Beware of Online Inaccuracies for Southeast Michigan Real Estate

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on November 14th, 2011

In this computer age where everyone relies on the Internet for accurate information, it’s unfortunate that some online Southeast Michigan real estate information can be misleading. With the vast amount of time you have to spend house hunting to find a home you love, you don’t want to waste any of it on properties that aren’t what they seem.

Beware of the following online inaccuracies when house hunting online:

  • Misleading descriptions – When you visit a property, double-check that what attracted you to it online is portrayed accurately. Ensure that a “fully finished basement” isn’t just concrete floors and drywall or that the “spacious backyard” isn’t as narrow as a dog run.
  • Errors – It’s impossible for nation-wide real estate websites to manage and fact check all of the information posted to their pages, so inaccuracies often happen — such as wrong price points or incorrect home descriptions. Follow up with a Southeast Michigan real estate agent, if you’re seriously interested.
  • History hiccups – Check with an agent to find out how long a house has truly been on the market. If a seller has switched agencies or removed the property from the market for a period of time, the house could appear to be newly listed based on its official number of days on market.
  • Out-of-date information – Agents market many homes at once, and while they might reprint fliers for an open house or relay current information to inquiring buyers, they could completely forget to update the online information.
  • Old listings – Be careful about spending time on a wild goose chase. Properties are often listed online, but have already sold. While this may be an intentional ploy to get you to call an agency, most agents are just too busy and forget.

The Internet has made searching for homes and gathering house hunting information much. Just be skeptical, see a home in person, and thoroughly research the history and neighborhood before making an offer on Southeast Michigan real estate

If you’re interested in purchasing a home, let me do the time-consuming house hunting for you. 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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4 Surprising Reasons to Buy Real Estate in Southeast Michigan Now

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on February 28th, 2011

You already know all the usual reasons agents and other experts think now is a good time to buy real estate in Southeast Michigan.  Here are 4 reasons to buy real estate in Southeast Michigan now that just might surprise you:

Now is the time to BUY Real Estate in Southeast Michigan. Call Lee Morof 248-514-2640 today!

1. Homes are in tip-top condition. Instead of selling and moving into a more expensive home, many owners have invested their money in home maintenance, repair and updates, so says the Harvard University’s Joint Center for Housing Studies.

2. Outstanding homes are coming on the market. Many homeowners who have been waiting for the real estate market to take an upturn are now putting their homes on the market.  And, those homes are in great shape (see #1).

3. Appraisals reflect reality. We can all be thankful that Fannie Mae adjusted its guidelines so that home appraisals can be more in alignment with today’s real estate market. That means more deals will make it all the way through to closing.

4. Housing programs. There are still programs to help people buy homes:

  • Workforce Housing Programs encourage middle-class families to buy houses. Buyers who qualify can get a big boost by combining one of these programs with today’s low mortgage rates.
  • American Dream Downpayment Initiative (ADDI) provides low-income first-time earners (single family: $44,400; family of four: $63,450) with a city loan equal to 6% of the purchase price or up to $10,000, whichever is greater. Each state receives ADDI funds proportionate to the percentage of the national total of low-income households residing in rental housing in the state, as determined by the most recent available U.S. Census data.
  • Mortgage Credit Certificate Program is a federal tax credit (15% or 20% of the mortgage interest, depending on property location) that helps low and moderate earners qualify for a higher first mortgage and reduced federal income tax.

Talk with a mortgage specialist or real estate in Southeast Michigan professional to find out which programs your state has funded.

Now isn’t just a good time to buy, it’s one of the best times ever.  If you’re ready to buy a home, I can help.   Give me a call at 248-514-2640 or email me today at info@NorthWoodwardHomes.com.

Lee Morof sells North Woodward Homes in Oakland County Michigan RE/MAX Showcase Homes

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

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Should You Buy Southeast Michigan Real Estate Through an Auction?

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on October 4th, 2010

With the many auctions here and throughout the U.S., you may be wondering if it’s worth buying Southeast Michigan real estate this way. Auctions let you bid at a public sale.  Some property is being sold by the owner, but most properties are foreclosures being sold by banks.

Should you Buy Southeast Michigan Real Estate Through an Auction?

