Lee Morof's Real Estate Blog

Labor Day signals the end of summer, a return to school for the kids, and a welcome three-day weekend for most folks. It can also be a key date for Bloomfield Hills real estate.

If you have your home on the market, you may have heard that if your house hasn’t sold by Labor Day, you should take it off the market. While there is some truth to this persistent myth, the answer (as in many things real estate) is more complicated. Largely, it depends on your circumstances.

Blessed with a home that you would like to sell and the Labor Day weekend, you may be wondering where the summer went and where your perfect buyer is hiding. While in some areas of the country summer is the time for home purchasing, the season extends well beyond the Labor Day cutoff in many areas, particularly in warmer climates. And who hasn’t had a warmer climate this year?

Regardless of the time of year or location, here are three things you can do to help your home sell:

1. Lower the price: Consider comparable properties in the neighborhood and ask yourself if you have really priced your Bloomfield Hills real estate reasonably relative to the market. Bargains do sell faster.
2. Have an open house:  A three-day weekend might just be the time to get home buyers who might otherwise be too busy to view your home. If most people in your area leave town for the holidays, plan an open house for the weekend after Labor Day. Reinvigorate your sales approach with a well-advertised open house.
3. Review home staging:  Maybe there were a few repairs or finishing touches you didn’t get to before putting your house on the market, thinking they wouldn’t matter. A Labor Day yard sale  could remove some of that remaining clutter. Spend some of the long weekend attending to the details and getting your home picture perfect!

If you’re looking for more information on selling your Bloomfield Hills real estate, I can help. Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com. In whatever way you choose to spend the holiday, I wish you a happy and safe Labor Day!

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

Figuring out how much to offer for the Southeast Michigan real estate in Oakland County you have decided to buy can lead to sleepless nights. You don’t want to offer too little and lose the home, but you don’t want to offer too much and overpay.

You may ask your real estate agent how much you should offer. Real estate agents can guide you, the buyer, but don’t expect the agent to name your price. Your agent will suggest price ranges and offer market information to help you make your decision, but the final price is your decision.

Why don’t real estate agents simply tell you exactly what you should offer?

• They aren’t mind readers. Yes, real estate agents have more knowledge about the market value of real estate than non-real estate professionals. That doesn’t mean they can get inside the minds of the sellers and tell you that magic number that’s not too high and not too low.
• They might recommend a price that is lower than the buyer is willing to take. If the agent suggests a price that turns out to be too low, some buyers blame the agent for causing them to lose out on the Southeast Michigan real estate.
• They might suggest a price that the seller snaps up. If your offer is immediately accepted, you may wonder if you could have offered less, or if the agent is working in the buyer’s best interest.
• It is not the agents’ purchase. It will be your home, not the agent’s, so the final decision is up to you.

A good agent will provide enough information to allow you to make the best offer possible based on previous sales in the neighborhood and market pricing.

If you’re interested in buying Southeast Michigan real estate, please call me 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
www.NorthWoodwardHomes.com

If you are considering buying new Bloomfield Hills real estate, you may have more fellow buyers than you might think. According to the census report released in May, over the last year, sales of new, single-family homes have increased by 19.8%!

This positive sign for the housing market, and its economic ripples into other sectors, are signs of life for a reviving economy. As such, this means investing in new Bloomfield Hills real estate right now could be a wise investment.

Buying new construction over existing homes has advantages you may not have considered:

1. You choose the options: Depending on the builder of your new home, and how far along he is in the construction process, you may be able to change floor plans and interior design options that you would have to live with in existing homes.
2. Flexible closing dates: Because you are negotiating with the builder, and not the current homeowner, you may find more flexibility in setting a closing date that works for your schedule.
3. Energy Savings: New home construction often uses more energy-efficient approaches to building and newer, more efficient appliances. If your home is Energy Star certified, it could be up to 30% more energy efficient than an older home.
4. Fewer Repairs: The odds are that a new home will need substantially fewer repairs to its structure, appliances, HVAC, roof and other big ticket items than a 20-year-old home will need.

If you’re looking for more information on new Bloomfield Hills real estate, 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

When it comes time to put your home on the market, you need to be prepared for the fact that you’ll be opening up your life to a whole lot of strangers. While most are actually interested in purchasing your Southeast Michigan real estate, there could be a crook masquerading as a potential buyer looking to make a quick score at your open house.

Don’t fall victim to deceptive con artists! Look over the quick tips below to make sure you and your home are safe and protected:

1. Hire a licensed, reputable agent. Make sure you ask around for recommendations, check with the state to make sure he or she is properly licensed and inquire with the better business bureau to see if there have been any complaints filed.
2. Double-check the lockbox. Reputable agents will have procedures in place to make sure your lockbox is properly installed, well secured and that only approved people can access the keys.
3. Set up a showing agreement. Only allow people to view your home when your agent is present or with his or her prior approval. Letting random people drop by is a good way to open yourself up to potential criminals. Instead, have them contact your Southeast Michigan real estate agent to book an appointment instead.
4. Secure your valuables. When buyers come to look at your home, they’re going to peek in drawers and closets. Make sure your money, jewelry, guns, financial documents and anything else that could be an attractive target for burglars are well secured.
5. Set your alarm. Make sure your agent knows how to turn the alarm off and, more importantly, back on. If you’ve made the investment to protect your family and your property with an alarm system, make sure it’s activated so it can do the job.

