Lee Morof's Real Estate Blog

Whether you are new to home buying or an experienced home buyer, you should take a minute to read this information before you set out to purchase Southeast Michigan real estate in Oakland County.

Look Before You Leap

Anyone who has bought a home in the past knows how good one can look when you walk through it. Even after you close on the sale and move in, all looks good, for a while. Then you begin to notice the little things. Things you should have known to look for when viewing. Be sure to have your home thoroughly inspected by a professional home inspector. 

Avoid Problems at Closing

Title company issues can put a damper on your closing and possibly cause you to be without a home.  How? Once your current home is sold and the new owners want to move in, you’ll be looking for a place to live until you can get the closing issues resolved.   Or, if you’re renting and your lease is up, you’ll need to get out or sign for another term.  Work with a professional Southeast Michigan real estate agent who can successfully guide you through the home buying and home closing process.  

Avoid First-Time Buyer Mistakes

Beyond the hidden problems of a home there are typical first time buyer mistakes to avoid when looking for Southeast Michigan real estate such as:

• How to estimate the cost of fixing up an older home.
• How to negotiate a better price and terms.
• The burdens of a long commute and how to decide how far is too far.

Buying a new home is fun and exhilarating, if you do your homework first to avoid making costly mistakes.

Whether you just want a recommendation for a professional home inspector or are looking for a new Southeast Michigan home, I can help.  Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com now.  You’ll be glad you did! 

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

There are a lot of homes for sale now which makes it a great time to buy Bloomfield Hills real estate in Oakland County Michigan. Not only can you find a wide variety of beautiful homes at lower than normal prices but thanks to the new American Recovery and Reinvestment Act of 2009, if you’re a first-time home buyer, you can get a generous bonus at tax time.

Here are some tips for taking full advantage of the stimulus and to make shopping for a new home more pleasurable.

1.  Don’t Settle for the First Place You See

It isn’t a race and you don’t get extra points for being fast. Take your time to find just the right one for you.

2.  Weigh the Pros and Cons

Just about any home will need a few improvements.  Even newly constructed homes usually need improvements like landscaping. Home sellers are savvier now about how to make enhancements to catch a buyer’s eye, but look carefully. There will still be things you want to change. Weigh the difference between the cost of those repairs and the sale price. If you really want to purchase a home, even though it’s going to take a lot of work, place your bid accordingly.

3.  Start Looking Now

The new stimulus plan allows for more homeowners to remain in their homes where only a short time ago they needed to sell. The housing market will begin to stabilize and prices will get stronger. If you are thinking about buying a new home, don’t get left on the sidelines…now is the time to do it.

4.  Get Help

The sea of homes available can be mind-boggling. Find one of the best professional Bloomfield Hills real estate agents to wade through the homes for sale that meet your family and financial needs.

5.  Get Your Financing in Order

The stimulus plan will help make banks and mortgage companies stronger and loans will once again be available. They may not be as easy to get as they were in the past, however, so make sure you have all your information ready. Having financing done in advance makes your job of buying Bloomfield Hills real estate much easier.

If you’re looking for a professional Bloomfield Hills real estate agent to help you find your perfect home, I can help.  As a real estate broker and lawyer, I can keep you from making costly and time consuming mistakes.  I’ll even provide you with a FREE book for buyers, “How to Find Your New Home” with absolutely no strings attached.

Ready to take advantage of the stimulus plan and buy a home?  Call me today at 248-514-2640 or email info@NorthWoodwardHomes.com for more information.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

The President’s stimulus plan has offered hope and a ray of sunshine to a gloomy Troy Michigan real estate market. Here are some ways the Southeast Michigan real estate market can benefit from the plan:

• The mortgage industry will receive a financial boost which will help buyers with new housing loans.
• First-time home buyers will receive a tax incentive that results in a huge tax break.
• There will be 50 billion dollars targeted at bailing out failing mortgage institutions.  This will part of the stimulus plan will bring home buyers financial opportunities.

