Short Sale Realtors: Bloomfield / Birmingham / Novi / Troy / Rochester / Beverly Hills / West Bloomfield / Franklin / Royal Oak / Huntington Woods / Oakland County / Detroit Metro Area The Mike Realtor Team! : Mike Sher (Max Broock Realtors)

Often short sale sellers and short sale buyers get confused about “how many cooks are there in the kitchen”. 

·       A buyer can’t understand how they write a full price offer on a home and yet 60 days later the bank counters above the list price.    

·       Or, a seller who was told that the short sale was approved by the bank (servicer) and then 30 days later FNMA the “Investor” denies it.  

·       Sometimes the listing agent tells the buyer’s agent that the short sale was approved with certain terms and after the buyer writes that offer, the bank comes back with completely different terms.

·        Another common issue is that the servicer tells the seller that they will get full deficiency release but a week later, the Mortgage insurance company refuses to close without a seller signed promissory note.  

·       The biggest concern is why are all of these issues taking SO LONG to come to the surface.

As illustrated on this chart.   Bank of America, like many servicers are agents to an investor and sometimes to a mortgage insurance company.  So the Servicer is not a principal but a middle person. Much like the listing Realtor is a middle person to the seller, the buyer’s agent, buyer’s lender and the buyer.

Step1.  The listing agent and the Servicer, like Bank of America,  try to broker a deal that all parties can agree to, sometimes even before they have an offer.  We do this through negotiations where both agent and servicer present cases on what each of the terms should be and why.

Step2.  Once that is agreed upon, the listing agent offers those terms to the buyer’s agent and the seller.  If countered, the servicer and listing agent negotiate another settlement.  Once agreed by the servicer, seller and buyer.

Step3. Servicer sends the approval to the investor and/or mortgage insurance company

Step 3B.  If there is more than one lien/loan on the home, the listing agent will simultaneously negotiate that file as well.

Step 4. Investor will accept, deny or counter the file.  Each of these outcomes requires further negotiation.  Even an acceptance by the investor may still need negotiation if the terms are unreasonable to the seller.   More negotiation is often needed at this phase.

Step 5 once approval is agreed upon, the buyer gets his/her financing and as long as the home appraises, the sale should be fine.  

It is critical that the realtor negotiating  the short sale has a clear understanding of the process and the parties of the transaction. That realtor has to have a track record of closing short sales.  Ask for references and proof that the realtor has closed dozens of short sale before listing your home with them or writing an offer on their short sale listing

Mike Sher
Max Broock Realtors
248 496-1572

2010 results: 75 units sold, over $10,000,000,00 in sales and 365 days of FOCUS!

The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Novi, Huntington Woods, Royal Oak & Auburn Hills. Call us at (248) 644-4700 X 242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mik

Novi MI MACPA's Short Sale Guru, Mike Sher to teach at The Michigan Association of Certified Public Accountant's Construction Industry Conference
In Novi September 27, 2011

Mike Sher will be this years Short Sale Expert Speaker for the MACPA's Michigan Conference September 27th in Novi MI

Mike will be speaking about the Strategies Short of Foreclosure: Real Estate, Short Sales and Beyond.  To learn more about Mike Sher check out his blog.

You can contact Mike Sher at his Max Broock Office (248) 644-4700 or email him at ShortSale@mikeRealtor.com

I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.

The Mike Sher Team has assisted homes-owners in over 100 short sale payoffs.  We work with all banks and can help homeowners get out from under their loan(s)!   Most homeowners do not get a 2nd chance with a short so seek a Realtor with a long track record of succes.  Request references and ask lots of questions.  You do not want to find out too late that they are unable or unqualified to help you.

Mike Sher, Max Broock Realtors (248) 496-1572

Birmingham MI Short Sale Realtor "Handling the Stress of an Unaffordable Mortgage Payment", Mike Sher (248) 644-4700 x 242, Max Broock

Whenever I research the latest foreclosure and distressed property statistics, the sheer number of Americans facing the stress of losing their homes amazes me.  It is my goal to help as many homeowners I can either stay in their homes or relieve the burden of their mortgages. Knowing that there are so many that need my help is a driving force for me to continue doing what I do.

In fact, I just released another report that I’ve made available on my website today. It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing their mortgage lenders more money than they can afford to pay.

The report also draws a contrast between short sales and foreclosures. Unfortunately, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.

