Lee Morof's Real Estate Blog

Many older Americans who own Troy Michigan real estate are turning to reverse mortgages to convert part of the equity in their homes into cash.  With reverse mortgages, loans don’t have to be paid back to the lender until the homeowner dies, sells their home or no longer uses it as their principal residence. 

Three Types of Reverse Mortgages
There are three basic types of reverse mortgages: single purpose, federally insured, and proprietary.  For all three types, you need to be at least sixty-two years old and live in your home.  The proceeds are generally tax-free and many have no income guidelines.

1. Single purpose – Generally, single purpose reverse mortgages have very low costs.  They’re offered by state and local government agencies, as well as nonprofit organizations.  As the name suggests, this type of reverse mortgage can only be used for one purpose, specified by the lender.  That purpose is usually for home repairs, home improvements or property taxes.  To qualify, your income has to be low or moderate.
2. Federally insured – Also known as Home Equity Conversion Mortgages, or HECMs, federally insured reverse mortgages are backed by HUD.  They’re usually more costly than other loans, and the up-front costs can be high.  They’re more expensive if you stay in the home for just a short time, but they’re also widely available, have no income requirements and can be used for whatever purpose you want to use them for.
3. Proprietary – Although backed by private companies, proprietary loans are much like HECMs.  The largest difference is that HECMs generally provide a larger loan advance with a lower total cost than proprietary loans.  However, those people whose homes have a higher real estate appraisal value might get a bigger loan advance from a proprietary reverse mortgage.

People may choose to take out reverse mortgages for home repairs or improvements, or because they need help paying property taxes.  Other reasons include paying for healthcare expenses, paying off a current mortgage, or supplementing retirement income.

Before taking out a mortgage of any type, remember to read the fine print.  Many people who own Troy Michigan real estate have lost their homes because they didn’t fully understand the terms.  If necessary, have a professional explain them to you.

Thinking of buying or selling Southeast Michigan real estate?  When you or your loved ones work with me as your Troy Michigan real estate professional, I’ll refer you to a mortgage loan expert who will help you select the best mortgage for your financial situation.  Call me today at 248-514-2640 or send me an email at info@NorthWoodwardHomes.com now!

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

No matter where you live, you are at risk for some sort of natural disaster, crime, or accident. Since you never know when disaster will strike, owners of Troy Michigan real estate need homeowner’s insurance to protect from loss. Finding the right insurance policy is extremely important, so here are six ideas to consider when looking for homeowner’s insurance for your home.

1. DO make sure you choose a reputable agent and insurance company. Unless you’re well versed in current insurance laws and practices, you will rely heavily on your agent’s advice. This is not the time to do your own work.
2. DO buy the right amount of insurance. A lower premium may seem like a great idea now, but you may feel differently if you suffer a major loss. Consider what it will cost you to replace everything in your home.  Purchase your insurance policy based on that amount.
3. DO pay attention to your deductible. Your deductible is the amount of money you have to pay out of your pocket when you file a claim. In most cases, you are better off paying for minor damages on your own without filing an insurance claim.
4. DON’T choose your insurance company by price. You may save money on your premium, but ask yourself what you stand to lose if you ever have to file an insurance claim. Make sure you have adequate coverage through a reliable company.
5. DON’T lie to your insurer. If you underestimate the value of what you own, you may not have enough money to replace it. If you overestimate the value of what you own, you can be prosecuted for insurance fraud. 
6. DON’T rely on your home’s purchase or tax appraised value when choosing the amount of insurance you need. You need insurance that will provide enough money to rebuild your home in the event of a total loss.

When you own Troy Michigan real estate your home may well be your most valuable asset.  So make sure you purchase the appropriate amount of homeowner’s insurance.

Are you looking for Troy Michigan real estate in Southeast Michigan?  I can help you find and buy the best home for your needs and budget.  Give me a call today at 248-514-2640 or drop me an email at info@NorthWoodwardHomes.com.

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

You’ve just bought Troy Michigan real estate and you’re ready to pack and move into your new home.  If you find yourself staring at your rooms in bewilderment, wondering how you’re going to pack it all, take a look at these helpful tips.

Tip #1:  Have plenty of boxes.  Too many is better than too few.  If you buy boxes from a moving company you can return them for a refund.  Extra boxes from a grocery store can just be thrown away if you have too many.

Tip #2:  Pick a color for each room.  Use color-coded stickers to mark which boxes go where.  There’s no need to open a box to see what it is; just look at the sticker color.  Be sure to make a list of the color associated with each room.

Tip #3:  Pack heavy things in small boxes.  This makes them less bulky and easier to carry.  It also makes it less likely that you’ll drop them or that the box will break.

Tip #4:  Put all furniture accessories in one box.  Furniture knobs, feet, screws or legs should all be in one container, clearly marked, so the parts won’t get lost.

