Archive for November 2011
How to Inventory and Assign Value to Estate Personal Property
November 28, 2011 | 
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There is an old saying that goes: What is the best way to eat an elephant? One bite at a time!
Personal property is the elephant of an estate. It is the responsibility that can take up most of your time, and it provides the estate with the least amount of money for the effort involved. But, dealing with the personal property cannot be avoided. The property must be inventoried, valued, distributed, or sold. Let us start our analysis by looking at what property we have (inventory); then we will determine what it is worth (valuation). In a future post, we will determine what to do with it (distribution/sale).
When you go to the courthouse, the clerk will provide you with the form you will need to fill out for the inventory. The form will ask you to provide general categories and a value for each category you have listed. For example, you would list: furniture, $1500; office equipment, $300, etc.. You will not have to list the items separately, such as sofa, $100; chair, $5; typewriter, $25. I suggest that you do keep a list of the individual items, though. Although you will not have to go into a lot of detail for the court, you will likely want a more detailed inventory for yourself. You will want this for two reasons: to track the sale of estate property, and to protect yourself against claims of heirs and/or creditors.
You do not have to get real fancy with with the inventory; pencil and paper will do. If you are so inclined, there are home inventory record books available at office supply stores, or you can purchase software online. There are also companies that specialize in taking home inventories.
You will need a helper. One person sorts and counts while the other writes. Start inside the house, and work your way from the top of the house to the bottom. Go room to room with a consistent pattern so that you do not miss anything: always clockwise or counter-clockwise around the room. Write down what is on the walls as well, not just what is on the floor. For small goods, write down identifiable groups of items such as 200 hardcover books, 100 paperback books, 42 nick-knacks, etc.. On your list, put a star next to any item that you think may be valuable. If the nick-knacks are porcelain and the books are first editions, they are valuable items. When you are finished, follow the same procedure for the outbuildings: the garage, shed, workshop, or whatever. If there is a rented self-storage unit, vacation home, recreational vehicle or boat, they will need to be inventoried as well.
When you file the inventory at the courthouse, you will need to state a value for the personal property. For run-of-the-mill household items, a good resource for determining the value is the software program It’s Deductible that comes bundled with the income tax program Turbo Tax. It’s Deductible can also be purchased separately. The software lists the thrift shop value for most household items, and it is easy to use.
For the items that you have identified as being valuable, It’s Deductible will not work. There are several ways to determine the value of single items or collections. A good place to start is eBay ( http://www.ebay.com ). To use eBay to help set your values, you will need to be a registered user. Registering for eBay is free; just follow the instructions when you get to the website. Once registered, type in the item you are researching, and eBay will search for the item. When the search results come up, scroll down and look on the left side of the page to where it says Search Options, click on completed listings, then scroll down further and click on Show Items. The search results displayed will be for completed auctions, not for auctions in progress. The prices listed in green are items that actually sold; the prices in red are for items that did not sell. If you find your item listed, and the price is green, you have a good value. Compare the details of the item you found on eBay with the details of the item you have. Use the closest match as your value.
If you are unable to find your item listed on eBay, it is time to go to the library or bookstore. There you will find an assortment of price guides for every sort of antique or collectible. You will also find blue books for automobiles and equipment.
If you have lots of items and no time to research, then it is time to call in an expert. In your local phone book you will find jewelers, antique dealers, auctioneers, appraisers, and other professionals who will tell you what the property is worth. What they will offer you is an opinion of value, not an appraisal. An appraisal is based on actual sales data, not an opinion. I will cover appraisals below; for now, just be aware that there is a difference. For probate valuation purposes, the value placed must be the fair market value at the time of the decedents death. This is the value you should ask your expert to provide.
In my home state of Virginia, individual items or collections that are valued over $500 must have an appraisal. Personal property appraisers are not licensed like real estate appraisers, but the content of their reports is regulated. For a personal property appraisal to be valid and accepted for tax purposes, it must be performed by a qualified expert and follow the federal guidelines of the Uniform Standards of Professional Appraisal Practice. Most real estate appraisers do not appraise personal property. You can find a personal property appraiser online by checking the websites of the Certified Appraisers Guild of America, the National Association of Auctioneers, or the American Society of Appraisers.
Estate Executors will find that the inventory and valuation of estate personal property is their most time-consuming task, but there are resources available to help.
