Lee Morof's Real Estate Blog

Whether you want to cut down on square footage, are sick of yard maintenance or are simply ready for a change of scenery, now might be the time to invest in Bloomfield Hills real estate for retirement. You could soon be enjoying an active over-50 community, a downtown loft or peaceful bungalow on the ocean. You’ve worked hard and you deserve it!

If you’re thinking about retirement, then you should definitely be considering what to do with your current home. You don’t have to sell it immediately, especially if you still need to build up equity.

There are many options for a smooth transition to an over-50 community or to a new area in which you want to retire.  You can rent out your home, sell it or pass it down to your children. Below are a few scenarios to consider when making this decision for your future:

• Purchase a retirement home, but still live in your current house. This might be a good scenario for you because prices are currently low. You can continue to live in your current home and rent out your retirement property. Then you can hopefully sell the family home at a higher price in a few years when you’re ready to move.
• Rent your home and move to your retirement property. This is an especially appealing offer if you’re planning on passing your home down to a child who isn’t quite ready to purchase it. You can still cover the mortgage while holding on to it for them. Not to mention, it will be nice to have somebody else mow that yard for a couple of years.
• Sell the home. If you’re ready to retire and don’t want to deal with managing a rental, then just go ahead and put your current home on the market. You’ll soon be on your way to a stress-free and carefree retirement.

You deserve a relaxed retirement; so consider all your options before purchasing your new home. If you need help selling or purchasing Bloomfield Hills real estate, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information — and peace of mind.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney  
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

In addition to providing a dazzling description about your home for sale, you need to include features about your home in the MLS listing. Potential buyers want to know as much as possible about your Southeast Michigan real estate.

1.  The three top things all buyers want to know about a Southeast Michigan home for sale are the:

a. Price
b. Location
c. Number of bedrooms and bathrooms

2. But don’t stop there. They also want to know about the:

a. Garage
b. Size of the lot
c. Square footage
d. Fencing
e. Traffic
f. Fireplaces
g. Built-ins
h. Basements
i. Air conditioning and heating
j. Things that have been newly renovated, remodeled or upgraded
k. Special features and amenities such as bay windows, community pool or walking trails

3. Learn about Fair Housing Laws. The law prohibits the use of words, phrases, and symbols to convey in any way discriminatory preferences or limitations about your Southeast Michigan real estate for sale. Do not use words about:

a. Race – don’t even use wording such as “minority community”
b. Color — do not use White, Black, Brown, Yellow or any other such wording.
c. Religion — do not mention nearby churches or any specific religions
d. National Origin — do not mention national origins
e. Sex – do not write things like “perfect for single female”
f. Handicap – do not use wording such as blind, deaf, mentally ill, impaired or physically fit. You can include information about the availability of accessible housing.
g. Familial Status – do not write about the home that is “perfect for a young couple”

When you are ready to put your home on the market, I can help you write a dazzling description, include all features in the MLS and market your Southeast Michigan real estate to get it sold fast and for the most money. Give me a call today at 248-514-2640, or email me at info@NorthWoodwardHomes.com to learn more.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney 
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

A powerful listing description, whether used in MLS, home magazines, websites or flyers, pulls in buyers and gets your Royal Oak Michigan home for sale by owner in Oakland County, Michigan, sold faster.

To stand out, a description of your home must be well crafted and contain elements that attract buyers and elicit an emotional response. The best description paints a picture about your home that makes potential buyers want to jump in their cars and drive right over.

Here are four tips to help you write a dazzling description about your Royal Oak Michigan home for sale by owner:

1. Brainstorm: What was it about your home that made you want to buy it? What do visitors to your home always comment on? Maybe it’s the park-like backyard with the multitude of mature shade trees. Perhaps it’s your mastermind bedroom suite or the gourmet kitchen. It could be the cozy character and unique architecture of your home. Or it could simply be a bargain in a great neighborhood.

2. Choose two features: When writing your description, don’t try to do too much.  Any type of advertisement is most effective when it centers on one or two primary characteristics. Limiting your focus to two characteristics also helps with the space restrictions you have to work within the MLS, home magazine, website and flyer.

3. Talk about the benefits. This is a hard thing to do. It’s much easier to focus on features.  But it’s worth the few extra minutes of brain power it’ll take you. My tip for figuring out how to write about benefits is to mention the feature and then write something about the benefit of that feature.  For example:

Feature: Deck
Benefit:  Enjoy fun barbecues all summer long on your deck.

