Lee Morof's Real Estate Blog

Buying a new home is a big decision. Your home is your greatest financial asset. It is also your refuge from the world and a place where you can relax. You will ideally spend a considerable amount of time in your home, so you want to buy the right one for you and your family. Make sure you avoid these common mistakes when buying Troy Michigan real estate.

1. Buying a home you cannot afford. If you cannot afford to pay for your home, you risk losing it in a foreclosure. To determine if you can really afford a home, you have to look at more than the asking price. Not only do you need to make your monthly mortgage payment, you also need to pay for your home’s regular maintenance.  
2. Buying a home without doing your homework. Appearances can be deceiving, especially with homes. What appears to be beautiful stucco exterior can disguise a rotting wood frame. A fresh coat of paint can cover mold and water damage behind a wall. This is why you should always have a home inspected before you buy it.
3. Buying the first home you see. Sellers do their best to make sure their homes look as appealing as possible. It’s easy to fall in love with just about any Troy, Michigan, home you see. Remind yourself that there are plenty of other homes for sale and make sure you see them all. There’s no point spending your hard earned money when you haven’t seen all the available possibilities.
4. Buying a home that doesn’t fit your lifestyle. If you spend a considerable amount of time in your backyard entertaining guests and relaxing on weekends, you want a home that gives you the space to do that. Likewise, if you’re rarely home except to sleep, you don’t want to spend your weekends mowing an oversized yard.

Let me help you avoid mistakes when buying Troy Michigan real estate.  As a licensed real estate broker and lawyer, I can help you find and buy the home that is right for you…and save you from making a mistake that could cost you thousands of dollars.  I’ll help you negotiate your home purchase at the best price and terms.  Click to:  Search for Troy Michigan Real Estate now!

Find a home you would like to see or do you have questions about Troy in Southeast Michigan?  Call Lee Morof today at 248-514-2640 or email info@NorthWoodwardHomes.com right now!

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

In the Spring of 2008, I learned that my elementary school age son was being picked on by a bully at his school. Almost immediately, I decided it was time for the both of us to learn self defense. I called a couple of Dojos in the area only to learn that my son and I would have to learn separately. I then contacted the Southfield Martial Arts Institute located at 29100 Southfield Rd., Southfield, Michigan, (248) 569-7030. www.southfieldmartialarts.com. Fortunately, this Dojo has family Karate classes three times per week. The experience has been amazing. The Dojo is run by Master Willie Adams, a 10th Degree Black Belt, and several other very talented and patient Senseis who teach Okinawan Isshinryu style Karate. Above is a photo taken at the Dojo’s Beginner Junior Tournament on October 25, 2008 that featured sparring, Black Belt demonstations, awards, and a luncheon following the tournament. A great time was had by all especially the precious children who all had big smiles on their faces as they wore their award medals. This Dojo not only teaches self defense technique that could save your life, but also respect for yourself and others, focus, and provides a sense of accomplishment. I highly recommend it.

Looking for Southfield Michigan real estate?  Give me a call today!

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

Today I began working with a new buyer who wants to start by looking at Southeast Michigan Foreclossures because, naturally, she wants to get a “good deal”. We looked at three homes and they were complete disasters. One had terrible structural problems. The other two had water and mold problems. None of these homes are financeable due to their condition. In other words, unless the buyer is paying cash, she will not be able to get a mortgage loan to purchase her Southeast Michigan Foreclosure home. Now, some will say, “well, there is a program with the bank where I can get money for the repairs.” O.K. then. Will somebody give me a real example of this happening recently where major repairs like mold remediation and structural problems exist? Every lender I have spoken with knows about the program but none of them have done it. They also tell me that the paperwork and red tape are huge. In my experience, it just makes more sense to purchase a home that is functional so you can get financing and then give the home your personal touches with paint, carpeting, etc.

If you’re ready to look for Southeast Michigan real estate, give me a call at 248-514-2640 and I’ll help you find and buy the right home for you!

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

I just received this email from a potential seller of Southeast Michigan real estate. The email and my response are well worth posting. First the email:

We are interested in listing a single family residence in Birmingham.   We are not in any rush to sell the property and fully realize the market is currently depressed.   We do not want to give the home away in the currently depressed market but thought we should list it at this time.   We want to avoid wasting your time or our time if you are not genuinely interested in listing it with an asking price of $450K which may well be $100K over current market value or appraisal.   If interested please respond to this email

Now, my response:

Wow! Very interesting email. First, if you don’t need to sell at this time then don’t. We are experiencing a severe buyer’s market and homes listed at the top of the market are not selling. Realtors who list properties at the top of the market are either incompetent or using their sellers to attract buyers to sell other home to. Moreover, by listing a home they know or should know will not sell, they are only perpetuating a buyers market.I don’ t want anyone to give their home away either. As you know, youi cannot sell a stock on the New York Stock Exchange for a price above market. The same is true for a home in a buyer’s market. If a buyer falls in love with your home and agrees to the above market price, the transactioin will fail because the home will not appraise and the buyer won’t ge the financing. If you are certain that the $450,000 amount is $100,000 above market, then I respectfully am not able to help you. If you are not certain, I would be happy to do a market analysis of your Southeast Michigan real estate in Birmingham free of charge.