By: Wayne Jordan
America’s Real Estate Market Trends
The median home price hit $506,000 in Los Angeles County in March 2006, climbing above the half million dollar mark for the first time in history. That figure is double what the median price for the area was just four years ago.
The good news for prospective homebuyers in other areas of the country is that a half million dollars can still buy quite a bit of home in much of the rest of the United States. For instance, even though Central Oregon is experiencing a considerable rise in both population and home prices, the median price is lower than LA County, although still higher than a significant number of other areas of the country. For instance, the median price for a home in Bend rose more than 30% in 2005, to $327,500. Another Central Oregon town, Madras, saw a 187% increase in the number of home sales in the first quarter of 2006.
The major force driving the boom in Oregon home prices, as well in Southwestern states and the Pacific Northwest, is an influx of Californians who are selling their more expensive homes and moving to areas where they can typically purchase more house for less money. Another factor is that with increasing values, many local homeowners are cashing in the equity of their homes and trading up to more expensive ones.
Another area that is growing significantly is San Antonio, Texas, where the median price of a home rose more than 9% over the past year to $131,900. San Antonio’s real estate market mirrored that of LA County, however, with few sales, even though prices were higher overall. There is also a considerable amount of new home construction taking place in that area, as well.
Some areas of California are booming as a result of skyrocketing prices in Southern California. One of the busiest is the area that includes Riverside, Ontario, and San Bernardino, which has seen an unprecedented increase of new residents from 2000 to 2004, of which and estimated 46,000 were transplants from the Los Angeles metro area.
In the southeastern United States, Florida also continues to grow at a brisk pace, fueled in large part by an influx of former residents of the greater New York City area. In fact, an estimated 41,500 people moved from that area to Orlando, Miami, and Tampa in 2004. One reason the area is experiencing such rapid growth is employment opportunities. The area’s employment scene was once dominated by Disney World, but that’s no longer the case.
Copyright ? 2006 Jeanette J. Fisher
By: Jeanette Joy Fisher
Posted in Real Estate | 
Tags: California One, Californians, Central Oregon, Dollar Mark, Influx, Los Angeles County, Madras, Market Trends, Median Home Price, Median Price, Metro Area, New Home Construction, Oregon Town, Pacific Northwest, Prospective Homebuyers, S Real Estate, San Antonio Texas, Southwestern States, Time In History, Unprecedented Increase | 
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Foreclosures and Short Pays – How it Affects Your Market Value
The market value of your home largely depends on the price of the neighboring dwellings around you sold for. In other words when people look around your neighborhood to purchase a house they will want to know what is the market price of most recently sold home in that vicinity.
A short sale or short pays occurs when a financially bankrupt landowner who is facing foreclosure sells his home in distress for less than value of his loan. The lender accepts the sale as payment in full for the loan. This helps the landowner to avoid foreclosure but it tremendously affects your credit history. You or your agent will need to negotiate with your lender to find out if the lender is ready for short sale or not.
Foreclosure or short sales are indeed going to affect the market value of neighboring homes in one way or another. Whenever a house sells in neighborhood, the amount at which the house is sold is noted and has an effect on general housing prices within the same locality. If your neighboring house is facing short sale or foreclosure then the house sells for much less than it would have if it hadn’t gone into foreclosure, and if that foreclosed house is similar to yours in area and attributes then this can depreciate the market value of your house.
The same is true when people sell their homes for less than the homes are actually worth because they just want to get rid of mortgage loan. Every real estate transaction in your locality has the potential to bring up or bring down the market value of your home.
By: Pauline Go
Hurricane Katrina And The Impact On Real Estate Prices
In the wake of Hurricane Katrina’s wide path of destruction, the real estate market will be affected perhaps in ways not fully understood or expected. If recent hurricane recovery history holds true there will be several good things to come out of all destruction. Let’s hope so as those who live in the Delta region have suffered immensely.
In September 1989, a strong category 4 hurricane by the name of Hugo made landfall in the Charleston, SC area. Up to that time it was the strongest hurricane to hit the U.S. mainland since Camille whacked the Gulf coast in 1969. The damage from Hugo was extensive with entire forests wiped out and fishing villages and seaside resorts heavily damaged. Dire predictions of the storm’s negative effect on the local economy were made. I know, because I was living in the nearby town of Goose Creek when Hugo roared through; I witnessed a sustained and lengthy recovery effort for many months thereafter.
