Archive for June, 2011

How to Stay Safe when Showing Your Royal Oak Michigan Home for Sale by Owner

Posted in Royal Oak Michigan Homes for Sale by Michigan Real Estate Expert on June 30th, 2011

You’ve decided to try to sell your Royal Oak Michigan home for sale by owner (FSBO).  One of the many tasks you’ll be performing is showing your home to potential buyers.  You won’t personally know most potential buyers, so be sure to take precautions to stay safe.  After all, these are strangers you’re allowing into your home.

Here are six tips to protect your safety when showing your Royal Oak Michigan home for sale by owner (FSBO) to potential buyers:

  1. Pre-qualify potential buyers.  The most basic thing you want to do is identify qualified buyers by determining if a potential buyer can afford to buy your home.  The best way to do this is to require that the potential buyer give you a copy of their pre-approval letter before scheduling a viewing of your home.  Buyers who are not serious about buying within the next few months will not have bothered to get pre-approved, and buyers who cannot afford your home will not be able to get a pre-approval letter.
  2. Use a sign-in sheet.  Keep a sign-in sheet near the entrance to your home.  Have everyone who comes to view your home fill out his or her name, address and phone number on the sheet as soon as they enter.
  3. Stay with them while they tour your home.  While you don’t want to hover over their shoulders, don’t allow them to wander around your home by themselves.
  4. Have someone else with you.  Don’t be home alone.  Have your neighbor, a friend or family member with you at all times.
  5. Hide valuables.  Do not leave money, jewelry or other valuables where they can be seen or easily taken.
  6. Require an appointment.  Whether you’re selling your home as a FSBO or with an agent, requiring an appointment allows you to keep a normal schedule.  You don’t want people touring your home while you’re eating dinner or taking a nap.   If a buyer is really interested, he or she will not have a problem making an appointment.

Want help marketing your Royal Oak Michigan home for sale by owner?  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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Inspect Homes as You Search for Bloomfield Hills Real Estate

Posted in Bloomfield Hills Real Estate by Michigan Real Estate Expert on June 27th, 2011

You know my recommendation is that everyone should have a professional property inspection before they close on a house. Wouldn’t it also be a good idea to discover problems with a piece of Bloomfield Hills real estate before you ever make an offer? With some attention to detail, you can find out a lot about the condition of Bloomfield Hills homes.

Here’s a pre-offer, do-it-yourself Bloomfield Hills real estate property inspection checklist to get you started:

  • Basement – A basement can give you information about the structure of a house, especially if the basement is unfinished. You’ll want to make sure there are no cracks, the electrical wiring is organized, and there is no evidence of water damage. If there isn’t a basement, examine the exposed foundation on the exterior of the house.
  • Electrical panel – Upon examination, it should look orderly and neat. If it is, that doesn’t mean you’re in the clear, but a disorganized panel can often be a sign of shoddy electrical work throughout the house.
  • Faucets and fixtures – Is there hot water? Does the shower drip? Does the oven work? Does the toilet run? Not every problem is a major issue, but it’ll give you a good idea of how much care went into the property’s construction and maintenance.
  • Attic – Not only should you be looking at available storage space, you’ll want to see how well the insulation was fitted. That can make a huge difference in your monthly electric and gas bills.
  • Roof – Missing shingles or interior water damage in homes are bad signs.
  • Windows – Make sure they all open and close properly and that you can’t find any drafts, gaps or condensation.
  • Interior and exterior finishings – Check out the baseboards and siding to see what kind of shape they’re in. If the builders didn’t pay much attention to what you CAN see, imagine what the internal structure might look like.

Want to work with a professional Bloomfield Hills real estate agent who can help you weed out badly-built or poorly-maintained Bloomfield Hills homes before you make an offer?  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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Is a Small Royal Oak Michigan Home for Sale Right for You?

Posted in Royal Oak Michigan Homes for Sale by Michigan Real Estate Expert on June 23rd, 2011

With the struggling economy and the move toward living greener, small houses are becoming more popular.  You may have heard about the Small House Movement and wondered if living in a small Royal Oak Michigan home for sale will be right for you.

