Lee Morof's Real Estate Blog

Selling homes for sale in southeast Michigan by owner takes a lot of time, energy and expertise.  You need to know how to set a fair market value for your home, promote your home to pull qualified buyers and negotiate the final terms and sales price. 

One of the most important skills you need to learn in order to find qualified buyers for your home for sale in southeast Michigan is how to sort out the lookers from the serious buyers.

Lookers are people who aren’t serious about buying a home.  At the least, they waste your time and energy.  At the worst, lookers could be a security problem.  They could be checking out your home to determine if you have valuables worth stealing.

Serious buyers are people who are interested in buying a home within 30 to 90 days and are pre-approved for a mortgage.  Spend your time and energy on these individuals.

So, how do you identify qualified buyers?  Before scheduling a time to show your home for sale in southeast Michigan by owner to potential buyers, ask them these four questions: 

1. Are you pre-approved for a mortgage?  If they’re pre-approved for a mortgage, they’re serious about buying a home.  If buyers aren’t pre-approved, suggest they contact a mortgage specialist and get back in touch with you when they have their pre-approval letter.  Mortgage specialists check the buyer’s credit score, income and debt ratios. They also verify that the buyer has enough money for down payment and closing costs.
2. How much are you pre-approved for?  Make sure they’ve been approved for a big enough loan to be able to afford your home for sale in southeast Michigan.  If your home is valued at $500,000 and they’re only pre-approved for $150,000, they cannot afford your home unless they can pay the difference in cash.  If the buyer is purchasing your home with cash, or using cash for a large down payment, ask the buyer for a bank statement to verify his or her funds.
3. Do you have your pre-approval letter?  Verify that they are pre-approved for the amount they say they are.  Ask the buyers to email or fax their pre-approval letter to you or bring it with them when they tour your home.
4. What’s your possession deadline?  Your move-out timeframe needs to be close to the buyer’s move-in deadline.  How close?  Close enough to negotiate the difference.  If they don’t want to take possession of your home for 6 months, and you need to sell immediately, they’re not a serious buyer for your home.

To successfully sell your home, you need to know if a potential buyer is qualified to buy your home.  The sooner you know this, the less time you’ll waste chasing after lookers and unqualified buyers.

Tired of going it alone?  If you’d rather have an experienced southeast Michigan real estate agent handle everything for you from finding qualified buyers to negotiating the sales contract, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

If you’re hoping to sell your real estate in Southeast Michigan in 2011, make some New Year’s resolutions to help the process along.   Resolve to:

1. Interview and get a comparative marketing analysis (CMA) from at least three agents from three different real estate agencies in Southeast Michigan.  Each agent has a different opinion about the value of your home and how to best market your home.  Learn from each agent and then sign a contract with the agent you decide to hire. 

2. Research the number of foreclosures and short sales in your neighborhood.  To sell your home, find out how many foreclosures and short sales you’re competing against.  This impacts the value of your property as well as the length of time it takes you to sell.  Your real estate agent in Southeast Michigan can help you with this research.

3. Be realistic about price. After reviewing your three CMAs, talk with the agent you hired and come to an agreement on the price that can get your home sold.  Ideally, that price should be at or just below the selling price of similar houses in your neighborhood that have sold in the past 90 days.

4. Counter offers.  Be calm if a buyer suggests a lower price than you want. Don’t just snap his or her nose off. Consider your options.  Can you afford to let the house go at the offered price? If you can and still want to say no, think about it… how long did it take to get this potential buyer? Super low bids are not insults; they’re a buyer’s way of testing you.  So, even if an offer seems insulting low to you, counter it.  If the buyer wants your home, he or she will come up to a realistic price.

5. Remain flexible.  Make concessions where you can.  The buyer wants you to pay part of the closing costs?  That’s a great way to sweeten the deal.  Fix those small problems found in the home inspection.  Add on a home warranty.  A successful sale means everyone walks away happy. 

Put these resolutions into action, and your new year may turn out to be even happier than you expected!