Besides the stimulus plan, Troy Michigan home sellers are looking at more creative ways to sell their real estate.  Sellers need to insure their properties have good curb appeal to attract buyers.  Insure your home is in great condition both inside and out.  Selling your Troy Michigan real estate will be faster with less headaches if your home is appealing to buyers…and that mean more profit to you.  

Home Seller Tips

• Get rid of the clutter in your home.  Donate or throw away things you don’t need. Most of us have way more in our Troy Michigan homes than we use. If you don’t want to throw items away, put them in storage for use in your new home or condo.  
• Freshen it up. A new coat of paint and a good steam cleaning for the carpets will help make your home more appealing to potential buyers.
• Create curb appeal. Don’t lose a buyer because your home exterior is unattractive and the yard is full of clutter.  Make sure your landscaping is top notch by mowing your lawn, trimming the bushes and trees away from the house.  Your front door and entrance should be clean and painted if necessary, to give a welcoming look.  Update your home’s exterior inexpensively with new hardware on the doors, add new house numbers, and light fixtures.  
• Price your home right. Ask a professional Troy Michigan real estate agent for his opinion on what a good price would be for your home. In the current housing market you want to price your home to sell.  

Want to find a Troy Michigan real estate professional who can help sell your home or condo faster and for top dollar?  Call me today at 248-514-2640 or email info@NorthWoodwardHomes.com.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

There are great incentives for first-time Southeast Michigan real estate buyers. Big tax incentives and money put into the banking and financing industries to give buyers more availability to loans makes now the best time to move when looking for a home. This environment won’t last—exactly. Some of the elements put in place are geared toward a strong future for the housing market, but many of the advantages are only good for now.

Tax Relief

First-time Southeast Michigan real estate buyers, meaning those who have not owned a home or condo in the past three years, are eligible for a big tax break on income taxes. Next year at tax time all buyers have to do is report the new home purchase to get $8,000 dollars back. That’s a big incentive. The drawback is it’s only good for this year. It is retroactive to the beginning of 2009 so even if you have already bought that home you can still claim it, but if you drag your feet hoping for better mortgage financing, or just a better time for your family to get a new home, you will miss out after December 31, 2009.

Affordable Housing

Right now is the time to buy because of prices, too. Thanks to the failings of the housing market, there are tons of homes for sale at prices they would not normally be listed at. If the stimulus plan improves the economy the way it is hoped it will, that won’t last. That brings hope and great news for homeowners, but not great for those who wait to take advantage of the greatly reduced home prices.

Southeast Michigan real estate buyers need to take advantages of all that 2009 and the current real estate market have to offer. There are great deals that will never happen again—hopefully. 

If you haven’t owned a home in the past three years and would like to, as not only a licensed broker and an attorney, I am uniquely qualified to help you take advantage of the 2009 stimulus plan.  Call me at 248-514-2640 or send me an email at info@NorthWoodwardHomes.com for more information.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

The stimulus, the stimulus—it is hard to go to a news site or blog now without seeing something about the stimulus plan, good or bad. The one thing that seems to be a common thought is everybody hopes it works whether they like the plan or not. There are many ways the stimulus plan might affect Troy Michigan real estate condo buyers and sellers.

Buyer Incentive

The biggest boon to both buyers and sellers is the proposed tax break for any first-time buyer purchasing a home (including condos) in 2009. That last part is the one down point in the plan. Homes must be purchased in the current year, retroactive to the beginning of 2009, and ending December 31st. That should, however provide a decent impetus to get things moving again. While it is short lived, it could boost the market long enough so that the forward motion continues past this year.

Mortgage Incentive

Not for the buyers and sellers in particular, the banking and finance industry is set to receive the biggest portion of the stimulus plan. That can only help both buyers and sellers of Troy Michigan real estate, as it will mean buyers will once again have the ability to get mortgage loans.

More expensive luxury homes and condos will also be given lower interest rates and affordable mortgage loans. There does seem to be some argument over whether the stimulus plan will raise or lower mortgage rates so that remains to be seen.

Are you thinking about buying or selling Troy Michigan real estate in Southeast Michigan? If you want to take advantage of the stimulus plan, I can help.  Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

Your Bloomfield Hills REALTOR® may say that you must provide earnest money when making an offer on Bloomfield Hills real estate. It’s usually in the form of a check, and the funds will be verified by your mortgage company prior to final approval of the loan.