To help you decide, here are answers to some of the most frequently asked questions about small houses:

How tiny is a small house?

What is typically referred to as a small house varies widely in size from about 650 square feet down to the extremely miniscule house of about 120 square feet. However, any home with fewer square feet than you’re living in now can be considered a small house.  If you’re currently living in 3,000 square feet and you move to a Royal Oak Michigan home for sale that has 1,500 square feet, you’ve downsized by half.  It all depends on your perspective.

Does smaller equate to less expensive?

Most smaller Royal Oak Michigan homes for sale are less expensive simply because of the reduced square footage.  For the same reason, smaller houses cost less to heat, cool and maintain.  Of course, if you add on luxury features like marble counters and hand-carved built-ins, a small home can quickly go from economical to expensive.

Do I have to have it built from scratch?

Although the Small House Movement trend is fairly new, there have been small houses around for centuries.  Depending on the area in which you live they may be called cottages, bungalows, row houses, town houses or even shotgun houses.

Whether you want a micromini house, a mcmansion or any size in between, I can help you find and negotiate a good price for it.  Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to get started.

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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Answers to Your Questions about Purchasing Royal Oak Michigan Homes for Sale Now

Posted in Royal Oak Michigan Homes for Sale by Michigan Real Estate Expert on June 20th, 2011

The real estate market is flooded with homes for sale.   Interest rates are at an all time low on fixed rate mortgages.  And, terms for acquiring a home loan are still fairly open.  This is expected to change and possibly soon, which means now is prime time to buy Royal Oak Michigan homes for sale.

To help you with this process, here are answers to four of the most popular questions I’ve recently received from home buyers:

Q:  Where can I find the best deal on Royal Oak Michigan homes for sale?
A: The answer is almost anywhere.  Because homes are sitting on the market for a long time, most homeowners are more willing than ever to negotiate.

Q:  What about buying new construction?
A: The option for new construction is open to more people than ever before.  Builders are offering extended home warranties and many upgrades to help move their inventory.  Some builders now offer financial assistance to reach an even larger number of buyers.

Here’s the number one tip to get the best deal in new construction:  Before starting your search for new construction, hire a real estate agent.  Your real estate agent can negotiate the best deal for you, even in new construction.   Be sure to visit new construction with your agent so the builder knows you’re represented.  This representation costs you nothing and can save you a lot of money.

Q:  Should I look at short sales and foreclosures for my best deal?
A: Not really.  Although there are good deals to be found, the time and effort involved in purchasing short sales and foreclosures can be a huge negative.  Negotiating with a homeowner can be much easier than trying to negotiate with a lender for the short sale or foreclosure.

Q:  Should I wait for home prices to go even lower?
A: Definitely not.  Prices of Royal Oak Michigan homes for sale have come down from a few years ago and are much more stable and accurate.  The days of inflated home prices are long gone.  This does not mean that homes will not increase in value.  It only means that they will do so at a rate that should prevent the upside-down mortgages that some people are facing today.

This is a prime time to purchase a home.  With the large number of homes on the market, you are certain to find one to call home.  Let me help you in your search.  Call me today at 248-514-2640 or email me today 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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Stumbling Blocks to Selling Your Home as a Southeast Michigan Short Sale

Posted in Southeast Michigan Short Sales by Michigan Real Estate Expert on June 16th, 2011

You want to avoid a foreclosure on your home so you’re decided to try to sell it as a Southeast Michigan short sale.  Unfortunately, there are several stumbling blocks that can keep you from successfully selling your home as a short sale.

Lee Morof is a Certified Distressed Property Expert and Attorney.

Here are 4 short sale killers you should be aware of before deciding to sell your home as a Southeast Michigan short sale:

1. You have not defaulted on your mortgage.  Lenders will almost never accept requests for short sales until you are significantly behind in payments and have received a notice of default.

2. You filed for bankruptcy.  If you’ve filed for bankruptcy, a Southeast Michigan short sale will most likely not happen. Few, if any, lenders will consider a short sale when the seller has filed for bankruptcy.  This is because collection activities are not allowed in bankruptcies and a short sale is considered a collection action.