If you’d like a proven 30-Day Marketing Plan to get your real estate in Southeast Michigan sold, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com. You’ll also receive a free competitive marketing analysis.  

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

 Those who have never had homes for sale in Southeast Michigan before often think selling is as simple as hiring an agent and putting a sign in the yard. It’s not, however, as you’ll soon discover.

The Inside of Your Home
The exterior of homes for sale in Southeast Michigan is the first up-close impression buyers get.  So, when buyers make it inside, they’re one step closer to actually buying.  However, if the interior is a mess, it could blow the whole deal.

Here’s a checklist to make your home’s interior buyer ready:

1. Make sure the front door doesn’t stick
2. Test windows to ensure they open and close easily
3. Wash windows inside and out
4. Move pets and pet supplies to a temporary home
5. Fix leaky faucets 
6. Update fixtures on your cabinet hardware and door knobs
7. De-clutter closets and cabinets (yes, people open them!)
8. Replace or repair cabinet doors
9. Clean grout 
10. Wash the walls if not repainting
11. Repair cracks or holes in the wall
12. Paint walls a neutral color
13. Remove personal items, such as knick-knacks and personal mementos
14. Clean the fireplace
15. Have the chimney professionally cleaned
16. Remove clutter from countertops, tables and shelves
17. Steam clean the carpets
18. Scrub all appliances
19. Clean cobwebs and dead bugs from light fixtures and ceiling fans
20. Make sure every light has a working bulb
21. Degrease the stove and oven
22. De-clutter and clean the attic, basement and garage
23. Make sure crawl spaces have crawl space waterproofing  
24. Remove excess furniture
25. Rearrange remaining furniture in good proportion (Or hire a home stager)
26. Clean the drapes
27. Replace broken panels for electrical switches and outlets
28. Wipe down baseboards
29. Clean and wax linoleum floors

While each of the homes for sale in Southeast Michigan is unique, with different selling points and selling problems, this list is a good start for any home.

If you’re ready to sell your home, I can help. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

Many real estate aficionados worried that the ending of the homebuyer tax credits would mean an end to sales. However, a new real estate survey, conducted April, 2010, says homeowners with a home for sale in Southeast Michigan and throughout the nation have more chances to sell their homes.

Survey Group

• 1,000 American consumers
• Ages 25 – 64
• $35,000 + household income

Survey Results

• Over 90% of American consumers think the homebuyer tax credit program helped the real estate industry and first-time buyers.
• 65% actually looking for a home don’t consider the end of the tax credit program to be a factor in their own decisions.
• 46% expect area real estate prices to increase over the next year.
• 12% expect area real estate prices to decline over the next year.
• 79% expect to see an increase in prices over the next five years.
• 20% expect prices to rise significantly over the next five years.
• 75% of renters think renting isn’t as good a long-term choice as owning a home.

How You Can Benefit
As the survey shows, there are still plenty of interested buyers out there.  You just have to know where to find them.

Talk with your agent about which markets are hot in your area. For instance, have older individuals been buying in the area more than young families or vice versa? Maybe energy efficient homes have been selling better. Find out what your home for sale in Southeast Michigan has going for it that matches those hot markets.

Most importantly, don’t give up. Buyers are out there and consumer confidence is rising, which means nothing but good things for the real estate market and homes for sale in Southeast Michigan.

Want to work with an agent who can identify and target hot markets for your home?  Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

It’s open season on homes for sale in Southeast Michigan, and no hunting license is needed. You might want to wear bright orange jackets if you’re a seller, though. It’s a buyer’s market and, in this case, you want the house hunters to see you.

Now, you can only take the hunting analogy so far; I don’t think you’d appreciate being hung on a wall as a trophy. You will appreciate hunters setting their sights on homes for sale in Southeast Michigan, however. Here are a few tips to ensure that your home is the one they target:

Stand out in the open
To put it simply, buyers are using more and more technology nowadays. Obviously, you, as the seller, want to be where the buyers are, right? Embrace the Internet. Twitter, Facebook, blogging and other forms of social media are some of the ways successful sellers have managed to garner attention. So, start networking online, or hire an internet savvy real estate agent to do it for you.

