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

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

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

Sellers need to know if you are serious about buying their home. Earnest money is a good faith deposit  that demonstrates to the sellers that you are serious about purchasing their home. This deposit can, and probably will be, forfeited if you walk away from purchasing the Bloomfield Hills real estate.

What is a standard earnest money deposit? There is no set amount, but 1% to 3% of the agreed upon sale price of the Bloomfield Hills real estate is typical. The amount varies depending on your local customs.

Here are a few precautions you should take to protect your earnest money:

• Never give an earnest money deposit to the seller – not even if you’re buying a home that is for sale by owner (FSBO).
• Make the deposit payable to a reputable legal firm, escrow company, title company, or well-known real estate brokerage.
• Verify that your deposit will be put into a separately maintained trust account, and only dispersed according to the terms of the real estate contract.
• Never authorize a release of your earnest money until the purchase transaction closes.

Is your earnest money refundable if you cancel the Bloomfield Hills real estate contract?  Laws vary from state to state, so be sure to read and understand your contract before signing it. Some states have a grace period in which to cancel the contract. If cancelled, both parties must sign mutual release statements before your earnest money is refunded.

When you are ready to find your next Bloomfield Hills 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

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

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

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

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

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