I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.

The Mike Sher Team has assisted homes-owners in over 100 short sale payoffs.  We work with all banks and can help homeowners get out from under their loan(s)!   Most homeowners do not get a 2nd chance with a short so seek a Realtor with a long track record of succes.  Request references and ask lots of questions.  You do not want to find out too late that they are unable or unqualified to help you.

Mike Sher, Max Broock Realtors (248) 496-1572

Short Sale Tip # 61 Birmingham, Michigan:  Don't wait to start the short sale process. “You HAFA ta try!!” Mike Sher (248) 496-1572, Max Broock Realtor

 Often real estate agents wait to start the short sale process until they have an offer.  This is a BAD idea and if the seller is not making payments it is a worse idea.  In short sales, time is not on your side.  So why not try and make some headway with banks before you have an offer.  Perhaps the seller can go HAFA (Home Affordable Foreclosure Avoidance) program.  This program offers full deficiency release, $3000 seller moving allowance and once approved, the bank is able to make a decision 10 days after they get an offer.  Why not try.  Sadly, some agents would rather wait to get a buyer before they start the HAFA process.  Not sure why they wait, maybe they unaware or inexperienced.  Either way, it is a mistake.  I would recommend that one day one your realtor or attorney sends in the 3^rd party authorization.  Day two a call should be made to investigate different short sale options.  Day three an application should be sent into the bank to start the process.  After all, “idle hands are the devils tool!”

Sincerely,
Mike Sher
Max Broock Realtors
248 496-1572

2010 results: 75 units sold, over $10,000,000,00 in sales and 365 days of FOCUS!

The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Novi, Huntington Woods, Royal Oak & Auburn Hills. Call us at (248) 644-4700 X 242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher

Certified Distress Property Expert Rochester Hills Michigan, "FTC validates that Realtors play a vital role in Short Sale Success" Mike Sher, Max Broock, 248 644-4700x242

On July 15^th the FTC (Federal Trade Commission) statement admitted that their December 1^st 2010 MARS (Mortgage Assistance Relief Service) Rule, which created penalties and limitations for parties (including Realtors) who offer mortgage assistance for homeowners, had"...unintended consequences that might result from applications of the advance fee ban, in the context of a real estate professional assisting a consumer in negotiating or obtaining a short sale "  For that reason, the FTC will place "a forbearance of enforcement  that applies ONLY to REAL ESTATE BROKERS...who assist consumers in negotiating or obtaining short sale...:

This ruling proves that Real Estate Agents play a fundamental role in the short sale process.  If you are or someone you know needs to sell their home and has a loan that is greater than the value,  I urge you to find a local realtor who specializes in short sale or call me and I can help or refer you to a qualified agent in your area.  

The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Huntington Woods, Royal Oak, Northville & Auburn Hills. Call us at (248) 644-4700 X 242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher  

According to Lender Processing Services (LPS), over 6.32 million homeowners missed their mortgage payments in April 2011. Another four million have missed more than three months of payments and are now considered seriously delinquent. If you or someone you care about is having difficulty making mortgage payments, it's not too late to get help.

I have developed a report filled with information that every homeowner should know. It's a guide on how to avoid foreclosure and how I can help work with lenders to resolve an unaffordable mortgage. You can download the report at the following website:

http://www.shortsaleoaklandcounty.com

There is financial stability on the horizon-I can help put an overwhelmed homeowner on the path to get there. If you or someone you care about needs help, I'm only a phone call away.

Sincerely,

Mike Sher
Max Broock Realtors
248 496-1572

2010 results:  75 units sold, over $10,000,000,00 in sales and 365 days of FOCUS!

The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Novi, Huntington Woods, Royal Oak & Auburn Hills. Call us at (248) 644-4700 X 242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher

We recommend consulting an Attorney and/or Tax Professional to discuss your options.

Federal Trade Commission Disclosures

1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services.

2. The above brokerage is not associated with the government, and our service is not approved by the government, and our service is not approved by the government or your lender.

3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Birmingham MI Home Sellers listing Tip#1, "Check The Financing"  Mike Sher, (248) 496-1572, Max Broock

With such a difficult Real Estate environment, seller's and Real Estate agents get so excited when they get an offer they forget the fundamental of financing.   The Agent also needs to but does NOT call the lender to verify the buyer's employment, reserves and credit.  Plus, the agent needs to verify the credibility of the lender itself and if there are concerns, the seller should request the buyer to get a preapproval from a local bank to assure financing is secure.   Also, the agent forgets to require proof of the down payment or inquire if the buyer has a home to sell.   The offer they sign often requires t a 45 to 60 day pending period in the Realtors Multiple Listing System until closing and keys at closing.

