Lee Morof's Real Estate Blog

When buying a home, of course everyone wants to work with a dynamic real estate agent. But sometimes, it’s hard to know not only what talents you want in a real estate agent but also what you really need. While Bloomfield Hills real estate agents differ, there are five traits you definitely want the agent you choose to work with to embody.

1. Marketing skills – You need to work with an agent who knows the ins and outs of real estate marketing. If you have a house to sell, your agent should know how to market your home both online and offline. If you’re buying a home, your agent should be aware of the latest and greatest homes on the market.

2. Negotiating flair – Once you decide on a property, you don’t want to overspend. A good agent will have the skills to get you the best deal around. With a good negotiator, you can have peace of mind knowing you won’t be taken advantage of.

3. Experience – This is understood. If you’re working with Bloomfield Hills real estate agents, you want them to be experienced. While there are some good people who are just getting started, nothing beats years of on-the-job training. Learn more about Lee Morof and see what sets him apart from other Bloomfield Hills real estate agents. 

4. Good listening skills – If an agent doesn’t listen to exactly what you want, then there’s no way he or she can give you the service you deserve. An agent with excellent listening skills is necessary if you want your goals met.

5. Dedication – No matter how much experience or skills an agent has, it’s essential that you choose someone who is ready to put in the time and commitment needed to get your deal done.

There are many Bloomfield Hills real estate agents from which to choose.  And you’ll want to interview several agents to figure out the one who’s right for you. 

I’d be honored if you’d allow me to interview for the job of representing you as a buyer or seller.  As a licensed real estate broker and lawyer, I can keep you from making a mistake that could cost you thousands of dollars.  To schedule an interview, call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

There are several important criteria to consider when buying Bloomfield Hills real estate for investment. Some of the items will vary depending on the reason you are buying and the type of investment you are looking to make.

Long term investments such as rental properties can take longer to pay off but the income is consistent.  Short term investments such as buying for quick flips may pay off larger but can be a less regular form of income.

When buying a home for either long or short term real estate investments, it is very important to know exactly what your costs will be compared to potential income. That should be your primary deciding factor when buying investment properties. 

Short Term Bloomfield Hills Real Estate Investments

When you are looking at short term investments like re-sales and flipping, the potential profit needs to be larger to cover both the inconsistent nature of that type of investment and the slightly larger risk. Bloomfield Hills real estate purchased for short term investment also needs to be very appealing to ensure quick turnover. Languishing on the market once you have relisted it eats away at your profits.

Vacant Land as Real Estate Investment

Another type of investment property is vacant land you can subdivide and resell, or develop on your own. If you’re considering that type of real estate venture, know that it requires quite a bit of homework.

1. You will need to check out the zoning laws to be sure your plans are allowable without going through the hassle and possible failure of rezoning. 
2. You also need to pay close attention to the initial and long term costs associated with developing your vacant land.
3. You need to know exactly what is possible such as how many units can be placed on a given parcel to be sure the property can accommodate the number of resale units you require in order to make a profit.

If you would like more information on investing in real estate, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

When looking for property that will be a good investment either as a rental, resale, flip, or even a home that will eventually be worth a great deal more than you originally paid, location is a paramount concern. For the very best in Bloomfield Hills real estate investments, location means more than just being situated in a good neighborhood—it means a location with perks. 

1. Lakefront Property – There is something about a home that sits on a lake that makes it an amazingly popular property. Perhaps it’s the ability to wake up in the morning and have coffee looking out over soothing waters. If you’re looking for one of the very best selling homes, consider lakefront or other waterfront properties.  However, be absolutely sure that the Bloomfield Hills real estate you purchase on a waterfront is built so that it is not going to flood should the waters rise.
2. Gated Communities – Privacy and security are worth their weight in gold—or at least you’d think so considering what people are willing to pay for the peace of mind of knowing their neighborhood is secure.
3. Great Communities in Major Metropolitan Areas – Big cities mean big bucks and lots of need for housing. People living in large cities typically have more disposable income and are willing to pay for the convenience of living in the middle of the action.
4. Rapidly Growing Communities – If you’re lucky enough to know when an area is in a growth spurt, buy investment property there.  Click here to learn more about Bloomfield Hills.