Use an agent
This may sound self-serving; I am, after all, a real estate agent. However, while you may be trying to figure out whether you really want to pay commission fees, also consider this. Agents have access to many places that do it yourself sellers don’t, such as MSN Real Estate, Yahoo Real Estate, their MLS listings and Realtor.com. Buyers do have access, and they’re looking. As the seller, you want as much exposure as possible, and agents can get it for you.

Make affordable repairs
If you can afford to replace a worn out faucet, do so. If you can replace bad flooring, do it. Whether it’s plumbing issues or light switches, big or small, make the repairs you can afford to make. Then, and here’s the secret, advertise:  “All new fixtures!” or “Brand new flooring!” Sharing what you’ve done to make the house more attractive is like waving a red flag and, when you’re talking about house hunting, this is a good thing.

Add field dressing
Okay, perhaps that goes a little far with the hunting analogy. Basically, in a tough buyer’s market, presentation is everything. Have strong curb appeal outside. Get rid of personal clutter inside. Stage the rooms and clean, clean, clean. It’s a beauty contest.  Dress your home accordingly.

Putting these tips into action will greatly raise the chances of taking another home off the list of homes for sale in Southeast Michigan.

If you’re trying to sell your home and need an internet savvy agent, 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

If you have one of the homes for sale in Southeast Michigan or anywhere else in the U.S., you may have heard of the term “disclosure.”  What is it, why is it important, and what does it entail?

What is disclosure?
First, disclosure is the act of informing a buyer about any issues that your home for sale in Southeast Michigan may have. For instance, if the home has water damage in the basement, you may have to tell the potential buyer about it. I say, “may have to,” because in some states disclosure is a legal issue. In some states, not disclosing issues may be illegal, while in other states, non-disclosure is perfectly legal.

Why is disclosure important?
Real estate transactions are fraught with pitfalls, many of which can end with a lawsuit. Non-disclosure is one of the pitfalls. Several sales throughout the years have ended in non-disclosure lawsuits, where the homebuyer believes, basically, that the homeowner knew a problem existed. The seller didn’t let the buyer know about the issue, which left the buyer feeling as if they’d been scammed – thus, the lawsuit.

What should I disclose to the buyer?
Many real estate agents (including myself), follow a simple rule when it comes to disclosure. “If you wonder whether you should tell the buyer about something, you probably should.” While disclosing problems may mean a lower sales price, not sharing may have you paying more than you ever wanted to in legal fees.

Some things, such as a violent death in the house, have a statute of limitations in most states. For instance, with few exceptions, California Civil Code 1710.2 requires that you tell the potential buyer if the death happened less than three years prior.

Certain disclosures are required, such as lead based paint, the presence of asbestos, or if there’s ever been toxic mold or termites. The rest of the requirements vary from state to state.

As you can see, disclosure isn’t a minor issue. What you have to share versus what you should share, however, all depends on whether you have a home for sale in Southeast Michigan or elsewhere in the U.S. If you’re up front, you’ll have a much better chance of keeping the money you made off the sale, versus spending it in legal fees.

If you’re trying to sell your home, 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

A short sale happens when a lender agrees to accept less than the balance remaining on a home. It is a way for sellers to avoid foreclosure and put their home on the list of homes for sale in Southeast Michigan.  

It seems like a good idea for people who owe more on their home than it’s worth, but that doesn’t mean it is right for everyone. Should you consider a short sale on your home?

Pros to doing a short sale: 

• You will be able to sell your property, get out from under a mortgage you cannot afford and lower your debt.
• You can still sell your property in a declining real estate market, even if you owe more than the home is worth.
• Buyers sometimes get good deals on the property or may be able to buy one of the homes for sale in Southeast Michigan at market value in a popular area they couldn’t previously afford.
• While a short sale isn’t ideal, it is typically better than a foreclosure which stays on your credit report for 10 years.
• If your home goes into foreclosure and is sold at auction for less than the mortgage, you can still be held responsible for making up the difference.