This earnest money reassures the home seller you’re indeed serious about the offer you’re making.  Once the terms of the deal are worked out between you and the seller, the earnest money is placed in an account held in trust until your loan closes.  Then the money will be used for your down payment and closing costs. 

What if the Deal Falls Through?

If the deal falls through at any time, any cancellation fees are paid out of the earnest money. The remainder of the money continues to be held in trust until you and the seller agree on the disbursement of the money.  If the deal is canceled early in the process, it’s usually a simple matter of the seller signing over the deposit to you.

What if You Cancel the Transaction?  

If the transaction is canceled by you, the buyer, some sellers mistakenly believe that the earnest money is forfeited to them.  That’s not likely to happen because no buyer is going to let the seller just have the earnest money.  Because the money is held in a trust and both parties must sign a release of escrow, no one can make you give the earnest money away.  In this situation, work with your Bloomfield Hills real estate agent to help you negotiate the return of your earnest money.

What if an Agreement Cannot Be Reached?

If the buyer and the seller are unable to come to an agreement about the earnest money, the broker holding the funds in trust can make a written judgment and disburse the money.  If the broker is unable to make a determination, he or she can turn the money over to the State’s real estate commission to make a decision.  Rarely does a court of law have to be involved.

For more information on earnest money or answers to any other questions you have about buying Bloomfield Hills real estate, call me at 248-514-2640 or email info@NorthWoodwardHomes.com.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

Are you considering buying a fixer-upper in order to get a great deal on Southeast Michigan real estate? If you are able to make a few home improvements yourself, you may be able to save thousands on the purchase price of investment property.

Several things are important to think about before you buy that fixer-upper.  The first is the condition of the house.  Some repairs are so expensive and difficult to make that you might not be able to recoup your initial investment. Basic repairs that you can reasonably expect to complete are:

• Removing old wallpaper, patching the walls and painting the interior and exterior.
• Replacing worn-out flooring and carpet.
• Repairing any broken windows or light fixtures, including ceiling fans. 

If you venture too much farther into home improvement territory, you may find that you bit off more than you can chew.  As a rule, heating and central air conditioning repairs are expensive.  Similarly, foundation repair and re-roofing are usually too much for the average handyman to tackle.

Other projects that are often not cost-effective are complete kitchen and bathroom remodeling and replacing the main plumbing of your Southeast Michigan real estate.  Any improvement that involves building an addition or tearing out walls probably won’t have a good return on your money.

After you find that fixer-upper in just the right state of disrepair, too derelict to catch anyone’s attention, but without any repairs beyond your abilities, you’ll want to make sure that the location is good.  If the Oakland County real estate you’re considering buying, in Southeast Michigan, is near a busy highway or close to a rail yard, you may have trouble finding a buyer after you’ve fixed it up. 

To get the best return on your investment, you need to find a fixer-upper with the right combination of location and condition.  I can help you find a great buy on investment property, call me today at 248-514-2640 or email info@NorthWoodwardHomes.com.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

If you’re looking at hard times, and have fallen behind on your real estate mortgage payments, you may already think it’s too late to save your home from becoming one of the Michigan  foreclosures.  But rest assured, you can take steps to keep your home and stop the process. 

1. One of the most important things to do is keep the lines of communication open with your lender.  Most lenders would much rather avoid foreclosing on your Southeast Michigan real estate.  If you call your lender as soon as you miss a payment, you may be able to qualify for a forbearance, which could cancel the payment that you are unable to make.  You are unlikely to receive forbearance more than once, so make sure that you will be able to start making payments at the time the forbearance runs out.
2. Of course, the simplest way to avoid becoming one of the Michigan foreclosure is to pay the total amount owed, including all the attorney’s fees.  But, you probably wouldn’t be worried about foreclosure if you were able to do that.
3. If you are not able to make payments to get caught up, you still have one final option to keep your home.  In some cases, filing bankruptcy can stop the Michigan foreclosure process.  If your condo doesn’t have a lot of equity built up that could be used to pay off your debts, the courts may allow you to keep your home.  The past due and current mortgage payments are included in a payment plan designed to get you out of debt in three to five years.  The decision to file for bankruptcy protection should not be made without consulting with a lawyer.