These were some of my personal observations of that hurricane’s impact on the housing market:
1. Housing stock destroyed. Yes, the number of mobile homes, apartments, and single family homes damaged or destroyed by Hugo was large. What had been a fairly open pre-hurricane housing market quickly tightened up as the vacancy rate plunged to near zero as all available, undamaged property was suddenly snapped up. Rental rates, which had been on the low side, suddenly shot up and stayed up even as the housing stock was replenished over the next year. The net effect of Hugo was that older, substandard housing was replaced by more modern housing built with the latest building code requirements included. Rental rates rose accordingly to reflect the improvements.
2. Insurance payments. Although the property I was living in did not sustain much damage, some of the homes in our neighborhood did. Within days of the storm’s wake insurance agents were canvassing neighborhoods, filing claims, and issuing checks on the spot. The quick move of the insurers allowed people to run out and make needed repairs quickly. Oftentimes, the amount of the check more than covered actual damage thereby allowing homeowners to make both structural and aesthetic improvements to their properties. These improvements were credited with fueling the subsequent surge in local home prices.
3. Government assistance. FEMA cut its teeth on Hugo. Originally, much criticism was levied FEMA’s way because of the agency’s slow response to the disaster. It took several more disasters after Hugo before FEMA’s response time improved. Still, where private insurance companies left off, FEMA stepped in by cutting checks that allowed people to rebuild. Essentially, FEMA stepped in to help the uninsured or under insured recover. Plenty of homes that had been substandard before Hugo were replaced by homes that met current [and stricter] housing codes. The impact on the housing market was felt as this rising tide of support effectively lifted housing prices.
Every particular storm’s impact on a local economy is different. Unfortunately for residents in the Delta region, Katrina blew through after a particularly rough hurricane year in 2004. No, FEMA isn’t broke but the financial stress on insurance providers cannot yet be measured. Unlike with Hugo, where the recovery effort started immediately after the storm left, the Delta region is still in rescue mode and waiting for the waters to recede. I fully expect that it’ll be weeks before any sustained recovery effort can be launched and even then it will be a long, drawn out process as insurance claims are filed, local building codes are re-examined, and the most important part – people – decide whether they want to rebuild in damaged communities or move away.
South Florida recovered fairly quickly after Hurricane Andrew devastated Homestead in 1992, but many central and panhandle communities in Florida are still reeling one year after a series of hurricanes tore up their homes in 2004. Again, much will depend on individual families willingness to rebuild and that is the untold story lying in the wake of Hurricane Katrina.
By: Matthew Keegan
Posted in Real Estate | Tags: Category 4 Hurricane, Charleston Sc Area, Delta Region, Goose Creek, Hurricane Housing, Hurricane Hugo, Hurricane Katrina, Hurricane Recovery, Insurance Agents, Insurance Payments, Lengthy Recovery, Market 1, Nearby Town, Path Of Destruction, Personal Observations, Recovery Effort, Seaside Resorts, Strongest Hurricane, Substandard Housing, Vacancy Rate | No Comments »
Definition Of An Entrepreneur
The dictionary outlines an entrepreneur as somebody who initiates and assumes the risk for business ventures. However the definition of a successful Entrepreneur is something a little different.
We use information in this business, knowledge that leads to profits. Entrepreneurs make money by applying supply and demand information against an existing environment to produce a result. So even though the existing dictionary definition talks about assuming risk for the existing project, a successful entrepreneur actually assumes profits. Its the difference between a success and a failing project.
An entrepreneur studies his market and knows the current price points that investment objects will sell for. Armed with this knowledge he/she can confidently make investments and know the price negotiated is actually locked in profit. Its this intrinsic value knowledge that is so vital to an investing entrepreneur
So entrepreneurs buy profits and sell into working capital. If you were to define the absolute activity the typical entrepreneur does it would be the deal maker. Entrepreneurs deal in value and value exchange.
So to define clearly what an entrepreneur does we can say that they measure and deal in values, ensuring that their purchases are always below the value of the investment object. To do this they actually study the market they specialize in. In other words, they literally keep track of sales as they happen in there market and maintain constant vigilant surveillance so they know exactly what a given investment object (making allowances for current condition)is actually wort6h and what current perceptions are about that object.
A smart entrepreneur also reads charts of recent price movements and studies the emerging trends, to anticipate coming bubbles and troughs in the price points they currently deal in.
