Archive for December, 2011

Learn the Bloomfield Hills Real Estate Basics of Concurrent Ownership

Posted in Bloomfield Hills Real Estate by Michigan Real Estate Expert on December 29th, 2011

If you’re looking to purchase Bloomfield Hills real estate, you’ll probably come across many terms you don’t know — including concurrent ownership. This essentially means that more than just one individual can own property. You might be extremely interested in the details of concurrent ownership if you’re purchasing a property with another person, are married or have children.

It’s always good to educate yourself, so that you can assess all the options and maybe show off to your Bloomfield Hills real estate agent and loved ones if you happen to come across this term during your house hunt. Below is the basic breakdown of the four main types of concurrent ownership.

  1. Joint Tenancy with the Right of Survivorship – This means that owners retain equal share of the property. In the event that one of the owners dies, their share of the property is distributed equally among the remaining owners. Be sure to use specific language in your deed or will, otherwise the property might be considered tenancy in common.
  2. Tenancy in Common – One or more people own the property, but the shares might not be equal. Also, if one owner were to die, the property would be passed by will or inheritance, and not necessarily to the other owners.
    3. Tenancy by Entirety – This type of concurrent ownership is usually between a husband and wife. It states that the entirety of the property passes to the spouse upon one of their deaths. A divorce in most cases will change the tenancy of entirety to tenancy in common.
  3. Community Property – Not all states recognize this type of joint ownership. However, if your state does, then all property acquired during a marriage is communal, while anything owned before the union or that has been inherited or gifted would remain separate property in the case of divorce.

By knowing the definition of concurrent ownership, you’ll be able to ensure that any communally owned property will be distributed the way you see fit in the case of an unexpected death.

Whether you’re thinking about purchasing Bloomfield Hills real estate by yourself or with multiple people, I’d love to help. 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
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

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Southeast Michigan Real Estate Urban Legends

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on December 26th, 2011

Urban legends can be found within every industry, and Southeast Michigan real estate is no exception. Getting a big discount because a home needs minor repairs or being able to acquire 100 percent financing in a snap definitely isn’t as easy as it sounds and is probably just what you think — a big fat myth.

Whether you’re an experienced buyer or it’s your first time purchasing Southeast Michigan real estate, do your research and don’t get sidetracked by enticing fables that might cause you to miss out on your dream home. Below are three debunked mortgage urban legends that have been plaguing the industry for years.

  1. You can get a foreclosed home for almost nothing. While foreclosed homes do tend to sell consistently lower than other homes on the market, they’re not always a great deal. Banks are required to sell a property as close to fair market value as possible, and only drop the price in small increments after 60 to 90 days. Foreclosed homes are also usually in worse repair and banks are less likely to negotiate on them.
  2. As a first-time homebuyer, it’s easy to get 100 percent financing. While some homebuyers might be nostalgic for the subprime mortgage era when anyone could obtain full financing — that just isn’t the case any longer. While there is assistance out there, most first-time buyer programs require that you put down a certain amount.
  3. A fixer-upper means a lowball offer. Gone are the days when just because a home needed a little cosmetic help you could make an incredibly low offer. Don’t do it because you’ll get rejected, and the buyer won’t take you seriously.

The market may be down, but that doesn’t mean you’re going to walk away with a steal. Save your money, keep your credit score in check and don’t fall prey to any of these common Southeast Michigan real estate urban legends.

If you’re in the market for a new home or you’d like to hear about more urban legends that buyers typically fall for, please call me 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
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

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Bloomfield Hills Real Estate: Home for the Holidays

Posted in Bloomfield Hills Real Estate by Michigan Real Estate Expert on December 22nd, 2011

As a Bloomfield Hills real estate agent, I spend a lot of time rushing in and out of homes. It’s easy for me to get caught up in the hustle-bustle of Bloomfield Hills real estate transactions, and I forget to slow down to appreciate the pleasure of owning a home. So today, I want to take a moment to reflect on the home aspect of real estate.

My job (one I love) is to help people just like you find the perfect Bloomfield Hills real estate that suits their lives.  Once you move in, you make that house into a home. 

Holiday Traditions 
Your Bloomfield Hills home is where you and your loved ones celebrate holidays and where you create and continue family traditions. Whether you deck the halls with layers of tinsel and wreaths or have the whole family over to spin Hanukkah dreidels, the spirit of the season comes from the energy of the people gathering together in your home. 

Season of Family Warmth
While you’re making your famous sugar cookies or spiking your secret-recipe punch with extra holiday cheer, pause for a moment to enjoy the warmth and beauty of your Bloomfield Hills home. My wish for you is that you live every day like it’s a holiday, being thankful and spending time with loved ones.

Happy Holidays!
May your home be filled with the joy of family and friends this holiday season. There’s truly no place like home for the holidays!

