Lee Morof's Real Estate Blog

Whether you’re looking to buy or sell a home, finding the perfect Southeast Michigan real estate agent can be tough. The process is often overwhelming and you want to ensure that you have the right person by your side — someone trustworthy, hard-working and who knows what they’re doing!

That is why it’s extremely important to thoroughly do your research when it comes to Southeast Michigan real estate agents. You need to interview several agents, follow through on referrals and ensure they have the proper credentials.

All the acronyms after agents’ names can be confusing, so here are a few that describe specializations you might need:

• SRES – This stands for Senior Real Estate Specialist. The SRES designation is for agents who work with buyers and sellers over the age of 55. If you’re over the age of 55 or are helping your parents who are over the age of 55 buy or sell, you may want to find an agent with an SRES designation.
• NAR’s Green Designation – This designation means the agent has had training in green building qualifications and sustainable business practices. Look for an agent with these acronyms if green living is on your home checklist.
• SFR – This acronym stands for Short Sale & Foreclosure Resource – As the certification indicates, these are agents who specialize in short sales and foreclosures. With the economy forcing many homeowners into one of these categories, it could be valuable to have an expert with this designation help you successfully navigate the tricky processes.

Just because agents have an acronym or two or three after their names doesn’t necessarily mean they’re the right fit for you. However, the designations can give you some clues as to their level of knowledge and areas in which they specialize.

If you have more questions about real estate acronyms and designations or are looking for a qualified, professional Southeast Michigan real estate agent, please call me 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

Is your family starting to feel cramped in your current house, or are you ready to quit renting and start investing? With the extra day added into this leap year, you have an additional 24 hours this month to decide if you’re ready to take a big jump and purchase Bloomfield Hills real estate.

Not sure how to decide if this is the year? Whether you’re a property-purchasing pro or a first-time home buyer, take a look at the three points below to determine if you’re prepared to take the leap and invest big.

1. You have a sizeable down payment. Knowing what you can actually afford is half the battle. A good estimate is to triple your household income, and that will roughly be what you’ll want to spend. Whatever you’ve saved as a down payment can go on top of that or, if you’re frugal, can just be used to reduce your monthly payments. The larger the down payment you have, the smaller your mortgage payments will be, and it could possibly get you a better interest rate.
2. You have a good real estate agent. It’s important to find a trustworthy, competent agent before you find your dream house. Take the time to thoroughly interview agents and get referrals. You’ll want to make sure you have someone who is knowledgeable about the Bloomfield Hills real estate market to help you make one of the biggest decisions of your life.
3. You have a brag-worthy credit score. Strike while the iron is hot! If you’ve taken the time to build up and ensure a great credit score, use your good standing to take advantage of today’s low interest rates.

If you meet all three qualifications, consider taking advantage of this month’s extra day, as well as the low interest rates and home prices, and leap into a new home. Please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com if you have questions concerning your credit score and down payment, or want to work with a knowledgeable Bloomfield Hills real estate agent.

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 prices still low, it continues to be a buyer’s market for those interested in Southeast Michigan real estate. Some of today’s most profitable buying opportunities are with Southeast Michigan short sales and REO properties. Not sure what short sales or REOs are? Here’s a synopsis of each:

• A short sale property is when the sale price of the property falls short of the balance owned on the mortgage. As a result, the real estate transaction can involve a lot more time and negotiation than a straight purchase, as the seller’s lender has to sign off on any agreements. The up side for the buyer is that you can make a nice profit because Southeast Michigan short sales are priced at or below market. To successfully purchase a short sale property, hire a Certified Distressed Property Expert who has experience and knowledge negotiating with sellers and lenders.
• A real estate owned (REO) home is a property that is owned by the lender after an unsuccessful foreclosure auction. Usually, the lender asks a real estate agent to list the property for sale. The initial listing price is often high. Hire a Southeast Michigan real estate agent who is knowledgeable about REOs to negotiate the price for you and help you navigate the complicated process through to a successful closing.

According to a Housing Pulse survey, short sales were the largest segment of the distressed property market during November 2011, at 17.6% of total home purchase transactions.  The reason for this popularity is clear: price. The average price of short sale properties is close to 20% lower than non-distressed properties, and REO properties are discounted by an even higher percentage.