Martin Thomas (c)2005
By: Martin Thomas
Posted in Business | Tags: Bubbles, Business Knowledge, Business Ventures, Current Condition, Dictionary Definition, Existing Project, Intrinsic Value, Investments, Martin Thomas, Perceptions, Profits, Smart Entrepreneur, Successful Entrepreneur, Supply And Demand, Surveillance, Thomas C, Troughs, Value Exchange, Value Knowledge, Working Capital | No Comments »
Putting Your Home on the Market – Managing Your Pets
When it comes to putting your home on the market for sale, it is important that you have all of the proverbial pieces of the puzzle in order. In this regard, if you are a pet owner, there are specific steps that you will need to take in advance of putting your home on the market for sale. By following these steps, you will be able to best ensure that your home is in the best possible position to sell.
In this day and age, and as has been the fact for years, the majority of homeowners in the United States (including in the Tampa real estate market) have at least one pet in their homes. More often than not, the pet of choice is a cat or a dog.
If you are a person who has a pet of some sort in his or her home, you need to understand that for a good number of people looking for homes, the presence of a pet in a residence is a negative factor. There are even a notable number of people in the market for a home who simply will not consider purchasing a home in which a pet previously resided.
Perhaps the most significant factor that you need to understand when it comes to managing pets in your home in advance of putting your home on the market for sale is to make sure that all pet related odors are completely under control. Home sales experts nearly universally agree that nothing works to put off a potential buyer more quickly that unpleasant smells or odors in the home, particularly pet odors.
With this in mind, you will want to make sure that you limit the area in the residence that pets will have access when you are working to sell your home. Moreover, you will want to make certain that such things as litter boxes for cats are maintained in a completely and thoroughly clean state. Indeed, this may require you to empty a litter box daily and wash it out at the same time.
Even though you may find your pet as cute as a button, that does not mean a potential buyer is going to appreciate your companion animal at all. As a result, you must make certain that any pet that you have is out of site when potential buyers will be visiting your home. Indeed, you really will want to seriously consider making sure that the pets are off the property before a potential buyer arrives.
There is also a liability issue to consider in regard to pets on the property when a potential buyer is checking out the residence. There are an unfortunate number of cases in which a potential buyer ends of being injured by a dog or even a cat. Pets respond to these potential buyers as strangers and can respond accordingly.
By: Lance Mohr
The Concept of Residual Earnings
It is the duty of the equity analyst, more specifically the common stock analysts, to determine the value of a company, its intrinsic value relative to its current market capitalization and determine if their is a margin of safety in between these two values. Of course, this assumes you follow the traditional Graham & Dodd value strategy. Without getting into investing philosophy and sticking strictly to valuation, let’s consider the differences between some of the more popular strategies (all of these strategies assume statements have been reformulated so that operating and financing items have been separated):
Discounted Cash Flow Analysis:
Free cash flow (FCF) is calculated easily by finding the difference between Operating Income (OI) and the change in Net Operating Assets (^NOA or NOA1 – NOA2) or FCF = OI – ^NOA
The FCF forecast model uses FCF now and estimates into the future discounted by the Required Return on Capital (RC). The RC is calculated using the stock’s Beta, the risk free rate of return (usually 3 mo. t-bill), and a market risk premium (expected return on the market – risk free rate). This calculation is made however many years out the forecast is intended to extend to, maybe 3-5 years. So it looks like:
Value = FCF/RC + FCF2/RC2 + ….. + FCFn/RCn + CV
The last part of the formula, CV, is the continuing value, is an estimate of value for a finite forecast horizon of FCF’s. It is calculated as follows: FCFn+1/(RC-1) or if you forecast FCF to grow at a constant rate then FCFn+1/(RC-g), where g is 1 plus the forecasted rate of growth in FCF.
The problem with using discounted FCF is that it does not measure value added. FCF is a measure of stocks and flows. The analysis charges this flow of money with the required return on capital. Assume a company makes a large investment and as a result ends a quarter with negative cash flow. Value is not derived from this figure and cannot be accurately forecasted, but in the long run there is potential value added from the cash investment. FCF does not measure this.
