Lee Morof's Real Estate Blog

Getting from “I want to sell my house” to “SOLD” is often a long and stressful process.  The last thing you want to do is find someone who wants to buy your house and then lose him or her.  Here are five ways to avoid deal-killing surprises:

• Get a home inspection.  If you truly don’t want any surprises, get a home inspection before you put your home on the Southeast Michigan real estate market.  Then make all repairs needed; or disclose the problems up front, and tell the potential buyers how much you’ve reduced the price instead of making the repairs.
• Do not ask for favors.  You don’t want to suddenly ask the buyers if you can delay closing for six months or if you can keep the crystal dining room chandelier.
• Go over the contract in detail.  Ask your agent to have the buyer’s agent go over the details of the Southeast Michigan real estate contract with the buyers before they sign it.  Even if the buyers say they understand the contract, ask the agent to discuss the details with them.  This prevents misunderstandings and provides time to make contract changes well before the closing, if needed.
• Be honest.  If your hot-water heater breaks two days before the closing, don’t pretend that you love cold-water showers.  Tell the buyers what happened and that it’ll be replaced before closing.  Being honest up front builds trust.
• Remain calm.  If the buyers ask questions or make comments about the house that make you feel like they don’t love the house as much as you do, let it go.  This is a business deal.  You need to sell the house; they want to buy it.  Who cares what they say?  Remember the childhood saying about sticks and stones…

If you’re ready to sell your Southeast Michigan real estate, I’d love the opportunity to interview for the job.  Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to schedule an interview.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

In order to get the most buyers through your front door, you’ll need to do more than just stick a sign in the front yard. An aggressive and thoughtful marketing campaign can make the difference between a quick sale and your house continuing to sit on the market with little activity.

Take the time to thoroughly market your Royal Oak Michigan home for sale by owner (FSBO).

1. Take a lot of good photographs. You have to expect that buyers will look at your property online before they decide to take the time to visit it in person. Make sure you have a lot of photographs online and that they do your house justice. Take pictures from multiple angles in each room and choose the best ones. Also, if you have a great yard, make sure you show it off.
2. Make the most of your signage. Ensure your phone number is clearly visible. Also, check with your homeowners association and neighbors that live at busy intersections to find out if you can put a sign with an arrow pointing toward your house.
3. Put ads on every website you can. Most buyers start their search on the Internet, so make sure your Royal Oak Michigan home for sale by owner has a strong online presence.
4. Don’t forget about print ads. Many buyers still look at newspaper Classifieds, so make sure your house appears there. You can often place large ads in smaller publications for relatively little money.
5. Host open houses. Not every location is especially suitable, but try it a couple of times and see how many people turn out.  If you’re getting good foot traffic, keep it up.

If you need help marketing your Royal Oak Michigan home for sale by owner, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

With home prices nearing their bottom, now might be a great time to buy Bloomfield Hills real estate as income property. Many more people will be looking to rent now that pre-approved mortgages are harder to come by. But, before you become a landlord, you’ll want to make sure your potential rental property won’t remain vacant for long.

6 tips to help you evaluate your Bloomfield Hills real estate investment:

1. Determine if your area has a strong rental market. See what kind of homes are for rent and track how long they remain vacant. If the same properties are listed week after week, it might not be the best area to purchase a rental.

2. Get a feel for the stability of the population.  It’s good to find a rental property in a transient community because residents are less likely to purchase their own homes, and more likely to rent, if they know they’re only going to be there for a couple years.  In particular, look for areas with military installations or colleges nearby.

3. Keep an eye on Craigslist and the local Classifieds. Track how many rentals are available at any given time, and get an idea of the size of houses most commonly listed. You won’t want to be trying to rent a 1-bedroom house in a neighborhood that is full of young families.

4. Make sure your potential rental property is located in a good school district. Potential renters with children could be turned off by the quality of the local schools if they have a poor reputation.

5. Check around with local property management companies. They’ll often have the best information about what sort of properties are the easiest to rent out. You can also check their websites to see the properties they have available.

6. Find a house that’s in good shape. Would you live there? If not, either move on to a different property or immediately fix it up to good, livable conditions.

Owning a rental home can be a great investment. Do your homework, and purchase a home people will be clamoring to rent — not one that continues to sit vacant.

If you have questions about purchasing Bloomfield Hills real estate as income property, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

Here are five tips to help you identify the best Bloomfield Hills real estate agent to get your home sold as fast as possible and for the most money.