Like any endeavor, there are pros and cons in buying Southeast Michigan real estate at an auction. For instance, a pro for auctions might be the price; you can often get great discounts on nice homes through an auction. However, you may get caught up in the fervor of the bidding process and pay more for a home than you ever intended.

The Condition of the Home may be Questionable 
When you work with a real estate agent to buy a home in the traditional manner, you go through the home inspection process.  This ensures the home is in sound structural condition.

In an auction, you have to go with the timeframe of the bidding process and most likely will not have time to get a home inspection performed.  In fact, homes sold at auction are sold “as is.”  That means no improvements will be made to the home, even if you had it inspected and found something wrong.  Additionally, there’s no warranty and no legal recourse to get your money back if you find problems later.

Tax liens can be Costly 
In foreclosure auctions, a property may have a tax lien. If you win the auction, you may then become responsible for the payment of the tax lien. It could be a small or large amount of money, but no matter the size, you may not be able to afford it on top of the cost of the house.

Large Payments in Short Timeframes
Lastly, consider that full payment may be required at the close of the sale; if not full payment, earnest money will at least be required. Because closing usually happens within a month of the auction, it’s always best to be pre-approved for your loan before you start bidding.

If you’re looking at Southeast Michigan real estate auctions for your dream home, do your homework first. You could end up with a fantastic deal, but, without enough information, you could also end up with a dead end.

If you’re looking for a great deal on a wonderful home, I can help. Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof sells North Woodward Homes in Oakland County Michigan RE/MAX Showcase Homes

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

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4 Tips for Buying One of the Homes for Sale in Southeast Michigan (Doing It Right the First Time)

Posted in Homes for Sale Southeast Michigan by Michigan Real Estate Expert on September 16th, 2010

If you’re looking for one of the homes for sale in Southeast Michigan and you’ve never bought a home before, you might think, “This won’t take much time.” Typically, just the opposite is true.   Buying a home frequently takes quite a bit of time.

Buying Homes for Sale in Southeast Michigan and doing it Right the First Time

Of course, the whole home buying process will go much faster (and smoother) if you do things the right way. If you’re a first time buyer looking for a home for sale in Southeast Michigan, take some lessons from the pros. The following tips will help make the buying process fly:

1. Weigh the Benefits – Before you actually go house hunting, weigh the pros and cons of buying a home. Can you really afford it? Is it a good idea, or are you caving under pressure from family, friends, your doctor and the next-door neighbor?

Make sure that you’ve actually considered the alternatives and decided home ownership is the best move for you. In my experience, homebuyers who are sure they’re ready to buy not only enjoy the process more, but also are more likely to enjoy the home they buy.

2. Define What You’re Looking For – Before you walk out the door to look at homes, figure out your goals. How do you do this? Begin on the internet.  Between virtual home tours, online listings, photographs and aerial shots, you’ll be able to build a much stronger idea of the type of home and neighborhood in which you want to live.

Once you go through this process, you’ll have clearly defined goals you can then pass on to the buyer’s agent you hire. You are now halfway to home ownership!

3. Lay Off the Sugar – Before going to look at houses, lay off the sugars. Research shows sugar can inhibit your short-term memory. You want to be able to remember the homes you’ve seen.

Having said that, your agent probably won’t show you 15 or 20 homes in a day. At the most, you might see 8 or 9. You see, a good agent pays attention to the goals you told him or her on the first day. The only homes you need to see are those that fit your goals.

4. See Your Favorites Before Buying – Okay, you’ve looked at 14 homes, and you’re torn between houses 2, 5 and 6. Since you’re only buying one house, you want to make sure you get the home you want. Therefore, before signing or making any kind of commitment, look over the ones you like the most again. You’ll see things you may have missed before, which will help narrow the choice down to one.

Buying a home for sale in Southeast Michigan is one of the biggest steps you’ll ever take. It’s a big investment, and the process can be time consuming. However, following the above steps can make owning the home of your dreams less of a hassle and more of a dream come true!

