore real estate worth?

1. Shop around for the best value. Check online for quotes from at least three reputable agencies. Be aware that some companies offer a discount of 30% to 40% if you buy online. Other possible discounts can result from insuring both the home and the contents or by insuring your home and your car with the same firm.

Also know the replacement value of your home, taking into consideration any unique features that will be expensive to replace. Keep in mind probable inflation increases at renewal time. Does your insurer automatically adjust your coverage or do you have to request the change?

2. Make periodic updates to your Mobile Eastern Shore home or property. Ways to reduce insurance costs include the following:

A) replacing the existing heating system to one which is safer and more cost-efficient.

B) keep plumbing in good working order and protect it from freezing

C) replace fuses. Inspectors are looking for circuit breakers and a safe wiring system

D) install fire detectors or even a central alarm system. Be sure to keep a record of all repairs/replacements and inform your insurance company of each one.

3. Maintain the building and grounds. Regular repainting or installing siding is essential to protecting your Mobile Eastern Shore home from moisture damage. Hire professionals to clean any chimneys and check for termites. Repair unsafe sidewalks and remove dangerous tree roots. Again, keep your insurance company current on your efforts to eliminate hazards.

4. Consider tenant-based liabilities. The type of dog you allow on your property influences your insurance rate, as does permitting smoking on the premises. You may also want to specify acceptable locations for outdoor grill use and make renters aware of their responsibility to cover damages caused by them and the need for renters’ insurance.

By following these tips and consulting with your insurance representative, you should be able to lower your premium, avoid cancellation, and stay off the industry’s “bad list.” Also think about raising your deductible amount and avoid making too many small claims to keep your premium costs down.

Search all Mobile Eastern Shore homes for sale.

USES AND APPLICATIONS: This program can be used in various ways:

1. To purchase a home and its land for rehabilitation

2. To purchase a dwelling at one site and move it to another mortgaged property for rehabilitation

3. To refinance existing secured loans on a home for rehabilitation

4. To convert a one-family dwelling to a two, three, or four family residence OR

5. To convert a multi-family dwelling to a one-family home.

ELIGIBILITY:

Property:

1..Must be a one-to-four family dwelling that is at least one year old

2. If the dwelling has been demolished, some of the foundation must remain

Improvements:

1. All construction must comply with HUD Minimum Property Standards

2. All rehabilitation dealing with thermal or heating/AC systems must be energy efficient

3. Cash-paying home buyers can refinance their Mobile Eastern Shore real estate within six (6) months of purchase in order to make improvements

As with any government funded programs, the property to be purchased is subject to appraisals to determine the “as-is” and “after rehab” values of the real estate. In addition, the Mobile Eastern Shore homeowner will be expected to provide HUD with the following:

1. A plot plan of the site

2. Proposed interior plan of the dwelling

3. Work write-up and cost estimate

HUD also offers an FHA Streamlined 203 (k) program that allows buyers or owners of Mobile Eastern Shore real estate to purchase or refinance a home that needs up to $35,000 of rehab/repair work. Eligible owners may borrow the money even if they don’t have the equity usually required. In addition, the streamlined program requires much less paperwork than does the regular 203 (k) and thus simplifies the process for obtaining funding for improvements/repairs. Typical improvements approved for this program include such things as :

*Roof, gutter, downspout repair/replacement

*HVAC systems

*Plumbing and electrical work

*Basement completion/waterproofing

*Purchase of appliances

*Minor remodeling of kitchens and bathrooms

*Flooring

*Windows and doors

*Decks, patios, porches

A complete list of acceptable uses of the 203 (k) funds can be found here.