Lee Morof's Real Estate Blog

Buying a new home isn’t a sprint; it’s a marathon. When you find the Southeast Michigan real estate of your dreams and place an offer that is accepted, don’t assume the marathon is over — there are many more miles you must travel before closing.

Here are four steps to take after the contract is signed:

1. Be prepared for your earnest money or escrow deposit to be cashed. This money can be anywhere from $1,000 to three percent of the price.
2. Go over disclosures with a fine-tooth comb. Your agent will help you identify any red flags. Then, you want to familiarize yourself with the home’s history, zoning district and past building permits. Ask questions about anything you don’t understand.
3. Negotiate with your bank. It’s time to lock in an interest rate with your lender. You might have gotten pre-approved beforehand, but now you actually need the loan.
4. Schedule a property inspection. Attend the inspection, and come prepared with a list of questions for your home inspector. The point of this appointment is not just to highlight major issues, but also to familiarize yourself with the short and long-term maintenance of your new Southeast Michigan real estate.

Don’t get derailed by unexpected costs and time-consuming tasks that come after you sign a contract. You’ll want to be mentally and financially prepared so that you can close smoothly and move into your new Southeast Michigan real estate quickly.

If you’d like more information about what happens before closing, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney Lee Morof
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

Figuring out how much to offer for the Southeast Michigan real estate in Oakland County you have decided to buy can lead to sleepless nights. You don’t want to offer too little and lose the home, but you don’t want to offer too much and overpay.

You may ask your real estate agent how much you should offer. Real estate agents can guide you, the buyer, but don’t expect the agent to name your price. Your agent will suggest price ranges and offer market information to help you make your decision, but the final price is your decision.

Why don’t real estate agents simply tell you exactly what you should offer?

• They aren’t mind readers. Yes, real estate agents have more knowledge about the market value of real estate than non-real estate professionals. That doesn’t mean they can get inside the minds of the sellers and tell you that magic number that’s not too high and not too low.
• They might recommend a price that is lower than the buyer is willing to take. If the agent suggests a price that turns out to be too low, some buyers blame the agent for causing them to lose out on the Southeast Michigan real estate.
• They might suggest a price that the seller snaps up. If your offer is immediately accepted, you may wonder if you could have offered less, or if the agent is working in the buyer’s best interest.
• It is not the agents’ purchase. It will be your home, not the agent’s, so the final decision is up to you.

A good agent will provide enough information to allow you to make the best offer possible based on previous sales in the neighborhood and market pricing.

If you’re interested in buying Southeast Michigan real estate, 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 
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

The closing is the final step in purchasing your Southeast Michigan real estate in Oakland County. The closing date is set during the negotiation phase and is usually several weeks after the offer is formally accepted. During the closing, the buyer and seller complete the purchase contract, and ownership of the property is transferred to the buyer.

Before the closing can occur, all the terms of the purchase contract must be met. As you can imagine, problems can come up which delay the closing.  Here are seven tips to ensure a smooth and problem-free closing on your Southeast Michigan real estate:

1. Communicate. Talk with all parties involved in the deal, from your agent to your lender, and discuss what to expect.  Get in touch with each of them to make sure they have everything they need from you for a hassle-free closing.
2. Do a final walk-through. Before you close, it’s critical to do a final walk-through to check that all repairs agreed upon were actually done. You also want to ensure that everything is in the state that you expect it to be in.
3. Anticipate errors in the paperwork.  There could be missing documents, typos and mistakes on the paperwork.  Before closing day, review all documents thoroughly to catch and fix mistakes.
4. Make sure the money is there.  Talk with your real estate agent to be sure that you will have the money you need, in the right form, at closing.
5. Ask your agent to attend the closing.  You want your trusted agent there to explain to you the purpose of each form you are signing, answer any questions you have and guide you through the process.
6. Expect the unexpected.  Read all documents before signing them.  Any corrections will have to be made before the closing can continue.
7. Plan to take the day off.  You do not want to be late to the closing or be worried about having to go back to work.

If you’re ready to work with a professional Southeast Michigan real estate agent who will guide you step-by-step through the home-buying process, please contact me.  You can reach me 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

Before Southeast Michigan real estate – or real estate anywhere, for that matter – was bought and sold, it was just… owned. “Possession is nine-tenths of the law.” If you wanted some land, you found it, fought for it and kept it. Legal rights weren’t even a thought.

A long, long time ago…
William, Duke of Normandy, felt he had a claim to the throne of England. King Harold Godwinson, crowned king in January 1066, didn’t much agree. While it took until October, William and Harold met on the battlefield at Hastings; Harold was killed, William moved on to storm London.

Upon his coronation, William became King William I of England. He then made a proclamation that went something like, “I came. I conquered. Give it.” William I claimed the complete ownership of all land in England based on right of conquest. He won the battle, so it only made good sense to claim the spoils, and possession equaled ownership.

English aristocracy and the feudal system began. Lords could bargain with the King, who then might make them tenants-in-chief through tenure, or estate. The most extensive and complete estate was called the Fee Simple Estate (also known as an estate of inheritance, fee simple absolute or fee ownership), the basis of our real estate laws now, in America.

When our British ancestors spread across the pond to American soil, they brought Fee Simple Estate with them. And, they claimed America by King William’s idea of “right of conquest.” However, they also developed the concept of an informal association of agents in the 1880s.

Inception of National Association of Realtors®
In 1908, they formed the National Association of Realtors® (NAR). At that time, the NAR had a whole 19 Real Estate Boards and one state association!