If you’d like help locating the best Bloomfield Hills real estate investment opportunities, I can help. Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

If you’re thinking of listing your Bloomfield Hills real estate for sale and know it needs a little sprucing up, here are a few tips on the smartest home improvements you can make to help sell your home faster and for more money.

• Kitchen remodeling stands at the top of any list of most attractive projects for re-sale value. Crisp clean new cabinets, fresh tile and countertops all make for buyer approval and is money well spent.
• Bathroom remodeling is a good bet but not nearly as good as adding additional bathrooms, unless your home already has a lot of them.
• Adding central heat and air to replace floorboard or radiator heat is a huge selling point for any Bloomfield Hills real estate home for sale.
• Installing a deck or patio. This one hovers close to the middle of the do/don’t numbers but it is still a nice investment that can make your home feel more comfortable and give it more ‘space.’

Items that are less likely to be worth the money include:

• Installing a backyard pool. Some people think a pool is attractive.  To many buyers, it’s nothing but additional work and expense.  Unless you live in a climate where the majority of people want a pool, steer clear of this investment.
• Converting your basement into a finished living space. Many buyers like a finished basement, but it’s the main living space that counts most to them.  Your money would be better spent above ground.

It is important to fix up your home to get it ready for buyers.   But with money tighter than we’ve seen it in a long time, you need to focus on those improvements that will give you a good return on your money.

If you’d like more tips on what works and what doesn’t when fixing up your Bloomfield Hills real estate for sale, I can help you Sell Your Home for the Max. Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Buyer’s remorse happens to most people. The fear of signing a long term deal with a mortgage company at the closing of a Bloomfield Hills real estate deal, whether it is for a family home or investment property, can be frightening. It’s important to not let that fear get the best of you for several reasons. Not only will you lose out on that perfect piece of property you’ve looked so long for, you can lose a lot more than that.

Walking away from a deal before signing can mean losing any earnest money you have put down when you bid on the property. Unless you made a bid with no money to back your offer, which is highly unusual, you will lose it by deciding not to go through with the closing.

There are a few contingencies that may allow you to get all or some of the earnest money back when you walk away but only if you have listed those possibilities in the offer such as:

• Not getting the financing you’d hoped for. If you don’t list that possibility as a contingency for buying a home, even if you can’t get financed, you will lose your earnest money deposit.
• Not selling existing Bloomfield Hills real estate.  Again, this only works if you included the sale of your existing real estate before final closing on the new home as a contingency.
• Appraisal, title, or inspection contingencies are also good clauses to have in your offer to protect you in case you want to back out of the deal. These allow you to change your mind if the appraisal value of the Bloomfield Hills real estate doesn’t come back matching the price you are paying, inspections turn up problem areas, or the title has issues.

Don’t be fooled into thinking that you can back out of a signed contract bid because of those items if you do not list them as contingencies.

As a licensed real estate broker and lawyer, I can help you prepare a proper real estate contract, including all contingencies.  And, I’ll keep you from making a mistake that could cost you thousands of dollars.  Contact me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Buying newly constructed Bloomfield Hills real estate in Southeast Michigan isn’t much different from buying an “already used” home.  What variances there are, however, can make all the difference between buying a diamond or a lemon.  Here are a few tips to keep in mind when buying new construction:

Tip #1: Don’t use the builder’s sales agent – hire your own.
If they’re the builder’s agent, they’re being paid to represent the builder, no matter what they tell you.  Your own Bloomfield Hills real estate agent, who is representing you, is required to tell you the negatives as well as the positives.  The builder’s agent doesn’t have to tell you the drawbacks of the transaction.

Tip #2: Find your own lending agency.
Again, if you go through the builder, the lending agency may offer you a deal that isn’t in your best interest.  In addition, the builder may actually own the lending company, and will have full information on your personal progress.  Your Bloomfield Hills real estate agent can refer you to a reputable lender, if you don’t already have one of your own.