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

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Changes in the National and Southeast Michigan Real Estate Market You Need to Know Before Selling

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on December 19th, 2011

The data from the 2011 National Association of REALTORS® Profile of Home Buyers and Sellers is now available. Here are the significant changes you need to know that will help you market your Southeast Michigan real estate and get it sold:

  1. Most buyers are married: 64 percent of all buyers are married couples (up five percent from 2010), 18 percent are single women, 10 percent single men and 7 percent unmarried couples.
  2. Your property is competing against 12 other homes: Buyers searched a median of 12 weeks and visited 12 homes, both unchanged from 2010.
  3. Multiple bedrooms and bathrooms are preferred: The typical home had 3 bedrooms and 2 bathrooms.
    4. Most buyers want single-family homes: 77 percent of respondents purchased a detached single-family home, 9 percent a condo and 8 percent a townhouse or rowhouse.
  4. You need to promote your home to buyer’s agents: 60 percent of buyers working with real estate professionals were represented by a buyer’s agent.
  5. Hire a Southeast Michigan real estate agent to sell your home: 87 percent of home buyers use real estate agents to find their home. 91 percent of buyers who used the Internet to search for a home purchased through a real estate agent.
  6. Market your home online, with yard signs and at open houses: When buyers were asked where they first learned about the home they purchased, 40 percent said the Internet; 11 percent said a yard sign or open house.

Want to work with a Southeast Michigan real estate agent who knows how to market your home to get it sold? Let me show you my proven marketing plan. Schedule an appointment with me today by calling me at 248-514-2640 or emailing 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

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Top 4 Facts You Need to Know If You’re Considering Selling Your Royal Oak Michigan Home for Sale by Owner

Posted in Royal Oak Michigan Homes for Sale by Michigan Real Estate Expert on December 15th, 2011

Should you try to sell your home on your own as a Royal Oak Michigan home for sale by owner (FSBO)? The 2011 National Association of REALTORS® Profile of Home Buyers and Sellers has new information about FSBOs which can help you decide if you should try to sell your home without the help of a real estate professional.

Here are the top 4 facts you need to know if you’re considering selling your Royal Oak Michigan home for sale by owner:

  1. It’s harder to sell your Royal Oak Michigan home for sale by owner in today’s market. FSBO transactions accounted for 10 percent of sales. That’s slightly above the record low of 9 percent in the 2010 study, but well below the record high of 20 percent set in 1987. The share of homes sold without professional representation has trended lower since 1997.
  2. If you know someone who wants to buy your home, you’ll be more likely to be able to sell it on your own. Many FSBO properties are not sold on the open market. Factoring out private sales between parties who knew each other in advance, the actual number of homes sold on the open market without professional assistance was 6 percent.
  3. If you’re good at attracting buyers, pricing your home and filling out paperwork, selling your Royal Oak Michigan home for sale by owner may be the way to go. The most difficult tasks reported by unrepresented sellers are attracting potential buyers, getting the right price, and understanding and completing paperwork.
  4. Hiring an agent still gives you the best chance of selling your home. 89 percent of buyers used real estate agents and brokers. 7 percent bought directly from a builder, and 4 percent purchased a FSBO.

Ready to hire a real estate professional to get your home sold? Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to discover how I can help you.

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

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Bloomfield Hills Real Estate Tips to Keep Your Home Safe During the Holidays

Posted in Bloomfield Hills Real Estate by Michigan Real Estate Expert on December 12th, 2011

Holidays are full of joy and family fun – and potential hazards all about. Bloomfield Hills real estate homeowner can keep harmony and health in their home this season, by keeping these safety tips in mind:

  • Sparkly, Not Sparking, Electrical Safety: Plugging extension cords into extension cords into extension cords to create a wire farm of electricity can be a fire hazard. Blown circuit breakers are one sign that you’re overloading the capacity of your home. Don’t wait for the sparks. If you are using lights outside, make sure that they are approved for outdoor, all-weather use for your Bloomfield Hills real estate.
  • Season of Light, Not of Fire: Never leave candles burning unattended or where pets or children can knock them over. Period. Flames are lovely only when contained to fireplaces and candlestick holders.
  • Balance in All Things: As you decorate your Bloomfield Hills real estate with wreathes, ornaments, and nativity scenes or menorahs and dreidels, consider where and how you are piling them. Too many items perched on tabletops and mantles and dangled from wafer-thin supports may become unstable. If you have to add the word “probably” before “it’s secure,” re-do your approach.
  • Poison Control: Poinsettias, for instance, can be lethal for pets. Mistletoe is good for stealing kisses under but poisonous if eaten. Think about who and what has access to and interest in any new plants, foods, toys, or decorations you’re putting out for the season. Spot, Kitty and the kiddies may think new items look appetizing, from tinsel to food-shaped ornaments. 
  • Respect the Power of Tools: If you only take your chain saw out once a year to cut the bottom off the tree, take a moment to review the manual and find your safety goggles. Hint: the electric knife for the turkey should not be plugged in and left out.

The holiday season can be the harried and hurried season too. Be sure to take the time to make sure everyone survives the holidays in health and happiness.

If you’re thinking of starting the New Year in a new home and you’re interested in looking at Bloomfield Hills real estate or other communities in Oakland County, call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com to start the ball rolling.