1. Hire a full-time Bloomfield Hills real estate agent.  Part-time agents typically have less experience and fewer sold properties under their belts than full-time agents.  Because part-time agents usually have another job, they don’t have as much time to take care of your needs and market and show your home to potential buyers.  Full-time agents have bigger networks they can enlist to help find a buyer for your home.
2. Find a skilled negotiator.  A seasoned Bloomfield Hills real estate agent understands the psychological nature of selling a home.  They advise you during the contract negotiations to ensure you get the best deal while alleviating your stress.
3. Pick an aggressive marketer.  Without a well-implemented, far-reaching marketing program, your house will sit on the market these days.  You want an agent who promotes your home both online and offline, in order to reach the greatest number of potential buyers.  Simply having your home listed on Realtor.com is no longer enough of an online presence.  You want your home showcased on multiple websites with a lot of professional photos and, ideally, a video tour.
4. Choose an agent who knows your neighborhood.  Each neighborhood has different pros and cons which must be promoted or overcome by the agent.  An effective agent knows how to price your property because they know the local competition, which homes that have closed recently are similar to yours and how much they’ve sold for.
5. Ask for home staging services.  Home staging is no longer a “nice to have;” it’s now a “must have,” if you want to sell your home for the most money in the least amount of time.  Many Bloomfield Hills real estate agents are now professional stagers or have a home stager on their teams.

Choosing a powerful listing agent is your first step toward a successful home sale.

If you’d like to work with an agent who is a skilled negotiator, an aggressive marketer and works full time, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

The process of buying a new home is daunting enough without having to track down all the various paperwork necessary at the last minute. Don’t endure extra stress! Get your paperwork together early, so that you can feel piece of mind when purchasing Bloomfield Hills real estate.

You should have the list of documents below in hand before you make an offer on a home. This will ensure the purchase process is as quick as possible. Every mortgage lender’s requirements can be different, so double-check with yours for a comprehensive list.

• ID – This might seem like a no-brainer to most people, but just make sure you have official identification.

• Pay stubs – Your lender will want proof that you’re still earning an income, so inquire about how many months worth they’ll want you to provide.

• Gift letter – If someone else is helping you with your down payment, the mortgage lender will want to know if you’re receiving a gift or a loan. If someone else is loaning you money, your lender will want to take that debt into account before approving your mortgage.

• Tax returns – Your lender is going to want almost any financial document you can think of. Bring at least the last two years of tax records to be on the safe side.

• Bank account statements – Bring at least the statements from the most recent two months, especially if the bank where your accounts are is not your mortgage provider. Also bring any other financially-related paperwork — that includes proof of child-support or alimony payments.

• Divorce decree – Especially if it’s recent, you’ll want to be able to prove that you’re no longer responsible for your ex’s debts.

In short, if you receive anything at all in the mail regarding your personal finances, make copies and bring them with you when you’re seeking mortgage pre-approval. You never know what the bank will ask for, so try to have everything.

If you want to learn more about preparing Bloomfield Hills real estate purchasing paperwork, I can help.   Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

If you haven’t read “Real Estate Investing:  How to Buy Southeast Michigan Short Sales Steps 1 through 5,” start there.  This blog post provides steps 5 through 9 of the short sale process.

6.     Visit the Southeast Michigan short sale properties on your short list.  You’ve already searched for short sales, researched them and narrowed your list to a few short sales that meet your criteria and have the best chance of making it to closing.  Now it’s time to personally visit the few on your short list.  Your primary purpose in visiting the property is to get an estimate as to how much it’s going to cost you to repair the home.  As a real estate investor, you want a property that needs some work so that the average home buyer won’t want it, and you can get it at a lower-than-average price.   But, you also want a property that is in good enough condition that the cost of the property plus repairs still gives you a good return on your investment.

7.    Get a home inspection.  Since short sales are typically sold “as is,” it’s crucial that you have a licensed home inspector evaluate the condition of the short sale that you’ve decided is the one you want to buy.  An inspection will find problems you might not have been able to see in your initial visit to the home.  It will also give you a more precise idea of how much it’s going to cost you to repair and renovate the property.

8.    Make an offer.  Now that you’ve found the Southeast Michigan short sale you want to buy, you’re ready to prepare an offer.  Have your real estate agent prepare all the documentation and submit the offer to the seller’s agent.  The seller’s agent will submit the documentation to the lender.  Hopefully, you’ve chosen a short sale with only one lender, but if there is more than one lender, remember that all lenders have to agree on the terms of the sale.

9.    Make a counter offer or walk away.  After getting your offer, the lender has his real estate agent evaluate the offer.  More than likely the lender will make a counteroffer.  That’s the time for you to do a final evaluation.  Double check your numbers using the higher purchase price and ask yourself, “Is this property really going to give me the profit I want?”  If the answer to this question is no, or if you’ve already reached the maximum you’re willing to pay for the property, it’s time to walk away.