The Residual Earnings Forecast Model:
First, let’s define residual earnings (RE); RE = Return on Common Equity (ROCE) – RC * Common Shareholders Equity (CSE)
So what does this measure exactly? This measures the return to shareholders above the required return on capital. The discounting process is the same as with FCF, where a CV is used at the end, but RE is used instead of FCF; V = CSE + RE/RC + RE1/RC1 + … + REn/RCn + CV.
One important note must be accounted for; this model can only be used when there is no debt recorded on the books. Otherwise debt acts to lever up ROCE, distorting real value added.
So here we have a cleaner forecast, one that determines whether value is being added in earnings. You can tell by the difference in ROCE and RC. If it is positive, RE will be positive and value is added. The opposite is true if ROCE is less than RC.
Again, debt distorts this forecast, in which a different formula will be needed, but I will not cover in this particular article. Also, beware of long forecasts, the longer the time horizon the more speculative in nature it becomes. For this reason, I do not forecast out beyond the current year and scrap the CV.
If you have any comments or suggestions, especially with regards to the use of risk free rates and expected returns on the market, please comment here.
By: Matthew Scullen
Posted in Investing | Tags: Cash Flow Analysis, Discounted Cash Flow, Discounted Cash Flow Analysis, Equity Analyst, Fcf, Fcfn, Flow Value, Forecast Horizon, Forecast Model, Free Cash Flow, Market Capitalization, Market Risk Premium, Measure Value, Negative Cash Flow, Operating Assets, Residual Earnings, Return On Capital, Risk Free Rate Of Return, Stock Analysts, Value Strategy | No Comments »
3 Step Pre Foreclosure List Profit Strategy
Step 1. Find the Best Online Pre Foreclosure List
You need an accurate source to quickly find homeowners in default.
It sounds obvious but so many lists are incomplete or have incorrect information. Many online sources have properties that are in REO or foreclosure status but few have any “pre foreclosure listings”.
This is the first stage where the homeowner has missed one or more payments and the lender has filed a “Notice of Default”.
Getting your hands on this list is SO critical to your ability to make money in foreclosures.
Step 2. Weed Leads for 40% Equity
Once you have access to your pre foreclosure list, you MUST find homeowners with at least 40% (hopefully more) equity.
Example; 200,000 market value – $120,000 (loan balance) = $80,000 (equity)
80,000 / 200,000= 40% equity
Why 40%
Because as an investor, you will assume repair and holding costs, plus you’ll want to offer the distressed owner some sort of exit cash. That 40 % will absorb repair, holding costs cash to the seller at closing, plus ensure a profit when you sell the property.
Make sure the online source has the properties market value and the loan payoff.
Step 3. Check if the Listing Been Dismissed
Make sure your list includes the attorney that is handling the homeowners case. Many times the owner can work out a loan modification with the lender while the property appears on a pre foreclosure list. One phone call can save you valuable time! You don’t want to pursue homeowners that have solved their problem.
So weed your leads for 40% equity and make sure that the homeowner is still in distress i.e. no loan modification has been worked out – then make a sincere effort to contact these homeowners.
You’ll be amazed at the amount of homeowners in default leads 40% or more equity, and these people need your help.
Online sourcing of leads first critical step to making great profits in pre foreclosures, without good leads you will get discouraged and probably quit. So get to it! There are so many homeowners out there in default now the time to start couldn’t be better.
Gathering 20-50 solid leads per week using this method is critical to CLOSING DEALS.
As I mentioned earlier I have found only one source that accurately lists pre foreclosures in detail, I have included the link below.
By: Leslie Collins
Posted in Real Estate | Tags: Accurate Source, Critical Step, Distressed Owner, Foreclosure List, Foreclosure Listings, Foreclosure Status, Foreclosures, Getting Your Hands, Loan Balance, Loan Modification, Loan Payoff, Notice Of Default, Phone Call, Pre Foreclosure, Profit Strategy, Profits, Reo, Step 2, Step 3, Weed | No Comments »
Lease Option Real Estate in Fenton, MI – Super Strategy in Michigan’s Economy for Buyer and Seller
If you know anything about Michigan’s economy, you know that it hasn’t been doing well for years, and may continue to languish. Lease option real estate in Fenton, MI is a strategy that is working very well in today’s economy whether you are a seller or a buyer.
Fenton is a city in Michigan, situated in Genesee County. The population is north of 10,000 and may be significantly higher than that by now since that number reflects a census that is 7 years old.
If you are a motivated home seller or want to purchase a home, you should understand the lease to buy real estate in Fenton, MI….because it has advantages for both the buyer and seller alike.