There’s no reason to be worried as long as you use common sense and follow these tips.

If you are thinking about selling and want to ensure your Southeast Michigan real estate is in the right hands, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com to find out how I can help you get your home sold.

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

Your children will be going back to school this month, and you should follow suit if you’re going to pick the right Bloomfield Hills real estate agent to sell your family home. Brush up on your area’s comparables and do your homework when it comes to hiring a professional — a good one can make the process smoother and less stressful.

While your children are studying for quizzes, educate yourself by interviewing multiple Bloomfield Hills real estate agents. Below are questions to ask, so that you can ensure you choose the one with the highest marks!

• Grade Level – Ask how many years they’ve been in the business and if they’re a full time agent.
• Check Their Scores – How many homes have they represented in the last twelve months? How many have sold? What were the original listing prices and what were the selling prices?
• Computer Class – Ask how they plan to market your home and if they have an online presence. You’ll reach more potential buyers if your Bloomfield Hills real estate agent’s selling strategy includes social media and database listing sites.
• Homework – You are paying a professional to spend time on your home and with you. Ask how many hours they plan to devote to your home per week, how often they provide updates and anything else that comes from signing a contract with them.
• Permanent Record – Ask if you can contact some of their past clients. Talking directly to home sellers who have worked with the agents you interview gives you the clearest idea of their communication habits, efficiency and success rate.

Don’t start off the school year with a Bloomfield Hills real estate agent who turns out to be a dunce. Educate yourself by interviewing multiple professionals and doing your homework on their backgrounds.

If you’re looking for a professional agent to sell your home, I’d appreciate the opportunity to interview for the job. Please call me 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

If you’ve recently gone through a foreclosure, you may already be wondering how soon you’ll be able to buy another North Woodward home in Oakland County Michigan. You enjoy the pride of homeownership, and you want to buy as soon as possible so that you can take advantage of the lower prices.

Here are answers to two commonly asked questions about buying a home after foreclosure:

How soon can we buy a home after a foreclosure?

Fannie Mae and Freddie Mac, the entities that would end up with the property if you default on a mortgage, impose the following waiting periods on conventional home loans, depending on the type of foreclosure you went through:

• Buying after a foreclosure: The waiting period is 5 to 7 years.
• Buying after a foreclosure with extenuating circumstances: The waiting period is 3 to 7 years.
• Buying after a deed-in-lieu of foreclosure: The waiting period is 4 to 7 years.
• Buying after a deed-in-lieu of foreclosure with extenuating circumstances: The waiting period is 2 to 7 years.

Fannie Mae and Freddie Mac frequently issues new guidelines. The above policies were in effect as of August 1, 2008. Waiting periods for FHA loans and VA loans are somewhat shorter than Fannie Mae’s waiting periods.

What can we do during that waiting period to prepare us for success when buying a North Woodward home?

When you go through a full foreclosure, expect your credit score to decline by 140 to 150 points. You’ll also have negative marks about the foreclosure on your credit report for as long as seven years, which makes it more difficult to buy a home. The number one thing you need to do to prepare to buy another home is to fix your finances:

• Reduce or pay off your debt.
• Pay every bill on time every time.
• Eliminate unnecessary monthly expenses.
• Dispute any mistakes on your credit report.
• Save for a future down payment.

If you’re in the market to buy one of the North Woodward homes for sale in Oakland County or would like more information about preparing to buy a home, I can help. Give me a call 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

A “short sale” is a sale of real estate in which the lender accepts less than is owed on the mortgage so that a new owner can buy it and the current owner can prevent going in to foreclosure. If you’re struggling to make your mortgage payments, if you owe more on your home than its current market value or if you’re nearing foreclosure, you may want to consider selling your home as a Oakland County MI short sale.

Not every homeowner qualifies for a short sale. Whether you qualify depends on how your financial situation has changed since you took out your mortgage. Your mortgage provider determines if you qualify for a Oakland County MI short sale, but here are some basic requirements to give you an idea if you might qualify:

1. Your home’s market value has decreased. Your home’s fair market value has reduced considerably and there is little chance of it coming back up any time soon. If you owe more than your home can sell for, this means you are “underwater” or “upside down.”
2. You have a financial hardship. Having a financial hardship will or has caused you to miss payments. Listed below are examples of hardships:

a. Mortgage adjustment
b. Job loss or curtailment of employment
c. Failed business
d. Excessive debt (a high debt ratio)
e. Divorce
f. Medical emergency/sudden illness
g. Bankruptcy
h. Death

3. You have no assets. The homeowner does not have any savings or any other assets, in order to bring the mortgage current. Other assets include other real estate, stocks, bonds and IRA accounts.