10.    Finalize the deal.  After you, the seller and the lender have all reached an agreement, get everything in writing and officially record it.  Go to closing, and the property is now yours.  Congratulations!

If you’re a real estate investor looking for a well-priced property to invest in, I can help.  Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

Are you an investor looking for Southeast Michigan short sales or home buyer who wants to buy a short sale in order to get a great deal?  Unless you’re a seasoned short sale buyer, it’s not as easy as you may have been told.  In fact, there are so many steps to the process, this blog post only covers the first five.

1.    Hire an experienced Southeast Michigan real estate agent.  The first thing you want to do is find a real estate agent who is knowledgeable about buying Southeast Michigan short sales in your local market.  Unless you’re already a short sales expert, you need an experienced agent to guide you through the process because most homes that are listed as short sales never even make it to closing due to problems encountered along the way.  In fact, some stats show that as few as 1 in 10 short sales make it all the way to closing.

2.    Get your financing in order.  How are you going to pay for the property?  Before you do anything else, have your financing in order.  In a short sale, the lender often moves at a snail’s pace, but you have to be able to move quickly.  Once an agreement is worked out, the lender may require that you close in as few as 20 days.  That’s too late to shop for a mortgage.

3.    Search for short sales.  Your agent will have access to all the homes up for sale as Southeast Michigan short sales.  Let him or her help you sort through the homes to identify those that fit your needs and are most likely to make it to closing.

4.    Research the short list of short sales.  Have your real estate agent (see how much work this agent is doing for you?) research the short list of short sales you’re interested in to find out how many loans are against them and how much money is owed.  If you find that there are a lot of loans against a property, your best bet is to move on and find a short sale with only one loan.  Additionally, your experienced agent can steer you away from homes with lenders who are difficult to work with on short sales.

5.    Be prepared to pay close to market value.  This may sound ridiculous to you because you’ve heard that short sales are an amazing bargain.  Yes, some short sales are priced very low, however, that does not mean the lender will accept that super-low price.  Typically, the short sales that actually make it to closing are going to be priced close to current market value.  Have your real estate agent research pending sale comparables to determine what the current market value is for the short sale you’re thinking of buying.

If you’re interested in investing in Southeast Michigan real estate in Oakland County, I can help you find the true bargains, whether they’re Southeast Michigan short sales, foreclosures or just well-priced real estate.   Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

So you’ve invited some friends over to show off your Southeast Michigan real estate in Oakland County, and all is going well. The weather is good, the food is delicious, everybody is having a great time and—oh no! Somebody finds a tick!

Unfortunately, ticks are an ugly reality just about everywhere these days. Not only are they utterly creepy blood-suckers, they can also carry some serious diseases you do not want to get. If you’ve ever tried to kill a tick, you know just how tough and gnarly they are. You need to be prepared to deal with ticks. Here are some helpful tips:

• Treat your pets for ticks. Dogs and cats, being furry and close to the ground, are natural tick magnets. If you don’t treat your pets for ticks, you’re simply inviting ticks into your home, your lap, anywhere your pet goes.  If you apply a product to your pet that kills ticks, your pets then act as little sweepers that collect ticks wherever they go and drastically reduce the tick population in their territory (aka, your Southeast Michigan real estate). Ask your vet about the tick treatment options available.
• Treat yourself for ticks.  Use insect repellent on your clothing that may come in contact with grass and brush. Repellents that contain DEET or Permethrin are the most effective, but make sure you use them according to the directions because they contain powerful ingredients that can harm your health. Don’t get it in your mouth or eyes, and wash your hands after you apply it.
• Keep a tick jar handy. This can be any small jar filled with straight vinegar. Empty vitamin jars are good, as they are dark and you won’t have to look at the nasty things. Add a few drops of essential oil to keep the smell pleasant. Any time you find a tick crawling around, toss it in. No running around in a panic trying to find two rocks to crush it with. Just be sure to label the jar and keep the lid on tight.
• Use duct tape. Yes, it’s duct tape to the rescue! The beauty of this tactic is you don’t even have to touch the little beasts. Just unroll a bit of tape, apply it to the tick and it’s immobilized. Fold the tape over on it and it’s out of sight, out of mind. Perfect.

With these tools at the ready, you can avoid being a hapless victim of ticks. If you’d like to read more handy tips like these to enhance your Southeast Michigan real estate, subscribe to my blog. It’s free!

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com