Lee Morof's Real Estate Blog

Who knows your home and your neighborhood better than you do? No one! So help your Bloomfield Hills real estate agent market your property by providing him or her detailed information about your home and your neighborhood. Give your agent:

• A schedule of your home’s maintenance – Provide a list of your home’s maintenance schedule including when you did landscaping, pest control, window washing and furnace inspections. This helps potential buyers feel good about the upkeep and maintenance of the property.
• A history of renovations and upgrades – Buyers want to know what is original to the home and what you’ve added on. Put together a folder that contains the renovations you’ve made, why you chose to do them, any building permits you obtained and the contractors you used.
• A map of the area marked with schools, parks and points of interest – Think about the different lifestyles of the people who might purchase your home and try to appeal to multiple types.
• A list of great local establishments – When you’re new to a neighborhood, you never know where to go for good food or affordable dry cleaning. Make buyers feel immediately at home by putting together a list of your favorite local vendors and restaurants.
• A description of the neighborhood — and make it positive – Highlight how often HOA meetings are held, what cul-de-sac the children play in and which neighbors usually host the annual block party. Reading positive information on the neighborhood will help a buyer build an affinity for your home.

By providing these documents, you’ll help your Bloomfield Hills real estate agent create an identity for your home that will hopefully have an emotional effect on buyers and quickly make them feel at home.

If you’re looking for one of the best Bloomfield Hills real estate agents to market and sell your home, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com. I’ll show you my proven 30-Day Marketing Plan that gets homes sold fast.

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

Buying a new home isn’t a sprint; it’s a marathon. When you find the Southeast Michigan real estate of your dreams and place an offer that is accepted, don’t assume the marathon is over — there are many more miles you must travel before closing.

Here are four steps to take after the contract is signed:

1. Be prepared for your earnest money or escrow deposit to be cashed. This money can be anywhere from $1,000 to three percent of the price.
2. Go over disclosures with a fine-tooth comb. Your agent will help you identify any red flags. Then, you want to familiarize yourself with the home’s history, zoning district and past building permits. Ask questions about anything you don’t understand.
3. Negotiate with your bank. It’s time to lock in an interest rate with your lender. You might have gotten pre-approved beforehand, but now you actually need the loan.
4. Schedule a property inspection. Attend the inspection, and come prepared with a list of questions for your home inspector. The point of this appointment is not just to highlight major issues, but also to familiarize yourself with the short and long-term maintenance of your new Southeast Michigan real estate.

Don’t get derailed by unexpected costs and time-consuming tasks that come after you sign a contract. You’ll want to be mentally and financially prepared so that you can close smoothly and move into your new Southeast Michigan real estate quickly.

If you’d like more information about what happens before closing, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Let the bidding wars begin! If you are considering selling your home, you may be dreaming of the magic sale. In this scenario, before the house is even on the market, someone knocks on the door and offers twice the asking price in cash, and maybe throws in a leer jet ride or a pet pony.

In real life, marketing and hard work will serve you better. Here are a few tips on getting the best price for your real estate in Southeast Michigan:

• Consider your target market: If you have an investment property, your most likely buyer is very different from those looking to buy a single-family home. Investors may be looking at rental rates in your neighborhood; single-family homebuyers may be more concerned with school systems. Know who will be looking at your home, and give them the information that is most important to them.
• Be online: You must have your real estate in Southeast Michigan listed online if you expect anyone to find it these days. In particular, look for websites that allow you to upload pictures, comment on features, and are updated frequently (daily, preferably).
• Negotiate online: It’s a fast-paced world, and being able to zip offers and counter-offers back and forth can speed negotiations.
• Spread the word socially: Word of mouth is now electronic, and that buzz on your real estate in Southeast Michigan can be far reaching. Some social media dashboards allow you to manage Facebook, Twitter and other connections from one spot, so you don’t have to spend all your time updating different sites.

You may not be the kind of person who can sell sand in the desert, but putting together a strategic marketing plan that takes advantage of the electronic world can help you generate the kind of offers that dreams are made of.  Just don’t ask for the pony.

If you are considering selling your home, let me show you my proven 30-Day Marketing Plan that gets homes sold fast. 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 Lee Morof
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

Being the new kid on the block can be tough. Not only does your family have to adjust to their new Royal Oak Michigan home, but they also have to get to know an entirely new neighborhood. The Halloween festivities are the perfect time to do it!