First, a lease option is also called a rent to own, so understand that these terms mean the same thing.
Some Advantages of Lease Option Real Estate in Fenton, MI
Are you being downsized? Job loss? Being transferred out of state? Paying two mortgages and can’t afford both of them? Simply can’t afford to make your mortgage payments anymore? If you’ve tried but can’t sell your home with a real estate agent, then the lease option may be just the thing you need.
Putting a tenant-buyer into your home will alleviate you of the monthly mortgage payments, and allow you to sell your home for much closer to fair market value than you’ll get listing it with a real estate agent in a slow economy.
Why is this?
Simply because your typical tenant buyers for rent to owns will not have the necessary down payment or credit score to qualify for a traditional bank loan.
This means that many of them will be willing to pay closer to the true value (appraised value) of your home than other people who can get bank financing. It also means you can get good market rents during the option period.
Advantages for Lease to Buy Real Estate in Fenton, MI
The advantages for the buyer are also numerous.
First, you get a shot at home ownership. Rather than wasting money on rent, you get an option to purchase a home that you like.
Even if you can’t get a conventional bank loan, and have bruised or damaged credit, you can purchase a home on a rent to own basis and stop wasting money on rent making a landlord rich.
Part of your monthly rent goes toward “rent credits.” This is money that is set aside and goes toward the purchase price of the home if you exercise the option to buy it. For example, if you are paying $1,200 a month on the home, $200 dollars of that might be allotted toward the rent credit, which means you are effectively building equity when you buy the home.
Although there are other benefits too numerous to list here, another one is that you get to “test drive” the home before you buy it. This is because if you set up the lease option real estate in Fenton, MI contract the right way, you have the option but not obligation to buy the home.
So, if your option is for 24 months, you can live in the home for 24 months and if it turns out you don’t like it, or the neighborhood, you can choose to not buy the home.
This really gives you a lot of flexibility and control.
It’s little wonder the lease to buy real estate in Fenton, MI is becoming one of the most popular ways to sell and buy houses here.
As real estate investors in Michigan, we are teamed up with experts who have structured and implemented countless lease options in this state in the past few years, and can assist you whether you need to sell your home or buy one on a lease option.
If the transaction is not set up properly, what is a potentially good thing for both parties can end up to be a nightmare. So make sure you do it right, or seek the assitance of real estate investors who can help put it together for you.
We also have credit repair programs so that if you want t rent to own, you will be able to vastly increase the chances of you being able to get that bank loan you need to buy that lease option home during the option term.
By: Dan Ho
Posted in Real Estate | Tags: Census, Credit Score, Fenton Mi, Fenton Michigan, Genesee County, Home Ownership, Job, Lease Option, Market Rents, Monthly Mortgage Payments, Mortgages, Option Period, Population, Real Estate Agent, Rent, Shot At Home, Slow Economy, Traditional Bank Loan, True Value, Wasting Money | No Comments »
Protecting Your Homestead Property Against Liens & Judgments
Today, most residential homeowners do not realize that they do not have a “legal status” of homestead on their Home.
Some states have homestead exemption(s) and homestead benefits but very few people have failed to realize that they must first “proclaim” their home as their homestead in order to be entitled to such benefits.
Currently, the states that have the the best homestead protection limits are Florida and then Texas but few homeowners have failed to legally establish their homestead status and receive their entitled protection pursuant to that state’s constitution. HOMESTEAD EXEMPTION does NOT protect your home!
The one of the worst courses of action that any homeowner can do, is download one of those “cheap, cookie cutter” homestead forms online, without having an in-depth knowledge of the homestead laws and their limitations and/or how it may affect them, specifically.
Never, Never, Never buy a generic form over the internet unless you thoroughly understand the Homestead laws of your state and you can defend the meaning and purpose of that form, in a court of law. This is highly ill-advised and probably one of the Worse Action that you can possibly do. Buying a cheap and very in-expensive Homestead form “product” from the internet (normal cost: $25-50), instead of purchasing a valuable “service”. This is very poor form of asset protection and estate planning. Your residential Home is your greatest financial asset that you & your family own – Do not become “cheap and/or thrifty” when it coming to protecting your home. Remember, the old wise saying, “You get what you pay for !” – there is much truth in that
The biggest misconception is that homeowners “assumes” that Homestead exemption protects their residential home… IT DOES NOT!