If you’re looking for a professional buyer’s agent who can help you find the home of your dreams, give me a call at 248-514-2640 or email me at info@NorthWoodwardHomes.com

Lee Morof sells North Woodward Homes in Oakland County Michigan RE/MAX Showcase Homes

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

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Homes for Sale in Southeast Michigan: Home Inspections

Posted in Homes for Sale Southeast Michigan by Michigan Real Estate Expert on May 20th, 2010

The home inspection is one of the most important considerations that can directly impact your home for sale in Southeast Michigan. 

According to the National Association of REALTORS®, 84 percent of all residential real estate transactions include a provision for home inspection.  The purpose of this inspection is to provide an unbiased, analytical analysis of your home.  In a sense, this is the purchaser’s opportunity to avoid the “buyer beware” syndrome.

Because of the importance of the home inspection, as the seller, it’s an excellent idea to get your home for sale in Southeast Michigan inspected before putting it on the market.  That gives you a chance to fix any problems before potential buyers see your home.

How to Choose a Home Inspector

Not every state requires a home inspector to be licensed.  Therefore, you need to do your homework before choosing a home inspector.

Well informed buyers and sellers usually ask for inspectors who are members of either the American Society of Home Inspectors or the National Association of Home Inspectors.  

Additionally, before hiring a home inspector ask for:

  • A description of the services to be provided:  A typical home inspection should include a thorough and itemized written report detailing the home’s structural elements, an exterior evaluation, roofing, plumbing electrical and appliance testing.  Outbuildings and garages can also be included in the inspection.  Items such as insect and rodent infestation and radon inspections can also be performed.
  • A list of references:  Be sure to contact these references and ask what they thought of the home inspector and whether or not they’d use the inspector again.

Now What?

Okay.  Now, the inspection is performed and you’ve received the written report.  You have a couple of options to resolve any problems noted in the report:

  1. You can fix the problems yourself.
  2. You can hire someone to fix the problems.
  3. You can reduce the sales price by the estimated cost to fix the problems.

While it’s ultimately your decision, a professional real estate agent can help you determine which option will get your home sold the fastest and for the highest profit.

If you’d like recommendations to the best home inspectors for your home for sale in Southeast Michigan, or want help getting your home sold, give me a call at 248-514-2640 or email me at info@NorthWoodwardHomes.com

Lee Morof sells North Woodward Homes in Oakland County Michigan

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

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Does Your Southeast Michigan Real Estate Team Know What They’re Doing?

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on March 4th, 2010

If you’re thinking of buying Southeast Michigan real estate in Oakland County, now is the time to take advantage of this buyer’s market.

Back in the “good old days,” (a few years ago) it was easier to qualify for a loan, with one-page loan applications, stated incomes and “no doc” (no documentation, meaning nothing had to be proven) loans. There were amazing loan programs, like 125% loan on the purchase price with no down payment.

Now, buying Southeast Michigan real estate is more burdensome. No more “no doc” loans; lenders want every piece of documentation you can come up with. So then, why is it the best time to buy? And what does this have to do with your real estate team?

Although the current loan situation isn’t ideal, it’s worth the effort to find a home you can afford. Here are two reasons:

  1. First time homebuyers tax credit – this is a big one. If you can get into escrow by April 30 and close by the end of June, you can qualify for the $8,000 ($6,500 for existing homeowners) federal incentive.
  2. Mortgage rates – It might be hard to get a loan, but it isn’t hard to get a loan with low interest rates. Unbelievably, many are still waiting, hoping the mortgage rates will go down further. Stop waiting for that to happen.  It’s not going to be long before they’ll be going back up – not down.

This doesn’t include the incredibly low prices for many homes, as well as the huge housing supply. “Slim pickings” doesn’t apply to our current housing market.

With all these incredible opportunities, it makes sense that your team – the people who represent you – knows what they’re doing. In this day and age, your dream team doesn’t just need knowledge; they need experience.

At a minimum, your dream team should consist of:

  • Your real estate agent who needs to be able to guide you to the best housing opportunity available for your area.
  • Your lender (who is actually supposed to be helping you) who should be able to build a loan package that fits your specific needs and budget. As well, that loan package must stay within the lender’s guidelines to make sure your loan application is successful.