Tip #3: Talk to a Bloomfield Hills real estate agent and lawyer.
Although standard agreements are made to keep everyone out of court, they aren’t necessarily in your best interests.  Ask about cancellation rights and make sure you understand both your liability and your commitments.  Also, check your contract to make sure it doesn’t contain warnings about health issues. 

I’m not your usual REALTOR®.  I’m both a real estate broker and lawyer who can keep you from making a costly mistake when buying a new home.  And, I’ll help you purchase it at the best price and terms to meet your monthly mortgage budget.  Contact me now for more information.

Tip #4: Decide what options or upgrades you want.
Remember that the profit margin for many builders is highest in upgrades.  Find out if your lender allows the options and upgrades you’ve chosen to be added to the loan.   If your lender doesn’t allow this, the cost of the upgrades will come out of your pocket in cash. 

Tip #5: Research the builder.
It’s amazing how many people think a builder is good, simply because they can build a house.  Unless you’re a licensed home inspector, the chance of you catching a cut corner or shoddy building practices is slim to none.  Check out the neighbors’ homes and talk to them.   Are the homes a consistent size or are they shrinking in size?  Do the neighbors have consistent complaints about the quality of their homes?  Also, check public records for lawsuits.

Owning newly constructed Bloomfield Hills real estate and knowing that you’re the first person to live in the home can be a wonderful, exciting experience.  Make sure that you protect yourself so you can enjoy it worry free!

Are you thinking about relocating to Bloomfield Hills, Michigan and buying newly constructed real estate?   Click here to learn more about the community of Bloomfield Hills.  

Talk with me before you start shopping for Bloomfield Hills real estate.  If you visit a builder prior to working with me, I won’t be able to legally represent you with that builder.  To find out more about how I can help you save money and get the best terms when buying newly constructed real estate, call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com now.

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

Few things can derail your plans to sell your Bloomfield Hills real estate like failing a home inspection.  Most states require that a home inspection be completed and turned over to the buyer before the contract is finalized.

To prepare for your Bloomfield Hills real estate inspection, you’ll want to thoroughly clean your home.  It’s also a good idea to examine all the appliances to make sure they’re in good working condition.

What Will the Inspector Do?

You may be surprised to learn that the inspector will turn on the stove and test the dishwasher and garbage disposal.  They’ll make sure the furnace and air conditioning systems work.  You’ll want to clear out the area around the furnace and hot water heater because the inspector will need a few feet of space to work in.

If you plan to leave your home before selling it, be sure to leave the pilot lights lit for the inspection.  Most of the Bloomfield Hills real estate inspectors will not re-light pilot lights because of insurance regulations.  This can delay the completion of the inspection and cause the loan process to take longer.

The inspector will test the water pressure by flushing the toilets and turning on all the faucets.  This process can reveal leaks or clogs in the system.

It will be easier for the inspector if you aren’t in the house at the time.  Try to arrange to be out of the house for the inspection, and take your pets with you.  Pets can be an unnecessary distraction to the inspector.

What’s Next?

Hopefully your home passed inspection with no problem.  If you get a repair request from the inspector, don’t worry.  You aren’t obligated to make the repairs unless it’s stated in the contract.  However, you run the risk of the contract being canceled if you refuse to make reasonable repairs.

If you’d like ideas on how to stage and prepare your Bloomfield Hills real estate for sale, order the FREE book for sellers, “Staging Tips to Prepare Your Home for Market.”  There is absolutely no obligation or strings attached to this FREE offer. 

Ready to sell your Bloomfield Hills real estate in Southeast Michigan?  I’ll help you obtain the best price for your home.  Call me today at 248-514-2640 or email info@NorthWoodwardHomes.com right now to get started.

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

Are you considering purchasing Bloomfield Hills real estate in an active golfing community?  There are many areas in Bloomfield Hills that offer an upscale, active lifestyle, loaded with amenities.  Some are across the street from a gorgeous golf and country club; while many are in golf communities that offer a clubhouse, golf course, tennis courts, pool, spa, fitness center, restaurants…and much more! 

If you’re unfamiliar with the Bloomfield Hills area, Learn more about Bloomfield Hills Michigan real estate and the local community.  