3. More than one lender is involved.  If you have a second or third mortgage (or home equity loan or line of credit), all the lenders must agree to the terms of the short sale. Unfortunately, this is often difficult because the second or third lenders are the ones who absorb most of the loss.  If you have more than one lender, and you want to try for a short sale, do a title search to verify the first and primary lender.  Making a deal with the second or third lender is a waste of time because you’ll still owe the first lender.

4. The lender drags his feet.  Many short sales fail because the lender fails to complete the deal before the property goes to auction.  Get the lender to move faster by making sure he has everything he needs in one concise package.  If the lender doesn’t get everything at one time, he tends to set the file aside and forget about it.  You can also speed up the process by working with a Southeast Michigan real estate agent who is experienced with and knowledgeable about short sales.

If you have additional questions on short salesforeclosures or any other southeast Michigan real estate related topics, please give me a call at 248-514-2640 or email me at info@NorthWoodwardHomes.com. I’m happy to help.

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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5 Steps to Selling Your Home as a Oakland County MI Short Sale

Posted in Oakland County MI short sales by Michigan Real Estate Expert on June 13th, 2011

Although selling your home as a short sale probably isn’t what you’d prefer, it may be the best option for you.  The good news is that Oakland County MI short sales are becoming the preferred option for lenders hampered by the huge number of foreclosures.

To get you started on your short sale journey, here’s the condensed version of how to sell your home as an Oakland County MI short sale and not be a scammed “flop”:

1. Hire an experienced real estate professional.  Find a real estate attorney and/or agent who have successfully closed a lot of short sales.  REALTORS® with the Certified Distressed Property Expert (CDPE) designation will have a thorough understanding of how to assist their clients in foreclosure avoidance options. Having experienced professionals guide you through the process is crucial to your success.  You want them working for you as soon as possible because they’ll be communicating and negotiating with your lender.

2. Start now.  As soon as you know you can no longer afford your home, hire your real estate professionals and get started.  The longer you wait to get the short sale process started, the harder it’s going to be.  Like everything in life, the more options you have the better off you are.  Don’t wait until foreclosure is your only option.

3. Prove to your lender that you’re truly a financial hardship case.  If you just want to stop paying your mortgage, you won’t be able to sell your home as a short sale.  You must prove you honestly cannot afford your home by giving your lender a:

  • Detailed financial worksheet documenting your expenses and income.
  • Copy of your income tax returns for at least the last two years.
  • Hardship letter providing details about why you cannot pay your mortgage.

4. Submit Letter of Authorization.  Write a letter to your lender giving him permission to talk with your real estate professionals about your loan.  Include the names of all the borrowers and their social security numbers, your real estate professionals’ names and contact information, your home’s address and loan reference number.

5. Take the advice of your real estate professionals.  You hired them for their expertise.  Now, take their advice and allow the pros to guide you the rest of the way through this process.

Whether you have questions about Oakland County MI short sales and the stumbling blocks to selling your home as a short sale, foreclosures or traditional home sales, I can help.  Please give me a call 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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Keep Your Cool This Summer as Southeast Michigan Real Estate Heats Up

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on June 9th, 2011

Buying a home is a business transaction, but it’s hard to keep emotions completely out of the process. Most sellers in today’s market already know that they need to avoid unnecessarily angering their buyers. And buyers shouldn’t make the mistake of thinking that just because the southeast Michigan real estate market is down they can get away with annoying sellers. Keep your cool this summer and avoid upsetting sellers so that your home purchase goes smoothly and for a fair price.

  • Don’t put down their home. By pointing out everything that is wrong with a house, you could force the sellers to take less money, but this strategy hardly ever works. You’re more likely to anger the seller to the point that they won’t continue negotiations. That doesn’t mean you can’t fight for the best deal possible, but be careful not to shoot yourself in the foot.
  • Don’t present an absurdly low offer. In today’s market, there’s often room to negotiate on southeast Michigan real estate, but offering something WAY to low will often insult the seller. You’re better off coming in with what you think is a fair or a slightly low offer — and negotiating from there.
  • Don’t put off getting a pre-approved loan. There’s nothing that will frustrate a seller more than getting almost all the way through the purchasing process only to find out you can’t get financing. With your pre-approval, you’ll know exactly what you can afford so you won’t waste your or the seller’s time.
  • Don’t renegotiate at the end. Never offer over what you want to pay and then attempt to ask for a massive price reduction to fix every minor repair. Of course, if a major repair needs to be completed, you can certainly expect that to be reflected in the price. Just don’t attempt to lure the seller in with a price you know you’re unwilling to pay.