Tip #5:  Load what you’ll need first, last.  Make sure that items you’ll need as soon as you get in your new Troy Michigan home, such as a telephone or cleaning supplies, are loaded last. 

Tip #6:  Pack for the first day.  Use a separate bag for toiletries, a change of clothes, etc – whatever you might need for the first day.  This way, there’s no need to run to the store for things you can’t find or dig through boxes to find them.

Tip #7:  Save extra boxes for moving day.  You will forget something – it’s guaranteed.  Rather than try to stuff it all in your car, have extra boxes set aside for any last minute items such as blankets, towels and pillows.

When you’re ready to move into your Troy Michigan real estate home, follow these tips to help make the move a smooth, easy transition.

Would you like to move into a new home?  Let me help you find Troy Michigan real estate that fits your needs and budget.  I can help you find and buy a home that’s perfect for you.  Call me 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:  248-514-2640

If you own Troy Michigan real estate and are thinking about putting up your home for sale, you may start to look around the house with an eye for increasing its value.  Here are some inexpensive things you can do to increase the value of your home:

The Kitchen
When buyers walk through a Troy Michigan real estate home for sale, one of the first places they look is the kitchen.  A well put together kitchen is a big plus, so make sure it looks clean and up-to-date. 

1. Replace old lighting fixtures with brighter, more energy-efficient ones.
2. Replace the old kitchen faucet set to something more modern and clean.
3. Add new cabinet doors and drawer handles. 
4. Reface your cabinets – this takes a little more time and money to do, but the results can be outstanding.  Or, you could order replacement doors and door fronts and install them yourself.
5. If your appliances don’t match, you can order a face panel.  Also, check with your manufacturer; some appliance panels have another color on the back (white on one side, black on the other, for instance), and you can just flip them over.

The Bathroom
This is another “first go” place for buyers.  Again, most of these are inexpensive and easy to do yourself.

1. Install a new toilet seat – even a little change can make a difference.
2. If your bathroom is small but you have a large vanity, try installing a pedestal sink instead.  It can make the room look larger.
3. Regrout the tile if your tub and shower look dingy.  Replace any cracked tile.
4. If need be, try a prefabricated tub and shower surround. It may be a little more expensive, but it can make a bath look brand new.

If you’re thining of selling your Troy Michigan real estate, try these inexpensive tips and then look around the rest of your home.  You’ll be surprised what a few dollars and a little time can do!

Are you ready to sell your home for top dollar?  As a licensed real estate broker and lawyer I can not only help you sell your home for top dollar, but I can prevent you from making costly legal mistakes.  Give me a call 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

It’s coming up on Christmas time, which means that people are decorating their home with lights and tinsel.  It also means that it’s time to pick a Christmas tree.  If you own Troy Michigan real estate and you’ve never had a real Christmas tree or you don’t seem to get the right tree, these tips and tricks can help you pick the perfect tree:

Buying Your Tree

1. Measure where you’re going to place the tree in your home, from ceiling to floor.  You’ll want your tree to be at least a foot shorter than the ceiling, so take a measuring tape with you when you shop for your tree.
2. When measuring for height, adjust for the star, angel or topknot that you’ll be using; most can add as much as twelve inches to the height of your tree.  Measure the opening of your Christmas tree stand, so you know how wide the base of the tree can be.
3. The base of the tree should be straight and at least six inches long to fit nicely into your tree stand.
4. Run your fingers along the needles of the tree you’re looking at, and give the tree a shake.  Very few needles should fall off.
5. For the best shape, full branches, rich color and good needle retention on Christmas trees,  choose a Balsam fir, Douglas fir, Fraser fir, Noble fir or Scotch pine.
6. Buy as soon as you can for the best quality, or wait longer for best price.

Taking Care of Your Tree

1. After you get it home, cut an inch off the base so your tree can take in water more easily.  Make sure the cut is straight.
2. Use a stand that holds at least one gallon of water.
3. Make sure you water your tree often.  This keeps the needles from drying, as well as keeping the fragrance strong.  Check the water level every few hours.
4. Don’t add anything to the water – no aspirin, soda water, bleach, etc. – to keep it fresh.  According to the experts, lots of plain water is best.

When you own one of the Troy Michigan real estate homes you’ll want to find the perfect Christmas tree, one that’s lush, brightly decorated, and keeps the cheerful Christmas spirit alive. 

Want a new home to decorate?  I can help.  Call me now at 248-514-2640 or email me at info@NorthWoodwardHomes.com.  Have a Merry Christmas!

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

With the prices for everything skyrocketing these days, every penny counts.  This includes your homeowner’s insurance costs.  If you’re thinking of buying Troy Michigan real estate and need homeowner’s insurance, here are a few tips on getting quality insurance for a fair price:

Tip #1: Shop Around
Ask family and friends about their homeowner’s insurance.  Check the Yellow Pages, the National Association of Insurance Commissioners (NAIC) and the state insurance department.  Other places to shop for insurance include consumer guides, insurance agents and online Michigan insurance quote services.  Don’t just look for lower prices, however.  You need a fair price for the services you need.