Some of the top golf communities in Bloomfield Hills are:

• Bloomfield Hills Country Club 
• Forest Lake Country Club 
• The Heathers Club 
• Wabeek Country Club 

You’ll probably need assistance in finding the type of golf community that is right for you.  If you’re looking for a 55+ golf community, keep in mind the area you choose should have residents who share some of the same interests as you do. 

When you choose a golf community to live in, you’ll want to look for a few things:

1. Location – When looking at Bloomfield Hills homes in golf course communities, you always want to be aware of location.  For instance, are the nearby roads easy to navigate?  Is it close to shopping?  Are there arts and cultural activities close by?
2. Security – Be sure the community is security conscious.  Often, golf course communities have the added security of a gated community. 
3. Amenities – Find out what amenities the golf course community has.  Determine if they’re important to you and worth the extra cost.  Is there an indoor golf course? Do you want tennis courts? How about restaurants?  Swimming pool?  Exercise facilities?
4. Home location – When you find the right golf course community, you need to pay attention to the homes within the community.  Think about factors like how close the home is to the entrance or to the fairways. Are you willing to risk a golf ball hitting a window once in a while? These are questions you need to ask yourself when choosing Bloomfield Hills real estate in a golf community.
5. Rules – Another thing you should be aware of before making your purchase is the golf community’s homeowner association’s rules and regulations, often called CC&Rs, regarding home improvements, additions, etc. You should also look into golf course annual membership fees and know what they’ll be.

Many people are looking for their perfect home in popular golf communities. Living in one of these communities provides many perks such as golfing as much as you want any day of the week.  Do your research before purchasing and you won’t have any surprises down the road.

Whether you’re looking for a home in a golf community or some other type of active retirement community, I can help!  As a licensed Bloomfield Hills real estate agent and lawyer, I’ll help you find and buy the home of your dreams at the best price and terms.  And I’ll keep you from making a costly mistake.  Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com. I look forward to hearing from you.

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

Many people think that Bloomfield Hills real estate agents have it pretty easy. Once they start investigating, however, they find that being an agent is a difficult and time consuming job.

Real Estate Training
All states, including the District of Columbia, require agents to be licensed which requires hours of training and taking tests.

Depending on the state, you need between forty and ninety hours of specific coursework.

Once the coursework is completed, you have to pass the Michigan state exam on real estate law and practice. Generally, an agent will then have to find a real estate broker to work with.

To become a broker and be able to manage their own brokerage, Bloomfield Hills real estate agents have to gain experience. This means more coursework, as well as a broker’s state exam on real estate law. Only then, can agents work on their own as licensed brokers.

Real estate agents and brokers have to take more courses and another exam approximately one year to eighteen months (depending on the state) after they become licensed, and then every four years. In addition to this, the top real estate agents constantly take courses to stay current on industry rules and regulations and to learn more about specializations such as representing seniors, buyers and sellers.

Nature of the Job Includes:

1. Research – Agents spend a large amount of time learning about the homes in the neighborhoods in which they specialize.  Once they obtain a property listing, they compare the property with similar types that recently sold to figure out the market price for the property.
2. Marketing – A large percentage of an agent’s income is spent on marketing.  They have to pay to market their services as well as market the homes they list for sale. 
3. Negotiating – One of the keys to being a great real estate agent is outstanding negotiating skills.  You must be extraordinarily knowledgeable and talented to successfully negotiate real estate contracts that benefit your clients.  As a licensed real estate broker and real estate lawyer, I’m uniquely qualified to help you find and buy Bloomfield Hills real estate and will help prevent you from making costly mistakes when buying a home.
4. Overtime – There’s no such thing as being paid overtime as an agent, though most successful agents work well over forty hours a week.  They’re frequently on call for their clients, and working weekends is mandatory.

This is just a small portion of what it takes to be a real estate agent who helps people successfully buy and sell homes. 

Are you thinking about buying Bloomfield Hills real estate in Southeast Michigan?  Would you like to work with one of the most successful Bloomfield Hills real estate brokers?  Give me a call now at 248-514-2640 or email info@NorthWoodwardHomes.com.   I’d love to hear from you!

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