Cons to doing a short sale:

• The lender may refuse to do the short sale, or they may still hold you responsible for the remaining debt.
• The bank’s loss is considered taxable income for you, and you may have to pay taxes on the amount.
• Short sales do stay on your credit report and may make it difficult for you to a get loan in the future.
• You may have to find a real estate agent willing to work for a smaller commission.
• Short sales take longer to close than traditional home sales.

Homes for sale in Southeast Michigan
Are you ready to sell your home?  I can help you decide if a short sale is right for you. Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information about your selling options.

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

Do you have one of the homes for sale in Southeast Michigan?  Not everyone decorates their home for Valentine’s Day, but enough do that it brings to mind the question, “How much decoration is too much when your home is for sale?”

Decorations, although beautiful to you, are a matter of personal taste and style. Since this is a buyer’s market, something as simple as the wrong decorations can push a potential buyer from saying “Yes!” to saying “No.”

Rules for Decorating Homes for Sale in Southeast Michigan
Here are a few tips on decorating for Valentine’s or any other day when you’re trying to sell your home:

• Choose decorations that are small and unobtrusive. Large decorations put too much emphasis on themselves. When you’re trying to sell your home, these take away from the overall appearance of the interior.
• Finding buyers is all about allowing them to see themselves living in the home. When choosing your decorations, or deciding to decorate at all, keep this firmly in mind. Ornamentation made of bright colors may be fun, but can also be overwhelming.
• If you’re ever at a loss on how to decorate or stage a home for sale,  take a trip through furniture stores. Stores that sell furniture often have furniture set up in “living” displays so people can see what the pieces look like together. Look at the displays, take pictures and notes, and then apply the knowledge you gain to make your own home look like a display.

Decorating and staging correctly can make a huge difference on how buyers see homes for sale in Southeast Michigan. The few tips above can help make your home shine.

Ready to sell your home?  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

You’ve listed your property. You’ve spent your weekends with people traipsing through your home. You’ve done everything you can and your Southeast Michigan real estate in Oakland County is still sitting on the market while others around you are selling. Why won’t your home sell?

You’ve cleaned your home—you think. Let’s examine a few areas many people overlook:

• Did you stuff all your stuff in cabinets thinking no one will be bold enough to open cabinets and look inside? Hum… maybe. Maybe not. Lots of people open drawers, cabinets, and definitely will look in closets, so don’t stash all your stuff in closets. Besides being untidy it is likely that overstuffed closets  will fall out in an avalanche when an unsuspecting buyer happens to peek.

• Are there dirty dishes stacked up, clothes in the laundry baskets, or used towels all over the bathroom? Just because you have to live in your Southeast Michigan real estate until you sell it doesn’t mean it looks good to your buyers. The ‘lived in’ look only makes your home look comfortable when friends and family visit, not prospective buyers.

• Does your loving pet adore your visitors? Even the most well-behaved dog or cat may be a distraction. Not everybody is a pet lover, and even if they are they don’t want to have to deal with your pets while viewing a home.   Have your dogs and cats in their crates when buyers come to see your Southeast Michigan real estate listing.

• Is the lawnmower sitting on the patio, the pool skimmer lying on the lawn, the kid’s bikes piled up in the driveway? The inside of your home isn’t the only place that shouldn’t look ‘lived in’ when you are showing your home to the public.

Little things mean a lot. Don’t let those little nail holes, stray wires from a removed fixture, or coffee stains on the carpet go unheeded. Your buyer is not going to want to fix those things when they move in. And, it makes potential buyers think that if minor repairs haven’t been taken care of, most likely, major repairs have been let go also.  Take the time to do minor home fix ups and make your house look as inviting as possible.

If you’d like more tips like this, subscribe to my blog.  You’ll get a couple of new tips automatically emailed to you each week.

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