Don’t let your family become as estranged as the Adams Family in their new surroundings. Be outgoing to help relieve any creepy-crawly feelings your kids have about the new neighborhood. Review the tips below and take advantage of the holiday season to make new friends, get involved in the community and experience hot spots near your new Royal Oak Michigan home.

• Don’t be shy; say hi! Find opportunities to meet your neighbors. Linger outside by raking fall leaves or putting up Halloween decorations. You’ll be amazed at how many doors will open.
• Host a haunted open house. Neighbors always want to see how you’ve redone the place, so be proactive and invite everyone over for a haunted open house party. Serve special spooky treats such as caramel apples and hot pumpkin cider.
• Get involved in the community. Whether you join the community center, attend a local church or volunteer at an area shelter, find something your family is interested in and can do together. Most of these establishments also host holiday parties or trunk-or-treat events.
• Plan a new experience each week. Try a new restaurant, go to an annual festival or cheer on a local sports team. Having something for you and the kids to look forward to will help build excitement and an affinity for your new neighborhood.

By implementing a few of these tips, your children will know their way around the neighborhood in no time. And you’ll know all the little witches, mummies and ghosts that show up at your Royal Oak Michigan home for candy come October 31.

If you’re in the market for a new home, I can help. 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 Lee Morof
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

Good Bloomfield Hills real estate agents can be valuable partners when buying or selling a home. Their marketing efforts, hard work, knowledge and negotiation skills are huge assets when house hunting or selling your home.

Below are four tips to help you hire a Bloomfield Hills real estate agent who will provide the best service for you:

1. Make sure your expectations are clearly spelled out. Buying or selling a home involves a great deal of money and that has the potential to cause a lot of stress — especially if you feel your agent isn’t living up to your expectations. To avoid this problem, share your expectations with the agents during the interview process. Be as specific as possible. Do you expect them to email you once a week with updates? Perhaps you want them to call you with feedback each time they show your home.
2. If buying a home, ask how your professional will find homes that meet your standards. A good Bloomfield Hills real estate agent will take into consideration your budget  and your needs. Then he or she will narrow down the choices to save you time and effort.
3. If selling a home, agree on a marketing plan before you sign. Selling a home in today’s market requires a well-thought-out marketing strategy. An easy way to ensure prospective agents are up to the task is to ask to see their marketing plans in writing. A professional agent will have a clear strategy that includes both online and offline marketing.

If you’re ready to buy or sell a home and are looking for a knowledgeable Bloomfield Hills real estate agent in Oakland County, 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 Lee Morof 
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

Fall may not always be the most ideal time to put your Bloomfield Hills real estate on the market, but that doesn’t mean that your sale has to suffer. Instead, use the season to your advantage when marketing your house for sale by keeping it looking its best. Here are a few tips for selling your property this fall.

1. Spruce up your curb appeal with fall colors and themes. You want your house to appear festive and inviting without adding excess clutter or anything overly personal. For instance, this may not be the year to break out the over-the-top Halloween decorations — maybe limit it to just one or two porch pumpkins.
2. Maintain the exterior. As grass starts to require less frequent mowing, don’t forget about other outdoor maintenance. Power wash siding, repaint the mailbox and keep up with the yard work, such as raking all of those fall leaves.
3. Keep in mind fall buyers may be looking for bargains. Many buyers assume that fall and winter sellers are distressed or in a hurry to unload their Bloomfield Hills real estate. Don’t be offended if you get a few lowball offers. Make a counter offer that you think is reasonable and see how the deal plays out.
4. Replace online photos to reflect the season. Buyers are able to calculate how long your home has been on the market, if all of the photos show your property in early spring when it’s now autumn. Have your agent update the listing to keep it looking current.
5. Update your house now. Many contractors offer seasonal discounts as the traditional construction season winds down. It may be the perfect time to redo the siding, update the air conditioner or replace the roof.
6. Bake something seasonal. Nothing helps a buyer cozy up to a house like the smell of fresh baked cinnamon cookies or an apple pie. Don’t just take advantage of the look of the season, play up its smells too!

If you would like more seasonal tips to help sell your Bloomfield Hills real estate, 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 Lee Morof  
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

Short sales, that is, sales that fail to cover the remaining mortgage due on homes, are still somewhat commonplace despite the recent uptick in the housing economy. The benefit to a Southeast Michigan short sale is that it can preserve the credit of the seller by avoiding foreclosure. Unfortunately, the short sale process is difficult to navigate.