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

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Bloomfield Hills Real Estate: Ask Santa to Splurge on Space-Expanding Strategies for Your Home

Posted in Bloomfield Hills Real Estate by Michigan Real Estate Expert on December 8th, 2011

During the holidays, Bloomfield Hills real estate homeowners may find it hard to insure their home is put together for impromptu parties and visiting family. With all the extra decorations and presents that appear, there never seems to be enough room to keep your house organized and uncluttered. This year, you might consider asking the big man in red for the gift of orderliness.

Instead of asking Santa for the usual new clothing, sports gear or electronics, maybe you should ask him to splurge on even one of the space-expanding strategies below. It might take a little bit of an investment, but you’ll add value to your Bloomfield Hills real estate. Your home’s interior rooms will appear larger and it will be bought up quickly when the time comes to sell.

  • Build a front porch. Extending your entrance out under eaves will improve curb appeal, add charm and create more of an entry space to place coats, boots and umbrellas — which means they’re not lying around your kitchen.
  • Order a counter-depth fridge. By purchasing a fridge that aligns with your counters, you’ll keep your kitchen looking sleek and avoid running a hip into an appliance that juts out into the walkway.
  • Repurpose an extra too-small bedroom. If there’s a tiny bedroom next to the master, then you might want to consider repurposing it as a walk-in closet or en-suite bathroom. Not only will you have the luxury of more storage, but you’ll also add (especially with another bathroom) value.
  • Take advantage of the attic. Open up a one-story house’s kitchen or give the master bedroom a vaulted ceiling by lifting the existing one into the attic. You can put in recessed lighting, add a top row of cabinets or install a skylight to let in extra light.

You don’t need to ask Santa to bring you an entirely new house, just see if he’ll splurge this holiday season on luxury space expanders that open up and add value to your property.

If you’re looking for more ways to invest in your Bloomfield Hills real estate or would like to move to a larger home, 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
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

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Royal Oak Michigan Homes for Sale: Holiday Cheer Could Help Sell Your Home

Posted in Royal Oak Michigan Homes for Sale by Michigan Real Estate Expert on December 5th, 2011

A cozy fire, the smell of pine trees and a plate of warm cookies might be all it takes for buyers to envision themselves celebrating many holidays in your Royal Oak Michigan home for sale. So take the time this season to channel Mrs. Claus and cheerfully enhance your house for the holidays with these festive tips:

  • Deck the Halls – While you want to remind some buyers of their yearly traditions, you don’t want to offend others. If you usually go overboard with decorations, tone it down a little this year and go for a winter nature theme — think pinecones, snowflakes and the smell of cinnamon.
  • Spruce Up the Winter Curb Appeal – In the dead of winter, yards can look barren and bleak. Don’t add to the seasonal depression. Ensure you shovel snow, rake fallen leaves and clear dead flowers from their pots. Also, with dark settling so early, turn on both indoor and outdoor lights to give your Royal Oak Michigan home for sale a cozy glow.
  • Host a Holiday Open House – With your house in the season’s spirit, it’s the perfect time to have interested buyers walking through. Offer fresh baked cookies and apple cider to seal the deal.
  • Be Flexible – Put in the extra effort to keep your house clean so that buyers can drop in anytime. Property purchasers looking at this busy time of year will be seriously interested — and you might be one of the only houses open to them.

By adding a little holiday cheer to your Royal Oak Michigan home for sale, you could remind potential buyers of happy memories and put them in the giving — or hopefully, buying — spirit.

If you would like more tips to get your home sold during the holiday season, please phone 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
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

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How to Avoid Paying Private Mortgage Insurance on Your Southeast Michigan Real Estate

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on December 1st, 2011

If you get a mortgage for more than 80% of your Southeast Michigan real estate’s fair market value, your lender will require that you pay Private Mortgage Insurance (PMI). PMI payments are expensive at about 0.5% to 1% of the entire loan amount on an annual basis.

Buying Southeast Michigan Real Estate

Obviously, it would be a good thing if you didn’t have to pay PMI. To help you achieve that goal, here are several tips to avoid paying PMI on your Southeast Michigan real estate:

  • Save for a big down payment: The easiest way to avoid PMI is to have a down payment of at least 20% of the value of the home you want to purchase.
  • Borrow to get 20% down: Check with friends and family for down payment assistance. You can offer repayment with interest and still never pay what you would have to for PMI.
  • Get a Second Mortgage: Getting a second mortgage to cover the difference between your down payment on your first mortgage and the 20% threshold for your PMI can make a substantial difference in your monthly payments. Talk to a qualified mortgage professional to discuss your options.
  • Pay More Interest: Some lenders will waive PMI if you agree to a higher interest rate. Again, discuss your options with a mortgage professional.
  • Consider a Less Expensive Home: This goes back to being able to hit that 20% threshold. As we’ve all seen in this tough economy, stretching beyond your means can have dire consequences if your circumstances change. Consider if you really need that extra bedroom and extra expense. If you haven’t saved enough to afford an expensive home, downsize your expectations and buy within your means.

If you’d like a referral to an outstanding mortgage professional or need help finding a home that fits your budget, 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

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