The more you know – and the more your team knows – the better the chance you have of buying the home of your dreams, at a price you can afford, with a low interest rate, before the April 30 deadline. By July, you could be sitting pretty with your own piece of Southeast Michigan real estate and a cool $8,000 in your bank account!

Putting together your dream team?  I’d be honored to have the chance to interview for the position of your knowledgeable, experienced real estate agent.  Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com today.

Lee Morof sells North Woodward Homes in Oakland County Michigan

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

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FAQs on Tax Credits for Buying Homes for Sale in Southeast Michigan

Posted in Homes for Sale Southeast Michigan by Michigan Real Estate Expert on February 15th, 2010

Thousands of potential buyers of homes for sale in Southeast Michigan are now homeowners, thanks to the first-time homebuyer tax credit. You could be eligible for a tax credit if you bought a home in 2009 or plan to buy one before April, 2010.  But which one are you eligible for?

If you have two or three hours to spend reading the information about the homebuyer tax credit, you’ll be able to figure out if you’re eligible.  But, most people don’t have the time or patience. To shorten your learning curve, here are a few tips, pointers and frequently asked (and answered) questions about the tax credit:

Three Kinds of Homebuyer Tax Credits
There are actually three kinds of tax credits:

  1.  The original first-time homebuyer tax credit, enacted in 2008, covers the homes for sale in Southeast Michigan that went off the market between April 9, 2008 and June 30, 2009. Rather than being a true credit, the money received is actually a 15-year, interest-free loan. In other words, it has to be paid back.
  2. The second tax credit, raised from a maximum of $7,500 to $8,000, doesn’t have to be paid back. If you bought a home between January 1, 2009 and November 30, 2009, you may be eligible.
  3. The third homebuyer tax credit, enacted in November 2009, is actually an expansion and extension of the second credit. It extends the deadline of November 30, 2009 to April 30, 2010 and expands the credit to include long-term homeowners who want to buy a new residence.

Tax Credit Qualifications
Just because you buy a home between April 9, 2008, and April 30, 2010, doesn’t mean you automatically qualify. Each homebuyer tax credit has its own eligibility requirements. For instance, the home has to cost less than $800,000, if bought after November 6, 2009. Long-term owners have to have lived in the same home for five consecutive years of the past eight. There are also income requirements, as well as other factors.

Automatic Ineligibility
To receive the homebuyer tax credit, there are a few things you absolutely cannot do. For example, the home you buy has to be a principle residence, which means it’s the one you live in most of the time. You can’t buy it for business. As well, the home you buy has to be in the U.S.

Another “can’t do” is selling the home or converting it to rental property. You have to live in the home as your permanent residence for at least three years. If you don’t, Uncle Sam will want the money back.

There are many great homes for sale in Southeast Michigan, and one of them might just be your dream home. However, if you plan to purchase and claim the homebuyer tax credit, make sure you know the facts first.

Have questions about the homebuyer tax credits?  I can help. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof sells North Woodward Homes in Oakland County Michigan

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

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Want an $8,000 Tax Credit? Buy One of the Homes for Sale in Southeast Michigan Now!

Posted in Homes for Sale Southeast Michigan by Michigan Real Estate Expert on February 11th, 2010

Last November, when Congress approved an extension on the first-time homebuyer tax credit, potential homebuyers who missed the original deadline were excited. It was another chance to buy one of the homes for sale in Southeast Michigan and receive an often badly needed $8,000 on their tax return.

Real estate agents were excited as well, because the tax credit extension expanded to include “upgrade” buyers – those who wanted to replace their current home with a bigger one. The possibility of selling a home was higher than it’d been in a while. However, expansion to include upgrade buyers wasn’t the only change.

If you’re hoping to buy a home for sale in Southeast Michigan and take advantage of the tax credit before the new 2010 deadlines, here are four  things to keep in mind:

  1. Two dates are crucial.  You must sign a contract before April 30.  The closings must be complete by June 30. One of the best ways to make sure things go smoothly is to get pre-approved for a mortgage  before you go home shopping. Pre-approval tells you, as well as the seller, exactly how much home you can afford. This way, you don’t waste your time or the seller’s.
  2. Negotiate without emotion. Potential buyers have lost the home of their dreams because they became competitive. If you’re negotiating for closing costs, housing price or anything else, make sure that your requests are reasonable. Don’t change something “just because.”
  3. Taxes must be mailed in.  Due to people trying to scam the system, you won’t be able to file your taxes electronically; you’ll have to mail them in. Make sure you’re using the right forms, and, if you need your tax refund by a specific time, you might want to file early.
  4. Documentation is truly priceless.  Again, thanks to scammers, buyers will have to include a signed mortgage statement, proof of residency and a driver’s license with their taxes.