The good news is that new FNMA and FMAC guidelines go into effect November, 2012, which may help your situation. Here’s a quick rundown on some of the changes:

Eligibility: The Federal Finance House Authority, in consultation with Fannie Mae and Freddie Mac, has loosened the eligibility. For instance, military families who receive Permanent Change of Station orders will now be eligible.

Streamlined Documentation:  Fannie Mae is reducing the documentation, and in some cases eliminating it, in cases of a borrower hardship of more than 90 days delinquent and with a credit score lower than 620.

Standard Payments: Subordinate-lien payments will be limited to $6,000, eliminating the negotiation for higher payments. Standardizing the transaction may speed up the short sale process on homes.

Servicer Approval: Servicers of Southeast Michigan short sales no longer need individual approval from Fannie Mae so long as the short sales conform to the requirements. Homeowners with hardships, such as divorce, illness or death of a borrower or employment transfer, may be approved as long as the loan is not yet in default. Servicers will also be required to complete short sale evaluations in 60 days.

Help Desk: A Short Sale Assistance Desk is already available to help real estate professionals in targets markets. This is an escalation procedure which may help facilitate and streamline the short sale process.

The streamlined process of Southeast Michigan short sales will assist homeowners most in need, and enable lenders to more quickly and easily qualify certain homeowners for a short sale who are current on their mortgage payments, but dealing with hardships.

If you’re considering selling your home as a short sale, 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 Lee Morof 
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

In tighter financial times, finding ways to trim expenses on your North Woodward home in Oakland County, Michigan, can give you a little more cushion for those unexpected expenses (my daughter dented my new car!) or small indulgences that make life a little bit better (gourmet coffee – delicious!).

Here are a few tips on how to keep your electric bill down, and make your North Woodward home a haven of energy conservation and economy.

• Unplug – In this age of charging everything from cell phones to laptops, it’s easy to look around and realize that you have many, many appliance plugged in that don’t need to be.
• Insulate with your window coverings – You want to do all that you can to keep the heat in your home and not leaking out into the wider world. Heavy drapes that are hung close to the window are a great way to make sure of this. Open them during the day to make the most of the natural heat from the sun and then close them at night to keep the heat trapped inside.
• Switch to Compact Fluorescent Lamps – The initial investment in the bulbs is more expensive, but they last longer and save on the electric bill by using 75% less energy. As your old bulbs burn out, make the switch, and see your electric bill drop.
• Keep your freezer full – It takes less energy to keep a full freezer cold than an empty one. You can choose to make this an excuse to keep more ice cream on hand, or just put in some extra containers of water in the freezer for ice blocks. The good news is that if a thunderstorm knocks out your electricity, those big blocks of ice might keep your ice cream safe.
• Upgrade to Energy Star Appliances – These appliances are designed to be more energy efficient, saving you money over the long haul.

The more aware of your energy consumption you are, the more you will remember to turn off that light switch and unplug the toaster when it’s not in use. Little actions add up!

If you’re considering buying or selling one of the North Woodward Homes, 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 Lee Morof 
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

When it comes to buying Bloomfield Hills real estate, people focus on the basic questions: Are there enough bedrooms? Is it in a good neighborhood? How is the school system? While these are important points, you also need to focus on the quality of the house itself.

The quality and maintenance of a house can be overlooked when buyers get excited about investing in a home. Fortunately, there are a few areas you can check to get a quick idea of how the Bloomfield Hills real estate was built and how well it’s been maintained.

1. Look at the foundation. A few small cracks may not be a big deal, but multiple cracked areas could spell trouble. Also, try to see a home in the rain, so that you can look for water pools that could turn into basement leaks.
2. Take a look under the kitchen sink and bathroom vanities. Any signs of water damage could mean more serious plumbing issues.
3. Don’t overlook the utilities. Rusty water heaters, beat up furnaces and older model air conditioners could mean costly upgrades in the near future.
4. Peek into the attic. You want to see plenty of insulation, neatly run electrical lines and absolutely no sign of any moisture. If something looks off to you, make sure your home inspector really checks out the area.
5. Inspect the sidewalk, driveway and deck. Landscaping, concrete and wood decking in need of repair can lead to big bills down the road.
6. Examine everything you can see on the outside. Look at what you can see of the roof. Are there any shingles missing? Has part of it discolored? Are the gutters in good condition? Also, examine all of the brick and siding.
7. Open the electrical box. You want to see everything neatly organized and the area each breaker covers clearly indicated.

Remember, buying a home is a huge investment. Do your research and have everything checked out by a professional.

If you’re looking to buy Bloomfield Hills real estate, I can help.  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 Lee Morof 
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com