If the foreclosure process can’t be stopped, you still have the opportunity to keep your home.  You have until the actual day of the Trustee’s Sale of your real estate to pay up what you’re behind, or make arrangements to be caught up on your loan. 

After the sale, you enter a redemption period, during which you can get your home back if you’re able to satisfy the terms of your lender.  You will likely have at least 180 days before the redemption period expires.

Do you have other real estate related questions?  As a licensed real estate broker and lawyer I’m uniquely qualified to answer your questions.  I can help you buy or sell Oakland County real estate in Southeast Michigan.  Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com right now!

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

With all the talk of Michigan foreclosures in the news, it’s easy to get worried about the future of your home.  The good news is that you have plenty of warning from your lender before they foreclose on the property. 

Foreclosure is when the lender takes legal action to repossess your home if you default on the loan.  When you miss the first payment, your lender will call you to make arrangements to get your loan current.  It’s very important to talk to your lender at this point.  If you’re having trouble making the payment due to a temporary problem, your lender may offer you forbearance on your loan for a month or two.

If you miss a second payment, the lender will begin to call you more often demanding that you catch up on the loan payments.  You may begin receiving letters from the lender telling you to become current or they will take appropriate legal action. 

If you continue to fall behind on your mortgage, and aren’t able to make a third payment, you’ll receive a different kind of letter from your lender.  You will receive a Notice of Acceleration from the lender telling you to become current on your payments by a certain date, or the entire amount of the loan will become due and payable.  If you are unable to pay up, the lender will begin the Michigan foreclosure process on your property.

Remember, a lender would rather work out a deal with you and avoid the whole foreclosure process altogether.  Keep in contact with your lender, and you may still be able to make a payment arrangement with them and keep your home out of foreclosure.

It can take from two to three months before the foreclosure is final and your home is sold to the highest bidder.  You can pay the total amount owed up until the day of the sale and keep your home. 

Want more real estate advice and home maintenance tips?  Subscribe to my blog now.  You’ll automatically receive free real estate advice and tips in your email inbox a couple of times a week. 

If you’re interested in purchasing one of the Michigan foreclosures and want to know when you can purchase a foreclosed home, call me at 248-514-2640 or email info@NorthWoodwardHomes.com now!

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

Should you always buy the biggest home that you can afford?  When you’re thinking of purchasing Southeast Michigan real estate you need to decide if you need a larger home that can give you room to entertain and a place for guests to stay.  On the other hand, a larger house will likely have higher property taxes and maintenance costs.  A smaller home may be just what you need to meet your mortgage budget and lifestyle.

Some advantages of buying a smaller home are:

1. Lower sale price.  A smaller home may have a lower sale price, reducing the amount of the down payment you have to make.  The closing costs you have to pay on a smaller mortgage may also be less.  You may even be able to pay for your new home completely out of the proceeds of the sale of your larger previous home.
2. More money in your pocket at the end of each month.  A smaller home can save you a lot of money by reducing utility bills, and you’ll save money on your homeowner’s insurance.  
3. Lower maintenance costs.  Smaller homes usually require you to spend less on maintenance and repairs.  Less square footage can mean fewer places for something to go wrong. 
4. Keep your free time free.  If you buy a smaller Southeast Michigan home, you could save more than just money, you’ll cut the amount of time that you will spend cleaning and maintaining the home.  It’s possible that you’ll enjoy your free time more too, having fewer household chores taking up your time, and more money available to spend on recreation. 
5. You won’t have any room for extended houseguests.  This may be good news or bad news, depending on your personality.  If you like a house full of guests, then you’re likely to have already decided on the larger home.  For the rest of you, it may be a relief not to have the free space to have houseguests. 

You may find the benefits of buying smaller Southeast Michigan real estate far outweigh the implied prestige of owning a larger home.  No matter what size home you prefer, I can help you choose the best home to fit your lifestyle.  Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com to get started!

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640