Lee Morof's Real Estate Blog

If you’re thinking about taking the plunge into homeownership, before you even start looking, talk to a qualified mortgage professional to get preapproved for a home loan. Armed with that information, you can make better decisions on the type of Bloomfield Hills real estate you can afford to buy.

Follow these steps to get preapproved for a mortgage:

1. Get referrals. Ask family, friends, neighbors and your Bloomfield Hills real estate agent for referrals to a lender with whom they have had a good experience. Talk to several lenders to compare service, rates and other options.
2. Review your credit report. If anything unexpected appears on your report, do what you can to resolve the issues before you apply for preapproval.  Lenders will review your credit report before preapproving you for a home loan.
3. Provide financial information to the lender. This usually includes documentation of your income, recent statements for all your checking and savings accounts, assets and debt (for instance, credit card debt and car payments).

Even though the preapproval process is rigorous, obtaining a preapproval still does not guarantee that the lender will ultimately fund your loan. Lenders still need to look at property appraisals, verify your information and potentially check your credit again before agreeing to give you a mortgage.

Preapproval helps you narrow the focus of your Bloomfield Hills real estate property search to properties that are within your financial reach. It also helps you check out lenders to find one that is the best match for your situation.

When you find the Bloomfield Hills real estate of your dreams, you’ll be ready to move to the next step!

If you’re looking for more information on the home buying process, I can 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

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If you need (or want) to sell your Bloomfield Hills real estate this winter, you’ll have to step up your game a bit. People tend to be less likely to buy in the winter because the weather keeps them indoors rather than house hunting. And, let’s face it, most homes just don’t look as good in the brown, drab winter as they do in the spicy spring and summer.

If you’re one of the lucky owners who has a home for sale in an area that stays beautiful all year long, you can still find a few tips here to help get your home ready to sell.

Six tips to help you sell your home this winter:

1. Keep it cozy. You want your home to be warm so people can comfortably take their time viewing your Bloomfield Hills real estate. Saving money on heating costs isn’t worth it if it means freezing out your potential buyers.
2. Turn up the light. Keep curtains and blinds open during the day. Turn on your lights, both inside and out, at night. Put your lights on timers if you won’t be home until after dark. Use motion detectors to light up in the evening when a potential buyer approaches your doorstep.
3. Point out cold-weather benefits. Have mass transit within walking distance? That’s a big benefit in bad weather because you don’t have to de-ice or dig your car out of the snow in order to get to work.
4. Take advantage of good winter locations. If your home is in a location that people flock to in the winter, such as an area with great outdoor winter sports such as skiing or a warm-weather area like Florida, now is the time prime time to promote your house! Put all you’ve got into marketing the benefits of living where it’s always sunny or where winter living is fun.
5. Set the mood. Play soft, classical music. Toss afghans or throws across the back of your sofa. Hang plush robes in your bedroom or bathroom.
6. Clear away snow and ice. Shovel a path through the snow so potential buyers don’t have to get out their snowshoes. De-ice your driveway, sidewalk, steps and porch to prevent slips and falls.

If you’re ready to sell your Bloomfield Hills real estate this winter, I can help. Give me a call 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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Should you be marketing to first-time home buyers in order to sell your Bloomfield Hills real estate? The 2011 National Association of REALTORS® Profile of Home Buyers and Sellers has a wealth of information on first-time home buyers and will help you figure out if you should market to this large and important group of buyers.

Here are the stats (courtesy of AgBeat.com) you need to know about first-time home buyers before selling your Bloomfield Hills real estate:

• Long-term survey averages show that 4 out of 10 buyers are typically first-time buyers. This segment is critical to a housing recovery because they help existing home owners sell and make a trade.
• The median age of first-time buyers was 31 and the median income was $62,400, up from $59,900 in the 2010 study.
• The typical first-time buyer purchased a 1,570 square foot home costing $155,000.
• First-time buyers who financed their purchase used a variety of resources for the down payment: 79 percent tapped into savings; 26 percent received a gift from a friend or relative, typically from their parents; and 7 percent received a loan from a relative or friend. Nine percent sold stocks or bonds and 8 percent tapped into a 401(k) fund.

Ninety-four percent of entry-level buyers chose a fixed-rate mortgage. Fifty-four percent of first-time buyers financed with a low-down payment FHA mortgage, and 6 percent used the VA loan program which requires no down payment.

What this Information Means to You

If you’re selling an existing, entry-level home, you’ll most likely be selling to a first-time home buyer with a median age of 31 and a median income of $62,400. First-time home buyers are most likely to get a fixed-rate, FHA mortgage. Gear your marketing toward that buyer to have more success.