You still have until April 30 to sign a contract on one of the homes for sale in Southeast Michigan to get the tax credit. Today’s real estate market is beneficial for buyers.  Put it to work for you!

If you’d like to take advantage of the homebuyer tax credit, I can help. Call me right away at 248-514-2640 or email me at info@NorthWoodwardHomes.com so we can beat the deadlines.

Lee Morof sells North Woodward Homes in Oakland County Michigan

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

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5 Tips on Choosing the Perfect Piece of Southeast Michigan Real Estate for DIY

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on July 13th, 2009

If you’re a do-it-yourself kind of person who really likes getting your hands dirty, now is a great opportunity to find a piece of Southeast Michigan real estate you can enjoy.  As an occasional DIYer myself, I know how hard it can be to find that perfect piece of fixer-upper real estate, but here are a few tips on what to look for:

1.  More ground than house – Almost every do-it-yourselfer I’ve ever met enjoyed puttering in a garden and beautifying a yard.  Not only can it be relaxing, but done right it can also up the value of the place if you decide to sell later.  Having a beautified yard increase the value of the property is much easier to do if you have a large amount of ground to work with.

2.  Expansion possibilities – If it’s a small house (or even a large one), estimate how much room there might be for building an extension.  Sunrooms, an extra bedroom, widening small rooms – everything is a possibility if you have the land and skills necessary.

3.  Wear and tear – While you probably don’t want a piece of Southeast Michigan real estate that’s falling down around you, a little bit of wear and tear isn’t bad.  Walls that need to be painted, ceilings that need spackling and little things like this give you plenty of room to get dirty without wiping out your budget.  A warning, however.  Make sure you get a place with a little wear and tear, not a money pit.

4.  Lots of small rooms – Nobody likes a small room.  However, if there are a lot of them, you have the option of being able to knock down non-load-bearing walls to expand.  The nice thing about this is that you can rearrange the inside of the house to fit you.

5.  Sloped ground – While you’ll want flat ground around the Southeast Michigan real estate itself, sloped ground farther out is ideal for building rock walls or terraces without having to buy a lot of backfill.  Done correctly, terraces can make a beautiful, somewhat inexpensive project.  The trick here is to find large rocks from construction sites.

DIY can be a blast and having a house you can turn into a dream house makes the finished product all that more satisfying! 

If you’re looking for that perfect piece of fixer-up property, 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

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How The Stimulus Plan Helps You Buy Southeast Michigan Real Estate

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on May 21st, 2009

The new stimulus plan has given many people new hope for their housing futures. At first, many worried that the stimulus package would merely help the banks and other financial institutions and not the actual homeowner looking to buy Southeast Michigan real estate.  But, it has become clear that the people who really win with the new plan are those who count—prospective home buyers.

Stimulus for Banks and Buyers

The stimulus package provides huge tax rebates in 2009, and while that is a limited provision, the savings are enormous for those who get out there and buy a new Southeast Michigan home. The fact that the stimulus plan includes relief for the struggling financial industry also helps buyers by making it more likely they will be able to obtain loans. 

Stimulus for Luxury Properties

The stimulus package gives the two major government mortgage companies Fannie Mae and Freddie Mac more power and allows for larger loans for higher priced properties. That is a big incentive if you’re looking to buy in a major metropolitan area because you will now be able to get a loan secured by Fannie or Freddie.

The economic boost from the stimulus package will require a little time to really become apparent, but it is working, even now.  Slowly the market is rebounding and new home buyers are able to take advantage of loans and tax incentives while getting houses at prices that are extraordinarily low.

If you would like more information on how the stimulus package can help you buy Southeast Michigan real estate, give me a call 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

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