If you have the time and patience to wade through the short sale process, or are willing to invest in repairing an REO property in less than move-in ready condition, you can reap financial benefits from your patience and hard work.

If you would like to discuss your particular situation, and whether Southeast Michigan short sale and REO properties might be good options, 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 latest statistics indicate that the U.S. real estate market is at or very close to the bottom right now.

On January 18, Bloomberg News reported, “Confidence Among U.S. Homebuilders Climbs to Highest Since 2007.” Bloomberg said, “The confidence measure, which increased for a fourth straight month, improved in all four regions of the U.S. This is ‘yet another indication of the gradual but steady improvement that is beginning to take hold in an increasing number of housing markets nationwide,’ Bob Nielsen, chairman of the National Association of Home Builders and a builder from Reno, Nevada, said in a statement.”

The official data on home prices might not show the recovery yet, because they are always months behind, but most other data indicates that in general the housing market has hit the bottom.

Right now, homes in America are the best value they’ve been in many generations. And right now, mortgage rates are off-the-charts low. In short, now is the time to buy Southeast Michigan real estate.

The reasons to buy now are incredibly basic:

• U.S. home prices are more affordable than ever – by far.
• Mortgage rates are down to record-low levels.
• You can often pay below-market prices on short sales and REOs.

Of course, there is no guarantee that this is the bottom. But with prices this low and with very few other great places to invest your money, now’s the time to seriously consider buying Southeast Michigan real estate. If you can buy now and hold on to it for a few years, it could be one of the lowest-risk, highest-reward investments you ever make.

If you’re still not convinced real estate is one of the best values out there right now, please give me a call at 248-514-2640 or email me at info@NorthWoodwardHomes.com. I will share specific numbers with you about our Southeast Michigan real estate market in Oakland County.

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’re a Bloomfield Hills real estate homeowner, what could be better than surprising your valentine with an updated bathroom this Valentine’s Day?  Below are some ways to do this inexpensively in your Bloomfield Hills home’s bathroom:

1. Paint the walls: This is one of the cheapest things you can do to upgrade your bathroom while still making an impact.  Choose pale or neutral colors to make the room seem larger.
2. Paint the cabinetry:  A new coat of paint can make the existing cabinets look like new.
3. Change cabinet hardware: Little touches make a big impact.
4. Replace the existing mirror:  Put in a mirror that you know your valentine will love. Or, replace the medicine cabinet.
5. Switch light fixtures: Newer, more modern light fixtures will completely change the look and feel of the room.
6. Upgrade water fixtures:  If it’s all brass, change to chrome, the new neutral.
7. Update accessories: Change the trash cans, shower curtains, window curtains, towels, new towel rods, shelves, etc.
8. Apply tile transfers: They’re a creative and unique yet inexpensive way to give tile a whole new look.  These waterproof, washable stickers go over your existing tile.
9. Install dimmer switches:  They enhance the mood in the room.
10. Decorate with live plants:  Live plants and fresh flowers symbolize life and vitality.  Place plants and flowers sparingly in a small bathroom; use larger plants in a more spacious room.
11. Add candles – Who can forgo candles on Valentine’s Day?  Be sure to place them where they won’t be a fire hazard. Remember, they come in all colors and sizes, from simple white votives to colorful red-column candles. Use whatever sets the mood for your current room.

A few simple changes can make sure your bathroom retreat is the perfect fit for your Bloomfield Hills real estate home and lifestyle.

Bloomfield Hills homeowners, if you’re looking for more helpful hints on upgrades or how to maintain your home, subscribe to this blog.  It’s fast, free and easy.