Feature:  Lawn maintenance included
Benefit:  Sell your lawn mower.

Remember, write about the benefits of only those top two characteristics you’ve previously chosen.

4. Make it emotional. Speak to the heart of your potential buyers. People buy homes because they want a place where they can live, laugh and love. Paint a picture with your words:  “Enjoy your fireplace-warmed family room, large enough to entertain family and friends.”

If you’d like help writing a great description for your Royal Oak Michigan home for sale by owner, or would like additional marketing tips to get your home sold, 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
www.NorthWoodwardHomes.com

You’re searching for Royal Oak Michigan homes for sale and come across a house that looks like just the right fit. However, when you go to the showing, the fourth bedroom ends up being a glorified closet and the “new” deck was built five years ago. While sellers might fool one buyer into falling in love with their property, these misleading facts will probably infuriate most buyers.

If sellers fudge the figures about their Royal Oak Michigan homes for sale, buyers wonder what other shenanigans they’ll try to pull when it comes time to close. So, as a seller, be honest about your property’s features, and you’ll sell it faster and with fewer hassles.

• Advertise with accurate images. Don’t mislead buyers with skewed photographs of your home or stretched shots. Making the kitchen look longer or the backyard wider just turns your property into a disappointment when house shoppers come to see it in person.
• Mention the bad along with the good. If your house has any major issues, don’t try to hide them. You’ll just be setting yourself up for failure.
• Leave the buyer alone. Don’t feel that you have to give a personal tour to buyers so that you can highlight all the positive features; that’s why the real estate agent is there. Also, refrain from stalking them around the house during a showing. They want to be able to talk amongst themselves about what they like and what they want to rip out.

Be honest and give buyers room to make their own decisions. When looking at Royal Oak Michigan homes for sale, a buyer is more likely to find the right fit and place an offer if all the cards are on the table.

If you are thinking about selling and want to market your real estate right, 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
www.NorthWoodwardHomes.com

There are multiple ways to find short sale houses in SE MI to buy.  Many short sales are listed by real estate agents so we will start there.

• Hire a real estate agent. The first and best place to start is to hire a real estate agent who specializes in short sales and knows the area in which you want to buy.
• Conduct online searches. Look in your online newspaper classifieds, craigslist and use your favorite search engine to find short sale houses in SE MI.
• Check with local mortgage lenders. Contact local mortgage lenders to find out what short sales they have.
• Call credit unions. Credit unions are a hidden gem. Never discount them and always check with them to see what properties they have listed.

Here are a few terms you’ll run into when searching for short sales:

• Subject to bank approval. This means that the bank or lender has to approve the sale due to a lesser loan payoff.
• Pre-foreclosure. Pre-foreclosure is like a grace period. The homeowner is being warned that they’re in default and need to do something about it, but at this point, the lender is unable to claim back the property and sell it to recoup their costs. The length of the grace period varies and is determined by state laws. Some states allow the grace period to last for as long as 6 months, but many states have shorter periods.
• Notice of Default. The homeowner has been issued a notice of default and the property is nearing foreclosure.
• Headed for auction. This property has already been turned over to a brokerage house. They will auction the house off to pay the loan or debt.
• Pre-Approved by Bank. The bank has already pre-approved the short sale terms and is ready to work with a buyer.  (Hint: This is a really good term to watch for!)

As a Certified Distressed Property Expert, I can help you find the short sale houses in SE MI that fit your requirements. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com today to get started.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney 
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

The Southeast Michigan short sale process for selling your home can be very confusing. To begin to learn how to complete the short sale process, here’s a very brief overview of some of the steps:

• Discuss short sale options with your lender. Talk to your lender and gather all information needed to proceed with a short sale.
• Send a bank authorization letter. You must write a letter to the bank authorizing the release of your information to your listing agent.
• Write a letter of hardship. The hardship letter is an explanation to the bank of how your financial situation has changed since you took out the mortgage. You must detail, in writing, your financial difficulties, income, interest from investments and checking and savings balances.
• Prepare the settlement statement. The escrow company will prepare an estimated settlement statement, which will show your lender all of the transaction costs and detail exactly how much money the bank is going to get at the end. This includes the price the property will be sold at, an itemized list of expenses involved, balances on remaining loans and any other fees involved.
• Review by the mortgage lender. Once all the documents have been gathered and submitted as a Southeast Michigan short sale package, the mortgage lender will review everything.

