Lee Morof's Real Estate Blog

Oakland County MI short sales are used by homeowners to prevent losing their homes to foreclosure.  When you see an advertisement for a short sale, the home is in pre-foreclosure.

What is a short sale? It is an agreement between the sellers of a home in the beginning stages of foreclosure and their lender which allows the home to be sold for less than the existing loan balance. If an agreement is reached by all parties, a short sale could save the sellers’ credit by avoiding a foreclosure.

A short sale is not a short process, however.  It is a lengthy process with many legal and financial aspects.

The basic short sale process flows as follows:

• The seller contacts the lender to discuss the possibility of a short sale.
• The seller issues a letter authorizing release of the loan and property information to the buyer or escrow agency.
• A settlement statement is reviewed by the lender. The statement includes the proposed selling price, the amount left to be repaid and itemized expenses.
• The seller completes a hardship letter for Oakland County MI short sales, including a description of all the financial difficulties the seller is going through.  The lender validates and confirms all financial difficulties.
• The seller provides the financial documents including paycheck stubs, bank statements, a personal financial statement, monthly budget assessment and anything else required by the lender.
• Once approved, the buyer can proceed with the purchase.

What are the benefits of a short sale?  The seller is relieved of the debt they cannot afford, a foreclosure proceeding by the lender is avoided and the buyer purchases the home at a discounted price.

Whether you’re a seller who is interested in selling your home as a short sale or a buyer who wants to purchase a Oakland County MI short sale, I can help. Please call me 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
Call:  248-514-2640
www.NorthWoodwardHomes.com

In today’s precarious job market, many luxury homeowners are finding they can’t afford their massive, custom-designed properties any longer. As the once rich are having to quickly sell or abandon their Southeast Michigan real estate, you might be able to snag a good deal on a distressed luxury home.

There are many horror stories associated with national and Southeast Michigan short sales and foreclosures, but if you do your research, are patient and can act quickly, you might be able to purchase the home of your dreams. If you want to take advantage of this sour market, then consider the following guidelines — and happy house hunting!

• Find an agent who has experience with distressed real estate. Interview Southeast Michigan real estate agents to find out their history of dealing with foreclosures and Southeast Michigan short sales.
• Research comparables. Investigate to make sure it’s actually a good deal by looking at other luxury homes that have sold in the area. Your agent can give you invaluable information on comparables.
• Be patient. It’s easy to get anxious when it comes to making such a large purchase, but remember that these properties are in turmoil — which can take some time to resolve.
• Hire a home inspector. If you’re going to be investing big bucks, pay a home inspector up front to check out the home. Just because it’s a luxury property doesn’t mean that it hasn’t been neglected for the past couple years. You’ll want to know what kind of damage and repairs you’ll be dealing with.
• Make an offer quickly. Other potential buyers and real estate investors will be keeping an eye out for enticing properties, so be ready for competition.
• Have your finances together. Pay as much as possible in cash. It will be more enticing to the lender, who actually makes the final decision on a short sale or foreclosure.

If you want to purchase luxury Southeast Michigan real estate at a great price, consider distressed properties going to a short sale or foreclosure. As a Certified Distressed Property Expert and Attorney, I can help you navigate any type of real estate transaction.  Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com, if you’re ready to start looking or would like more information.

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

As the need for home loan modifications has increased, so has the number of home loan modification scams.  Like all scams, they aren’t always easy to detect.  To help you identify loan modification scammers, here are five things to watch out for:

1. Asking for payment up front. This can be masked as a house payment, insurance payment or a deposit. No matter what they tell you it’s for, do not give it to them in advance of work being performed and Bloomfield Hills real estate contracts being signed.  If you do give payment up front, at best, you’ll pay for work that could have been done for free through other non-profit organizations or loan modification assistance programs. At worst, no work will be done, you’ll never see your money again, and you’ll no longer have time to save your Bloomfield Hills real estate from foreclosure.
2. Guaranteeing a loan modification. Legitimate lenders and HUD officials never guarantee they can do this for you.  They only tell you they will do their best to help.  Do your research.  Type the name of the company into a search engine along with the word scam.  The results may surprise you.  Call the Better Business Bureau to see if the company has any complaints against them.
3. Telling you to send your mortgage payment somewhere other than to your lender. Never ever send your Bloomfield Hills home mortgage payment to anyone other than your mortgage lender. As soon as you have trouble making your monthly payment, contact your mortgage lender.
4. Offering government-based loan modifications. Government agencies do not make calls like this. Contact your mortgage lender and ask whether you qualify for any government programs to prevent foreclosure.
5. Asking you to give out personal or financial information.  Do not give this information over the phone or the internet without verifying this is a company you are familiar with. Don’t click on a link sent to you in an email – find and type the web address in for yourself. Don’t give info to someone who initiates a phone call to you – look up the number yourself and call them.  Most scams happen via the phone or the internet; however, some scammers visit you at your home, so don’t give your information to anyone knocking on your door, either.

You can learn more about how you can protect yourself from loan scams at LoanScamAlert.com.