While the history of real estate associations probably isn’t that exciting, unless you’re trying to pass a test, modern real estate laws are based off that history.

Although things have changed in terms of law, they really haven’t changed that much in terms of conquest. Okay, so maybe now the army is real estate agents and the weapons are contracts, but you still have to fight for the land you want.

If you’re looking for Southeast Michigan real estate to buy and you’re feeling tentative, it’s time to buck up a little. Buying and selling is still a matter of conquest, and it can still get rough. Negotiations, for instance, aren’t usually quiet discussions over Earl Grey tea. Before you go house hunting, do yourself a favor and make sure you’re armed… with a good real estate agent.

If you’re looking for a great piece of land to call your own, 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

Have you been wondering if the National and Michigan real estate predictions for 2010 are true?  Is it possible this is the year to buy Southeast Michigan real estate? Why would 2010 be special? Well, let’s look at the current house hunting conditions, which might give some insight:

• Home prices are lower than they’ve been since 2003. According to the National Association of REALTORS® (NAR), the median price of homes in the U.S. was around $170,000 by November of last year.
• Fixed mortgage rates have almost reached record lows. Although they are subject to change from week to week, at the time of this writing, 15 year fixed and 30 year fixed mortgages were 4.45% and 5.06%, respectively.
• The high number of foreclosures has been painful for many homeowners. However, if you listen to the Michigan real estate predictions for 2010, there are many great deals for those who want to buy Southeast Michigan real estate, but don’t want to spend their entire life savings at once.
• The extension and expansion of the Obama administration’s homebuyer tax credit has been a driving force for many home sales. The government has handed out a large amount of tax credits to many first-time buyers, and will be paying out more as the purchase date draws closer.

So, is it the year to buy a house? Only you know for sure. The economy is up and running once again, but the unemployment rate is still at 10%, and may go higher. The answer to “can I buy a home” depends on whether you have a stable job or not; look at your industry, company and job before answering. The good news is that, while unemployment may still rise, it’s expected to level off and start decreasing mid-year.

For those who can afford a home, want to buy one, but are waiting for the bottom of the market, don’t wait too long. Michigan real estate predictions for 2010 say the Southeast Michigan real estate around the corner with the “SOLD” sign might have been your dream home!

If this is a good year for YOU to buy a 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

Although the housing market has had its fair share of ups and down, many home buyers, particularly first-time home buyers, are reaping the benefits. Are you thinking about purchasing Southeast Michigan real estate?  If you’re ready to look for a home, there are many good reasons to make your move today.  Here are six of them:

1. Low interest rates – Right now, interest rates are lower than ever before. This means you can get an extremely affordable loan and save big on interest payments.
2. Cheaper home prices – Not only are interest rates low, but homes all around are cheaper. Since the market is packed with homes for sale, selling has become harder. As a result, prices have fallen significantly, allowing you to get a more expensive home for less money.
3. Potential tax credits – As a first-time buyer, you could be eligible for thousands of dollars in tax credits. Best of all, you do not have to pay it back, as opposed to previous years.
4. Less competition – Many people no longer have the money to purchase homes, so fewer people are visiting model homes and open houses. This is great news for you.  If you’re ready to buy a Southeast Michigan real estate home, you don’t have to worry about floods of people bidding up the price on the property.
5. Huge inventory – With new homes constantly being built, not to mention an array of existing homes, you can take your pick from a wide variety of available properties.
6. Big bargaining power – Because so many people are trying to sell their homes, they’re more willing to be flexible. As a buyer, you could greatly benefit and may be able to save on closing costs,  upgrades, repairs and more.  Work with a skilled real estate agent who can negotiate a great contract for you.

If you have the funds to step out and purchase one of the many Southeast Michigan real estate homes for sale, now is the best time to take advantage of all the possibilities.  I’m ready, willing and able to negotiate the best price and terms for you. 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

The Southeast Michigan real estate market is a homebuyer’s dream right now!  Whether you’re looking to buy a new home or to buy investment property, it’s the perfect time.  Home prices are down, which means that well-informed buying could benefit you in the long run.  There are several tips I can offer you on how to get the best price when buying a home:

1. Shop around in the neighborhood where you’re looking to buy.  The only way to know if you’re getting a good deal is to look at home prices in the same neighborhood.  Ask your Southeast Michigan real estate agent for listings that are similar to the homes you’re looking at.  Evaluate the homes and their prices to ensure that you’re getting a good price.  Your real estate agent can help you with this evaluation.
2. Play the negotiator when writing your contract!  One way to try to bring down the price of the home is to offer a lower price on your contract.  Offering a slightly lower price than what the homeowner is asking is a place to start trying to save some money.  If the homeowner is firm on the listing price, you can look to cut costs in other areas.  One way you may be able to lower your cost is by asking the seller to pay your closing costs. 
3. Check how long the house has been on the market.  If a home has been on the market for an extended period, the homeowner is going to be more likely to lower the price.  A house that has not had any offers in a few months gives you, the homebuyer, an advantage.  The homeowner may be willing to lose a few thousand dollars in order to sell the property to you.

Especially now, it’s possible to get a good price in the Southeast Michigan real estate market.  But you’ll need an experienced real estate agent to find the best deals for your mortgage dollars.  I’m not your average REALTOR®; not only am I a licensed Southeast Michigan real estate agent, I’m also a licensed lawyer. 

Let me help you negotiate an excellent price for your new home.  Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com now to get started.

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