You can guess what happens; the buyer's lender does not come through because of incompetence or unfamiliarity of local lending rules.  Perhaps the buyer does not have the money to close after all or was qualified with older employment history.  Sometimes the credit score was so close to the minimum limit which dropped prior to closing and now the buyer does not qualify. 

Now the seller has a vacant home that has been off the market for 45 to 60 days or more.  They paid for movers, bought a new home or signed a rental agreement.   Yes, a NIGHTMARE!!!   All could have been avoided by some Realtor Due Diligence.   Make sure that when you get your next offer, the Realtor is NOT SLEEPING AT THE WHEEL.

Mike Sher is an Associate Broker with Max Broock Realtors of Bloomfield.  The Mike Sher Team  had over 15 years of Residential Real Estate experience in the Bloomfield, Birmingham, Beverly Hills, Franklin, Novi, West Bloomfield, Royal Oak, Huntington Woods, Orchard Lake, Farmington Hills, Northville, Waterford, Troy, Rochester, Oakland Twp and White Lake area.  They average a sale a week and have sold more the 400 homes.  If you have or are looking for a  Oakland County home to sell or purchaser, call us today

Missing Mortgage Payments?

It's Not Too Late

Wondering what a homeowner should expect when payments are missed? The most important thing to know is that no matter what stage of default a homeowner is in, there is almost always a way to avoid foreclosure. That being said, the quicker a homeowner does something about the situation, the less challenging it will be to resolve.

First, here's what a distressed homeowner should expect to happen when payments are missed:

30 Days Late: The lender will attempt phone contact or send a notice in the mail.

60 Days Late: The lender will attempt to make contact by phone and follow up with another letter in the mail.

90 Days Late: The lender will send a letter demanding all past due amounts within 30 days and start the foreclosure process.

120 Days or More Late: The lender's attorneys will take over and the homeowner will be responsible for their fees in addition to missed mortgage payments and the loan amount due.

120-480 Days Late: Michigan has a  6 to 12 month redemption period that allows a homeowner to sell their home on a short sale to avoid the lender taking the home by Foreclosure.

Not late yet, but about to be?

Homeowners that are not late but foresee missing payments should communicate this to their lenders as soon as possible. In the past, many banks wouldn't work with homeowners unless they were one or more payments behind. In light of the mortgage crisis, most lenders who would rather take a proactive stance and decrease their loan losses. They are more willing than ever to work with homeowners to avoid being late.

If you visit my website, www.ShortSaleOaklandCounty.com  you or someone you care about may be missing mortgage payments now or in the near future. I can help navigate the process and put you back on a path to financial stability. Contact me today and alleviate the stress that comes with unaffordable mortgage payments.

The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Huntington Woods, Royal Oak, Northville & Auburn Hills. Call us at (248) 644-4700 X 242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher

Great news!!! Finally Bank of America has changed their Equator rules to allow Realtors to switch buyer's if the first buyer walks away. This will improve the short sale process for Bank of America Serviced loans. This is great for the seller, great for the investor and great for the buyer. By allowing Realtors the option of swapping buyers, the short sale time process will be greatly reduced. If you have any Short Sale questions and live in Oakland County, please give me a call at 248 644-4700 x 242

Now You Can Substitute a New Buyer for One Who Walked Without Restart

Unsubscribe Instructions This is a promotional email from Bank of America. You can unsubscribe from future promotional email, now or anytime in the future, by updating your Email Preferences. Questions / Comments: If you have any questions or comments related to Bank of America's short sale process please contact our Customer Care line at 1-866-880-1232 or visit bankofamerica.com/realestateagent Privacy and Security Keeping your financial information secure is one of our most important responsibilities. For an explanation of how we manage customer information, please read our Privacy Policy. You can also learn how Bank of America keeps your personal information secure and how you can help protect yourself. Bank of America Short Sale 8th Floor, 101 S. Tryon St. Charlotte, NC 28255-0001 Bank of America, N.A. Member FDIC.  Equal Housing Lender © 2011 Bank of America Corporation. All rights reserved.