4. Your mortgage payments are in arrears. You are behind in your mortgage payment by more than one month, or you’ve demonstrated that you will not be able to keep up with your payments due to financial hardships.

If you’d like help selling your home as a Oakland County MI short sale, please 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
www.NorthWoodwardHomes.com

As we look to London for the 2012 Olympics, you may be thinking about qualifying for your own special event: buying a new Royal Oak Michigan home for sale! Whether you want a pristine condo (a brilliant flat in English parlance) or a fixer-upper labor of love, clearing all the hurdles to win at homeownership may not be as competitive as the Olympics, but it does require training.

Step One: Select Your Event
The ancient Greeks, originators of the Olympics, coined the aphorism, “Know Thyself,” and that is important advice for athletes and home shoppers alike. If you spend all your time looking for a five-bedroom single-family home, but you really want a condo that you can shut up and forget about when you travel six months of the year, you’re training for a marathon when you’re a sprinter. Know the type of home that fits your lifestyle and your budget.

Step Two: Find a Good Coach
Earning a gold medal or buying a new Royal Oak Michigan home for sale doesn’t happen overnight, and it can’t happen without good advice. Find a professional real estate agent you trust to guide you toward the most successful outcome.

Step Three: Find Your Cheering Section
You’ll find no shortage of naysayers who will tell you that real estate is the road to ruin. And it’s just not true. Do the research and do your best to make owning a home a dream come true. More than one Olympic athlete heard people chide them for pursuing what they knew they wanted.

Step Four: Get to Work
You can’t buy a Royal Oak Michigan home for sale if you don’t look for one. You won’t win at the Olympics if you don’t get off the couch. Even if you just spend an hour a day reading ads, researching mortgage options and reviewing neighborhoods, in a short period of time, you will be much more knowledgeable about the real estate market.

If you’re looking for a real estate agent who can help you successfully jump the hurdles to homeownership, 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

Before you start shopping for your new Bloomfield Hills home, take the steps to get pre-approved for a home loan. Being pre-approved gives you a few advantages when you are shopping for Bloomfield Hills real estate:

• You know how much you can afford to pay for a home. This saves you time and reduces your frustration because you can look at only those homes that are within your price range.
• It makes you a more attractive Bloomfield Hills real estate buyer to sellers because they know you can get a loan to purchase their home.

In order to get pre-approved for a loan, you need to:

• Find a lender. Shop around because there are a variety of terms and rates. Getting pre-approved does not obligate you to that particular lender.
• Provide your financial information. Be prepared to supply your annual gross income, current expenses and debts. Give the lender copies of the last two most recent income tax returns, W2 or 1099 statements for the last two years, bank statements (checking and savings accounts) for the last few months, two most recent paycheck stubs or proof of income and any retirement savings account statements.
• Fill in your employer information. You’ll need to give your employer’s name, address, how long you have worked at your current job. If you’ve been at your current job for less than two years, be prepared to provide information about past employers.
• Allow the lender to run your credit report.

Be very precise when disclosing income and debt levels. The lender will verify every item to make sure they are accurate. Misrepresenting information on the pre-approval form will only hurt you in the end.

A pre-approval for a loan is more important than a pre-qualification. A pre-qualification only says you look like you qualify for the loan without any financial information being investigated.

If you would like more information about getting pre-approved for a home loan to purchase Bloomfield Hills real estate, or would like a referral to a lender, feel free to call Realtor and Attorney Lee Morof at 248-514-2640 or email info@NorthWoodwardHomes.com.

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

Take advantage of the warm weather to do maintenance on the outside of your North Woodward home in Oakland County, Michigan, and improve your landscaping. Here are 20 tasks you might want to consider adding to your summer to-do list:

1. Conduct an energy audit: Walk around your North Woodward home with a notepad and make note of any gaps or cracks. It is possible to save 20% by plugging gaps and leaks. Beginning inside the house, remove and check switch-plate covers, check around window air conditioners and your attic door.
2. Insulate hot water pipes: This will save on heating costs next winter.
3. Clean patio furniture: Check for items that need repaired or replaced.
4. Clean concrete of any oil residue
5. Inspect and patch cracks in concrete
6. Reseal your asphalt driveway
7. Prune or remove problem or dead trees
8. Clean exhaust fans
9. Mend broken fencing
10. Check exterior walls for peeling or cracked paint
11. Inspect bricks and masonry for missing or cracked mortar
12. Inspect roofing material for cracked or missing shingles
13. Inspect foundation walls for signs of termites: tunnels or dirt bridges
14. Check your home fire extinguisher: If it is in the caution or dead area, it needs to be replaced.
15. Flush out, drain and refill your water heater
16. Clean out the septic system
17. Take paint cans, solvents, and other toxic materials to your city’s free disposal day
18. Divide and cut back spring bulbs
19. Fertilize rose bushes
20. Clean the bird’s bath

Thinking of buying or selling your North Woodward home in Oakland County? 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