If you’d like to talk about options for selling your Bloomfield Hills real estate (whether as a traditional sale or as one of the Southeast Michigan short sales), as a Certified Distressed Property Expert, I would be happy to 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
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

No doubt you’ve heard about the rising number of Oakland County MI short sales and foreclosures.  If you’re thinking that now would be a good time to jump on the bandwagon by purchasing one of the Oakland County MI short sales or foreclosures, here are a few tips to help you find (and buy) your dream home.

Lee Morof is a Oakland County Michigan Certified Distressed Property Expert

Arrange for Financing
Know how much home you can afford so you can determine your price range.  You don’t want to waste any time looking at property that won’t fit your financial needs.  If you do, you might even miss the deal you’re looking for.  Many lenders will pre-qualify you.  The process doesn’t take long and you’ll be able to look at Oakland County MI short sales and foreclosures with confidence.

Get a List of Available Properties
Your number one best resource for Oakland County MI short sales is your real estate agent who is able to guide you to the properties that best fit your needs as well as show you the properties.  Your local bank should be able to give you a list of homes that have been foreclosed on.

Research Your Favorites
Narrow down the list to your favorite properties.  Then, investigate the homes and the areas they’re in because the neighborhood has an impact on the value.  In addition, carefully assess the properties for damage and calculate the cost of the repairs.  After you’ve done the math, pick the house that suits your needs.  If you don’t want to do all the assessments and make all these decisions on your own, work with a professional southeast Michigan real estate agent who can guide you through this process.

It’s Time to Make a Bid
Okay, you’ve found the property you want to buy.  What should you do now?  It’s time to put in a bid on the property.  If you aren’t comfortable negotiating (or if you aren’t good at it), let your real estate agent place your bid and negotiate the deal for you. If you need to move quickly, be aware it will probably take longer to close on a short sale property.

Ready to get a great deal on one of the Oakland County MI short sales or foreclosures?  I am a Certified Distressed Property Expert and I can help!  Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Are you looking for the ideal home for you and your family?  You may find yourself trying to decide between two similar homes, one being an Oakland County MI short sale property.  You could have worse problems than this on your search for the perfect home, but how do you decide which home is better for you and your family?

Here are  a few primary points to consider:

1. Location. This is where you are going to live. You need to consider how far away it is from work, schools, and shopping. You probably want to do as little driving as possible. A home close to where you will be spending your time away from home may be the better choice for you. 
2. Home repairs. What will you need to do to the home once you move in? Think about the time and money you will have to invest in the home before making your decision. One of the homes might be in slightly better shape, and may be the better option for you so you can concentrate on getting settled in your new home after moving in.
3. Age of appliances. This can make a big difference in your choice. Do you really want to have to replace the appliances soon after you move in? You might be better choosing a home with newer appliances.
4. Hobbies. Is there a car lover or avid crafter in your family? Look at which home has the most to offer these people. Perhaps one garage has been expanded or has built-in work benches. Maybe a closet already has a space to organize craft supplies. 
5. Time to complete the sale.  If you need to move in a short time frame, buying an Oakland County MI short sale property may take longer to complete the real estate transaction. 

Let me help you find the home that best fits your lifestyle. If you’re looking to build value in one of the Oakland County MI short sales or a foreclosure, I can help!  Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Spring has arrived and hopefully homeowners have managed to avoid the long winter of foreclosure madness and can finally see the light of spring. 

For the past three years, the economy has forced more and more Michigan homeowners to go into foreclosure or decide to sell their property as a short sale house in SE MI.  With layoffs, hiring freezes and pay cuts, owners’ once-secure homes can be put into a precarious predicament. If you find yourself in a place where you can’t pay your mortgage, know that there are options other than just letting foreclosure take hold. Here are a few strategies for holding on to your house or getting the most from it.

• Refinance your loan – Talk to your lender to find out if you can refinance your loan at a lower rate — your monthly mortgage payments could become much more manageable.
• Sell the property – While your home might not have appreciated as much as you’d hoped, at least you’ll get your finances under control and reduce your stress.
• Sell Short Sale – Consider selling as a short sale house in SE MI.  If you owe more on your mortgage than the home is worth, the lender may agree to a short sale which is preferable to a foreclosure.  You’ll need to find an experienced Certified Distressed Property Expert with specialized training in short sales and the complex issues they present.  
• File for bankruptcy – You can halt an imminent foreclosure by filing for bankruptcy. An automatic stay will be granted, and while this doesn’t guarantee that homes are safe, it does give owners precious time.
• Discuss a deed in lieu of foreclosure – Make a trade with your bank. It will get the deed to your property if you’re absolved of all debt owed on the home. This is especially advantageous if you owe more than what your house is worth.
• Ask for forbearance – If your lender agrees to forbearance, they are giving you a grace period to catch up on all your bills without threatening foreclosure.

If you receive a notice of default, don’t immediately give up! There’s still time for you to get your finances under control or at least reclaim some of your equity.

If you need to sell your home, I can help.  I’m not only a Certified Distressed Property Expert with experience in handling short sale houses in SE MI; I’m also a licensed Michigan attorney with extensive legal experience.  

Give me a call today for more information about how you can avoid a foreclosure, 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
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com