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

Good news continues for Southeast Michigan real estate housing numbers in Birmingham, Michigan.  In June 2008, as compared to June 2007,  total homes on the market declined by 26% and the Median Sale Price increased by 52%. Total sales were down by 33% which was probably due to the decrease in inventory.

If you’re thinking about buying or selling Southeast Michigan real estate, give me a call today at 248-514-2640.

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

Whether it’s election year politics, the White House responding to poor public opnion or a probable veto override or political payback to the lending industry, Congress and the White House will shortly enact housing legislation which will provide relief to Oakland County, Michigan which has been hit hard by a huge rise in foreclosed homes on the market. Presently one in every two homes sold in Oakland County is bank owned as the result of a bank foreclosure. It is expected that the new law will save an estimated 400,000 homeowners from foreclosure by allowing them to refinance into more affordable loans backed by FHA. The law will provide $3.9 billion to areas hit hard by the housing crises to buy and fix up foreclosed homes. Lastly, the legislation will give the Treasury Department power to spend unlimited amounts to keep Fannie Mae and Freddie Mac solvent. The net result of the new law will be a reduction in foreclosed properties on the market which, in turn, will cause prices to stabilize.

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

I am a RE/MAX Associate Broker/Attorney selling homes in Oakland County, Michigan. Recently, one of my law practice’s former clients asked me to help her sell her vacant home in Troy, Michigan.  I had previously been her attorney with regard to a condominium purchase from a by owner seller. The Troy home had been on the Troy Michigan real estate market for about a year with no offers and the listing had expired. I met her at the home. The home was not in bad shape but did need some painting, minor staging, and some minor repairs. She agreed to do these things and I went back to the home about two weeks later after doing a market analysis. The home was ready for market. Surprisingly, her previous Realtor made none of the suggestions that I had made.

When it came to pricing, the previous Realtor listed the home between the middle and top of the market in a market that declined in value. I convinced the seller to price the home between the middle and the bottom of the market because I had determined that that was where the buyers were buying so it only made sense to price the home in that range. I was right! The home sold for an amount above list price within one week after mulitiple showings and multiple offers. The competing buyers and their agents knew the home was priced right and the fear of loss caused the winning buyer to pay more than list price. The result was a happy seller able to move on with her life without the entanglement of a vacant home sitting on the market.  

Are you a Troy Michigan real estate homeowner who is thinking of selling?  Give me a call today at 248-514-2640.

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

I am a RE/MAX Associate Broker/Attorney selling homes in the North Woodward Area of Oakland County, Southeast, Michigan. About a year ago, I posted a blog entry about a law client of mine that decided to sell his home by himself on land contract to buyers he found through Craig List. For the record, I did advise him against it. According to the National Association of Realtors Survey of Home Buyers and Sellers, on average, FSBO sellers sold their homes for 25% percent less in 2007 than they would have, had they used the services of a realtor. Moreover, the fact of the matter is that if someone needs to buy a home on land contract, red flags should be flying all ove the place. I regularly advise my clients that if a bank has decided that the buyer will not pay the bank back, what makes you think they will pay you back?

Now, a year later, the client wishes he had listened to my advice. First, he sold the home for 32% less than the lowest comparable sale. Second, he has been in and out of court as the buyers rarely made their payments on time. Now, the seller has taken the home back through court proceedings and the home has been destroyed on the inside. I do feel bad for the client but you have to wonder, will he listen to my advice the next time? For his sake, let’s hope so.

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

In July of 2007, I had a short sale listing with a well known Southeast Michigan real estate mortgage lender having a first lien. I was able to negotiate a $135,000 sale for the seller which was fair market value at the time. After several months of deliberation, the bank denied its approval for the short sale and ended up foreclosing. Now, approximately one year later, the bank sold the home for $95,000. Amazing!!!!!

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

The good housing numbers continue for Southeast Michigan real estate in Oakland County Michigan. May 2008 sales are up by 9.3%, pending sales are up by 15.6%, and listing inventories are down by 7.43% as compared to May 2007. 37% of the homes sold were bank owned down from approximately 50%. I believe the worst is over as, in all fairness, the banks are no longer lending money to individuals with poor credit scores. As less bank owned homes are placed on the market, the laws of supply and demand will eventually stabilize home prices.

This statistical information has been obtained from Realcomp, the REALTORS MLS. Realcomp is Michigan’s largest Multiple Listing Service. Although not guaranteed, these statistics are from data Realcomp believes to be reliable. This information is not to be reproduced, redistributed, or combined with data from other sources without expressed permission from Realcomp.

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