If you’d like more complete information about the Southeast Michigan short sale process, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com. I can help you consider your short sale options for your home.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney 
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

Like any commodity, you’re going to make money if you buy Bloomfield Hills real estate when the prices are low and sell when the prices are high. So why haven’t you, and millions of others like you, bought a home during the major downturn in the real estate market?

When pushed for an answer, many potential buyers respond that they’re afraid, unsure or allowing their emotions to guide them. They’re worried that the prices of Bloomfield Hills real estate will have another huge drop. Or they’re unsure if the prices have reached the rock bottom so they can get the very lowest price possible.

Stop allowing your emotions to guide you. Face the facts. The real estate market is steadily improving.  Those low prices are gradually moving higher and higher. It’s time to get off the fence and buy while real estate prices are still low. Then you’ll have the pleasure of selling after the prices go higher.

If you’re still unsure if now is the best time for you to buy Bloomfield Hills real estate, consider these additional factors:

1. Rent will increase each year no matter what the real estate market does. What is the maximum interest rate you could ever pay, and what would your mortgage payments be at that rate? Have your mortgage broker do the math for you. Is that more or less than you’d pay for rent 10 years from now?
2. Interest rates are at historical lows. Do you really want to miss out on both low home prices and low interest rates?
3. You can deduct the mortgage interest from your taxes. In most cases, you can deduct all of your home mortgage interest. This can save you a bundle.

If you’re ready to buy low, 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
www.NorthWoodwardHomes.com

Setting the sales price for your Southeast Michigan real estate is the most important factor to get it sold quickly and at a price you’re happy with. Why is it so important?

• A high price can turn people away. Pricing doesn’t just influence how much money you’ll make off the sale of your Southeast Michigan real estate, it also dictates whether buyers will even take the time to look at your home. Price your home too high and it could sit on the market for months until you lower your asking price. Identify your home’s true value in today’s market, and set the price slightly under that price, if you want to sell your home as quickly as possible.
• Your home’s appeal drastically decreases after the first two to three weeks of showings. The amount of traffic that a listing gets in its first week is five to seven times more than it gets in the following weeks. Buyers are mistrustful of a home that’s been on the market for a long time. They’re suspicious that something’s wrong with it.
• Buyers shop by price brackets. If your home is priced one hundred dollars too high or too low, it can move your home into a different price bracket and exclude an entire set of potential buyers from even seeing that your home is for sale. Being in the wrong price bracket can reduce traffic to your listing by as much as 7%. Price brackets vary by market and by price. An experienced agent will know the best price bracket for your Southeast Michigan real estate.
• There’s lots of competition. With so many homes for sale, yours has to stand out as a good value immediately or buyers will move on.
• Dropping your sales price can be a kiss of death. If you need to lower your price, you’d better make it a reduction that counts. Small reductions give buyers the idea that you might drop it again a month from now. Buyers will realize you’ve dropped the price. The best listing sites show how many times a price has been reduced and by how much.

Pricing your home right when it first hits the market is the key. Let me help you set the right price and position your home in the best price bracket to get it sold. 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
www.NorthWoodwardHomes.com

Want to sell your home this summer? With the help of a Bloomfield Hills real estate professional, you could be signing a closing agreement and on your way to a whole new housing world before winter sets in. So, get inspired this Fourth of July to liberate yourself from your current home.

A local Bloomfield Hills real estate agent who is an expert in his or her field might be the spark needed to get you motivated, strategically market your home and have potential buyers seeing fireworks at your first open house. To help with your quest for the perfect home-selling expert, here are three questions you should ask during initial interviews:

1. What do you know about the local market? Make sure your agent is up to date on the area’s current listings. He or she needs to know what’s happening in your neighborhood in order to market it and ensure it beats out the competition.
2. How will you market my home?  Make sure you’re on the same page when it comes to spreading the word about your property. You’ll want to confirm that your agent is internet savvy and has fresh ideas on how to make your home stand out. It’s always a good idea to ask agents you’re interviewing to provide examples of how they’ve marketed other homes.
3. What will you do to help me prepare my home for sale? Successful agents should do a walk-through with you and use their past experience and buyer feedback to give advice on how to stage your home. It benefits both of you to have your home looking its best, so that it sells fast!

In honor of the Fourth of July, take a cue from our forefathers and enlist the services of a good Bloomfield Hills real estate agent to help emancipate you from your current home.

If you’re looking for a Bloomfield Hills real estate professional, I’d appreciate 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 appointment.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney 
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com