Tip #2: Raise Your Deductible
The deductible is how much you have to pay before the insurance company starts to pay a claim on your Troy Michigan home.  You’ll find the higher your deductible is, the lower your premiums.  Make sure, when reading the policy, you carefully go over damage-specific information.

Tip #3: Use the Same Insurer
Some companies will take five to fifteen percent off your premium if you buy more than one policy from them.  If the insurer offers homeowner’s, auto and liability coverage, you stand a chance of having a lower premium for a multi-discount.  The key is to make sure the combined price is lower than if you bought them separately.

Tip #4: Improve Home Security
By installing a sophisticated fire sprinkler system and a fire/burglar alarm that rings the monitoring stations, some companies will cut your premium as much as fifteen or twenty percent.   And you’ll have peace of mind in case of an emergency.  For a smoke detector, burglar alarm or deadbolt locks, you can usually get at least a five percent discount.  Check with your insurer to make sure that the system you’re installing will lower your premiums, though; the systems aren’t cheap and not all of them qualify for a discount.

Read everything carefully before you sign, to make sure the policy covers your insurance needs without adding on hidden fees.

Even a little money saved can go a long way toward making it easier to live within your budget. 

Are you ready to buy a Troy home in Southeast Michigan?  I can help you find and buy the right Troy Michigan real estate home or investment property that fits your needs at the best price and terms.  As a licensed real estate broker and lawyer I’ll keep you from making mistakes that could cost you thousands of dollars.  Call me now at 248-514-2640 or send me an email at info@NorthWoodwardHomes.com.

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

Selling your Troy Michigan real estate in a slow market isn’t easy, but it can be done. Pricing your home right is the key to selling it within a reasonable amount of time. Sometimes this could mean lowering your price while it’s on the market. Of course, you want to get as much money as possible, so how do you know when it’s time to lower your asking price?

1. No one is looking at your home. If you expect your home to sell, you need to have people look inside it. Most buyers search for homes within a certain price range. If you aren’t getting any showings, chances are it’s because your home is overpriced compared to other homes in the area. In this case, you may need to lower your price so buyers will look at your home.
2. Comparable homes are selling for less. Your home will sell for whatever a buyer is willing to pay for it. If the homes around you are selling for less than your asking price, it may be time to lower it. No one is going to pay more for your home when they can get the same thing for less. Pay attention to what homes are selling for in your community and adjust your price accordingly.
3. You are getting a lot of negative feedback. Buyers are a great source of information about other homes in your price range. After all, they’re spending their free time looking at countless homes similar to yours. Your Troy Michigan real estate agent can find out exactly what buyers think of your home. Perhaps homes comparable to yours have updated kitchens or more attractive landscaping. With this knowledge, you can choose to either remodel or lower your price.

If you’re ready to prepare your home for market, I can help you sell your Troy Michigan real estate for more money with our exclusive Maximization of Value Assessment. And as a licensed real estate broker and lawyer, I’ll not only help you sell your home for Top Dollar, but I’ll keep you from making costly legal mistakes.       

Staging your home can help it sell quicker and for more money.  Order your Free book, “Staging Tips to Prepare Your Home for Market.”  Absolutely no strings attached!  If you’re ready to hire one of the best Troy Michigan real estate agents to sell your home, call me today at 248-514-2640 or contact me now.  

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

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

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

According to the 2006 National Association of Realtors (NAR) Survey of Home Buyers and Sellers, 95% (ninety five percent) of home sellers were satisfied with the service provided to them by their full service Realtor when selling a home. However, only 50% (fifty percent) were satisfied with the service of their discount Realtor. I am not surprised at all. Before I affiliated with RE/MAX, I worked in a discount shop. I can tell you it is absolutely true that you get what you pay for. Most people want the very best service and are willing to pay for it because it is worth it. In this challenging market we are in, sellers need maximum marketing exposure which the discount shops cannot provide because they cannot afford it. Today, sellers need way more than just having their home placed on a Multiple Listing Service to get their home sold. I have developed a Thirty Day Marketing Plan by which I am able to sell 75% (seventy five percent) of the homes that I list. Abviously, it costs money to do this but the point is that IT SELLS HOMES. Homes listed by discount shops take longer to sell, sell for less and usually with more complications. I frequently represent buyers.  Almost always, when I am in my car with the buyer who wants to see a home that we drove by listed by a discount shop, when I call the phone number on the sign, it goes to voice mail. Of course, I don’t end up showing the home and the buyer buys something else. Another thing to consider is that when you list your home with a discounter, you have placed your home in a discount category. Doesn’t your home deserve better? Moreover, a Realtor agreeing to a discount has just showed you the level of his or her negotiating skills. He or she has already given away THEIR OWN MONEY. What do you think they will do with yours?

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