If you’d like to work with an experienced RE/MAX Showcase Homes MI real estate agent who can help you stay cool while purchasing southeast Michigan real estate this summer, 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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Give Your Dad’s Bloomfield Hills Real Estate the Gift of Renovation this Father’s Day

Posted in Bloomfield Hills Real Estate by Michigan Real Estate Expert on June 6th, 2011

Today’s Bloomfield Hills real estate buyers generally want modernized, updated properties. In a lot of markets, features like stainless steel appliances and granite countertops are almost expected, especially in higher price ranges. As your Father’s Day gift this June, help your dad add value to his Bloomfield Hills home.

Five renovation tips that are great gifts for Bloomfield Hills real estate owners that will increase value:

  1. Windows and doors – Almost any upgrade to windows, exterior doors or the garage door will add value to a property and increase its security. However, if you want to make a big impact, splurge for energy-saving windows. These will be especially appealing to buyers looking to lower their carbon footprints and those looking to lower their utility bills — which is everyone!
  2. Curb appeal – The outside of a house is the first thing buyers see, so it makes sense to spend money to keep it looking its best. With a few new plants, a hedge trimmer, a paintbrush and a shovel, even the most inexperienced DIYer can make a significant impact on a property’s curb appeal.
  3. Kitchens and baths – Everyone uses them daily and would like them to be as nice as possible. Any money spent updating the kitchen and bathrooms will see a positive return when your Dad decides to sell his Bloomfield Hills real estate.
  4. Don’t overdo it – Almost everyone wants granite counters, but maybe you live in a laminate neighborhood. Don’t spend so much on updates that your house is far and away the most expensive per square foot in the neighborhood. As a general rule, it’s always hard to sell the most expensive property on the block.
  5. Sweat the small stuff – A few bucks spent on new light switches, faucets and doorknobs can go a long way to improving the look of a house, without any major investment.

Would you like more Bloomfield Hills real estate renovation ideas that would make great Father’s Day gifts for your Dad’s home? 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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Bloomfield Hills Real Estate: How to Narrow Your Search for Homes

Posted in Bloomfield Hills Real Estate by Michigan Real Estate Expert on June 2nd, 2011

With the wide array of Bloomfield Hills real estate on the market today, how do you narrow your search without missing out on that perfect home?

Here are 4 steps you can take to narrow your search for Bloomfield Hills homes.

Step 1:  Decide on your top priority.  Is it location, price, number of bedrooms or something else?  Once you’ve decided on the most important feature, concentrate your search there.

Step 2:  Search for homes.  Most people start their Bloomfield Hills home search online.  There are many Bloomfield Hills real estate web sites you can browse through.  Unfortunately, there are two big challenges to searching online:

  1. Home listings quickly become out of date and may have incomplete or inaccurate information.  Overcome this challenge by enlisting the help of a Bloomfield Hills real estate agent.  Your agent can quickly get all the current details on Bloomfield Hills homes for sale.
  2. You can spend hours searching online without finding what you’re looking for.  Overcome this challenge by setting a limit on the amount of time you spend searching online.  Use a timer to remind you when your time is up, then walk away from the computer.

Step 3:  Get comparables.  After you‘ve narrowed the list to your favorite neighborhoods, get a few sales price comparisons that include homes that have sold in the last six months as well as those with contracts pending.  Make sure you are comparing apples to apples, which means to compare homes that are the same size, same style and in the same neighborhood.  Your real estate agent is the best resource for this type of information.

Step 4:  Double check availability.  Once you’ve made your top picks of Bloomfield Hills homes to view, have your agent make sure the properties are still available and don’t have pending offers.  You don’t want to waste your time going to see a property that is no longer for sale.

Let me do the work for you.  Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to find out how I can streamline the search process for 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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