You have to protect your greatest asset – Your home against any possible future litigation and claims that can be attached against your home unless several specific self-executing procedures are completed and filed in their entirely.
We are proud to announce the expansion Homestead Services of Florida to others states and launching of our website for our revolutionary home protection service.
http://www.homesteadservicesflorida.com
What is exactly is “Homestead Services of Florida”?
What we do:
We offer Maximum Protection for your Florida Home against the all non-equity Judgments, Liens, Attachments, Lawsuits from lienors.
What liens or judgments are considered “non-equity”?
medical bills, credit cards, child support, nursing home,
judgement from lawsuits, etc.
What liens or judgments are considered “Equity”?
1) mortgage
2) Real Estate taxes
3) Assessment or maintenance fees (condo, villa, deed restricted)
4) construction or mechanics liens
Unfortunately most of us would agree, is that our legal system has run amuck and is out of control. With over 19,000,000 lawsuits filed annually generating over $135,000,000,000 billion dollars in court costs and legal fees, against individuals and companies. These numbers have consistently increased from year to year and continue to dramatically increase by surpassing the previous years totals.
Most consumers today feel that we are currently living in a “Sue-Crazy” society. Statistically speaking, a person has a three times (3X) greater risk of being legally sued in a court of law then being admitted into a hospital for an accident or sickness.
It is essential that individuals and business owners protect themselves against this realistic possibility.One of the most valuable financial assets that an individual can own today, is their Home.
If you have money, attorneys want it !!
Every time a new lawsuit is filed, it becomes a “Declaration of War”. The Attorneys are fighting to take away the assets of anyone that they can drag into their case. Just because you may never have had a legal issue yet doesn’t mean your safe by any means. Even if you have to defend yourself, it may cost you thousands of un-recoupable dollars in legal fees. You should always prepare your defensive systems. The Only way You can win this War is to have your affairs in order BEFORE a lawsuit is served against you.
Example in my state of Florida:
The Biggest Myth “assumed” by most Florida Homeowners is that they believe and have falsely assumed, that Florida Homestead Exemption protects their homestead property – It Legally Does Not!
TRUE FACT:
FLORIDA HOMESTEAD EXEMPTION DOES NOT LEGALLY PROTECT YOUR FLORIDA HOMESTEAD PROPERTY!
Florida homeowner says “But I receive my Homestead Exemption every year? Yes, this maybe true BUT this does NOT legally protect your Homestead property! Homestead Exemption’s primary purpose is for your annual $25,000 discount from Ad Valorem (Real Estate) taxes of your assessed value of your Florida home.
Do you realize that any person, lawyer, company, government agency, code enforcement board, or any entity can place a claim of lien against your Home at any time, for any reason, without cause or notification?
Florida laws states that you do not even have to be legally notified if a lien is placed against your home! Judgments and liens can stay enforced against your homestead property for between 14 years and 20 years depending on the year is was filed!
Ignorance of the law is not a legal defensive in a court of law! We help in assisting the Florida Homeowner in exercising their legal rights in providing maximum protection while shielding their most valuable asset, their Florida Home.
By utilizing our unique professional services through the use of legal documentation, filing and recording system -We can shield your Florida Home from the majority of Judgments, Liens, Attachments, lawsuits and litigation which is typically the first asset that most judgment liens are filed against.
But without our valuable services your home is 100% financially and completely exposed to frivolous and/or bona fide Liens, judgments, Attachments and is NOT protected under the full protection of the Florida Constitution and Florida Homestead laws as you have incorrectly assumed.
Once a judgment, lien or encumbrance is attached against your Florida home, whether a frivolous or legitimate claim, then you can do only 1 of 3 things:
Hire an attorney and Contest their claim in court – very expensive
Pay their Claim – very expensive.
Use Homestead Services to make their claim Legally Unenforceable without the expense of hiring an attorney – not expensive.
Call us or send us an email and protect your Florida Home today!
By: Darren Michaels
Posted in Real Estate | Tags: Amp, Asset Protection, Cookie Cutter, Depth Knowledge, Estate Planning, Financial Asset, Homestead Exemption, Homestead Laws, Homestead Property, Homestead Protection, Judgments, Litigation, Misconception, Property Liens, Protecting Your Home, Residential Homeowners, State Constitution, Truth, Valuable Service | No Comments »