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 reality of today’s real estate market means that there are many opportunities to purchase Southeast Michigan short sales.  While the process can still be confusing, it is increasingly common. Here are a few tips on how to make sure you leap through the extra hoops a short sale requires with ease and grace:

• Avoid short sales with multiple mortgage lenders: Offers on Southeast Michigan short sales with two different lenders are at a much higher risk of being declined. The first mortgage lender will likely only allow a small percentage to go to the holder of the second mortgage – who will therefore be likely to veto a deal, on the hope that more funds would be generated in a foreclosure.
• Check the Real Estate Agent’s Short Sale Track Record: Agents with experience with short sales are much more likely to be able to successfully navigate the system than those new to the vagaries of short sales.
• Make Reasonable Offers: Short sales can be better deals, but they are unlikely to be magically cheap.  No matter what, the bank isn’t going to give the home away just to avoid foreclosure.  You want to put together an offer that makes the buyer and the bank happy.
• Follow Up on the Details: With the bank involvement, there will be more negotiation and more detail.  Keep your i’s dotted and t’s crossed to make sure the process doesn’t stall.
• Allow For Extra Time: Short sales are not a short process, so if you are truly in a hurry to close a deal, consider other options.

If you’re looking for a real estate agent with experience in Southeast Michigan short sales, give me a call.  As a Certified Distressed Property Expert and Attorney, I can help you navigate the system and close on your new home. You can reach me 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

You’ve decided you want to buy a North Woodward home in Oakland County, Michigan, but you’re not sure if you should buy a previously-owned home or a newly built home. Here are five reasons why buying a pre-owned North Woodward home might be right for you:

1. You want big trees – The cost of landscaping a newly built home can be exorbitant, especially if you want big trees immediately. When you buy a resale home, you get the benefit of bigger trees that have taken years (even decades or centuries) to sink deep roots and grow broad, shade-providing canopies.
2. You want an established neighborhood: Who wants to deal with the noise and dust until all the construction is completed? No one! What if all the homes don’t sell? You could end up living in a partially finished neighborhood without all the promised amenities. When you buy a pre-owned home, you know what you’re getting – just ask the neighbors and check the crime stats.
3. You don’t want to have to deal with a home builder. Not only do you have to deal with the builder while the home is being built, you’ll also be dealing with him or her for years afterwards. There are invariably things that need to be fixed, even after you move into your newly constructed home. If you decide to build a new home, hire a real estate agent to represent you before you begin the process of looking at home construction, and thoroughly research the builder before signing anything.
4. You don’t want to pick out everything: Most people think they want the opportunity to pick out all the light fixtures, flooring, countertops, and on and on, but the reality is that it’s very time consuming. It’s also hard work if you don’t enjoy or have a knack for decorating.
5. You want a definite move-in date: When you’re building a new home, there are invariably time delays. They can be caused by bad weather, slow supply delivery, overbooked subcontractors.  Unfortunately, you have no control over any of these.

Whether you’ve decided buying one of the pre-owned or new North Woodward Homes is right for you, I can help. 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

When walking into Southeast Michigan real estate that is listed for sale, you might notice the seller has applied a fresh coat of paint or installed new carpet. While most sellers make updates like this to make their home more appealing to buyers, they also could be trying to hide faults within their home, such as water damage or cracks.

Sellers are obligated to disclose all major property issues, but buyers should double-check the disclosure statement before signing any sort of contract. Below is important information about Southeast Michigan real estate disclosures:

• If you know it, disclose it. Don’t try to hide anything negative about a home because it could come back to bite you. There are standard documents that sellers can fill out, but know that verbal disclosures can also be documented.
• Things you should disclose. Disclose all renovations, whether or not you were required to obtain a permit. Other normal disclosures include property line disputes, termite problems, indoor pets, consistent neighborhood disruptions and appliance issues.
• Disclosures and inspections are not the same thing. Some people get these confused. A disclosure is something the seller fills out and gives to the buyer. An inspection is conducted by an independent party and might bring to light home issues of which the seller is unaware.
• Improper disclosure can result in a lawsuit. If buyers quickly discover that their new home has serious undisclosed issues or renovations that were hidden and aren’t up to code, they can ask their real estate agent to confront the seller’s agent and seek a settlement. If the seller does not cooperate, the buyers have the right to file a lawsuit.

If you’re getting ready to sell your Southeast Michigan real estate and would like help deciding what to include in the disclosure or if you’d like to buy a home and want to be sure you’re getting all the proper disclosures, I can help.  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