If you’re ready to sell your Bloomfield Hills real estate, whether it appeals to first-time buyers or other types of buyers, I’ll market it to get it sold as quickly and for as much as possible. Give me a call 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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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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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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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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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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Within the walls of your house, you’ve probably raised a family, made future plans and created years of memories. Take time this month to be thankful for everything your Bloomfield Hills real estate has given you by giving it some green TLC this Thanksgiving.

With Christmas right around the corner, I know it’s hard to justify spending a lot of money on your Bloomfield Hills real estate. Below are a few easy and affordable green projects for you to do this Thanksgiving holiday — and they’ll start paying off immediately!

• Buy compact florescent light bulbs. You don’t have to do this all at once. As your light bulbs burn out, purchase these energy savers for around $3 a piece. They last about ten times longer than incandescent light bulbs and can save you close to $40 over their lifetime.
• Use faucet aerators. These only cost about $10 and are incredibly easy to install. Just unscrew your faucet nozzle or showerhead and slip the aerator in. It can cut your water bill in half by making the water squeeze through tiny holes, which makes it feel like there is more pressure. You’ll also reduce heating bills because the less hot water you use, the less you’ll have to heat.
• Put in ceiling fans. If you don’t have these in your house, then you’re missing out on a huge energy-saver. Starting around $50, ceiling fans push hot air down and help regulate each room’s temperature — just switch the blade rotation for summer.
• Replace your old toilet. Older toilets can dispense almost 3.5 gallons per flush, while modern low-flow toilets dispense as little as 1 gallon. If you’re in for more of a handyman challenge, you can purchase these for as low as $150. The more people you have in your house, the more savings you’ll see.

Not only will your Bloomfield Hills real estate and finances thank you for the green upgrades, but the environment will too.

If you’d like more green ideas you can implement this Thanksgiving break, please call 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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At this time of year, as thoughts turn to gobbling down turkey dinners and watching football, it’s easy to get caught up in the details and lose the spirit.  So today, I want to take a minute to say something important:

Thank you!
Because of you, I have a job I love: being a Bloomfield Hills real estate agent. 

Thanksgiving is a holiday of gratitude, and yet too few of us remember that when we’re stuck in traffic going over the river and through the woods to grandma’s house for her famous pumpkin pie. 

So today, I’d like to say again, thank you.  

Thank you for contributing to this community, online and in the real world, by asking questions, adding your insights, and trusting me with your housing dreams.   

If we’ve worked together in the past, please know that I am sincerely grateful for your business. I hope the experience of working together led you to your perfect home and fulfilled your real estate goals.

If you are new to this site and just beginning to investigate the sometimes confusing world of real estate, I’d like to thank you for stopping by.  I hope that we will have an opportunity to work together.
 
One of my favorite things about working as a Bloomfield Hills real estate agent is that I learn so much about the lives of my clients. They let me inside their homes and tell me about their best imaginings for the future. Thank you for allowing me to be a part of your life.

Thank you for your trust.  I want you to know I am honored by it, and take it seriously. As a Bloomfield Hills real estate agent, I take pride in helping you find the perfect solution for your needs. I love hearing your stories as you embark on new chapters, and addresses, in your life.  

During the warmth of this holiday season, I hope you and yours are safe and secure in a community that you love. And I hope your turkey emerges from the oven golden brown and delicious!

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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As a buyer, finding the right Bloomfield Hills real estate and deciding to place an offer can be overwhelming enough without the stress of discovering you’ve entered into a multiple-offer situation.  Yes, even in this buyer’s market, you can find yourself competing against other buyers.

Purchasing a house is emotional, and when it comes to having to negotiate for your dream house, you need to keep a level head and understand your options. Be prepared for the following scenarios:

• Seller can just accept the best offer. If it’s a property that you absolutely can’t let slip away, you might want to give the seller exactly what they’re asking for. There is a chance you could get a deal with a low bid, but you need to talk with your Bloomfield Hills real estate agent and decide if it’s worth taking the risk. You could also end up paying more than the buyer would have accepted, but at least you’ll have the house.
• Seller can let all parties know that there are multiple offers. In this case, you know there is competition. That means there’s a chance, even if you do give them their asking price, that you might not be the only potential buyer putting in a full price offer on the home.  
• Seller can counter one offer and wait for a response, but not dismiss others. If you’re the offer that’s being countered and you know other parties have placed bids, it’s likely you’re the highest proposal. You’ll want to negotiate with the seller and hopefully meet somewhere in the middle.
• Seller can counter one offer and reject all others. All you can do is hope that you’re the best offer!

There are advantages and disadvantages to all of these scenarios, but make sure you take each into consideration before submitting a proposal or counter-offer. Also, talk to your agent and ask how multiple-offer negotiations are handled by the agency that has the house listed for sale.

When bidding on Bloomfield Hills real estate with multiple offers, you’ll have to move quickly. Have a plan and be prepared for any and all situations.

If you’d like to speak with an agent who is a skilled negotiator, including multiple-offer negotiation, please call 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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