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)
Short Sale Rochester Hills / Oakland Twp Just Sold, Oakland County MI Mike Sher Max Broock Realtors
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
The Mike Realtor Team is proud to announce that our Oakland Twp Home has recently SOLD. With our 90% Short Sale success rate, the Mike Sher Team is has saved another home from Foreclosure. If you are looking to sell your home or looking to buy a great home for a great price, the Mike Sher Team is here to help. Call us at (248) 644-4700 X 242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher
Don't be fooled, you are judged on your credit report and score. Your credit is a heavily weighed factor when buying a car, renting a home, getting a job, applying for a loan, determining the cost of insurance and much more. Sadly, most people don't realize the importance of their credit until after foreclosure.
Foreclosure is one of, if not the biggest bombshell on your score. Alex Charfen, CEO of the Distressed Property Institute states "I have personally seen a short sale only lower credit scores by as little as 50 points, as opposed to the 250 to 300 point drop from a foreclosure. Additionally, the credit effects of a short sale can be as brief as 12 to 18 months, whereas a foreclosure will typically impact your credit score for more then three years".
Many lenders are open to a short sale to avoid a foreclosure even when the borrowers are still current. Often homeowners ignore the early warning signs of foreclosure until they are in deep default. Acting before missing your first payment truly mitigates the devastating damage of foreclosure on your credit.
[Whether the bank forecloses on your house or you walk away, the impact is the same, says Craig Watts, senior national public relations manager with FICO, the creator of the FICO credit score. "A person's credit report doesn't include information about assets, income or the ability to pay," he says. So a person or scoring formula that sees ‘foreclosure' on the credit report doesn't know why the borrower stopped paying, only that she or he did."] Amy E. Buttell, Cyberhomes Contributor Published: January 21, 2010 reported
Another important tip to know is that presently a short sale is not specifically reported on a credit report. A foreclosure is reported for at least 10 years, so those looking for employment, seeking a security license or working in the finance field may find road blocks toward a better future when your credit report comes back to haunt you. There is a big difference between Short Sale vs a Foreclosure.
Mike Sher of Max Broock Realtors Bloomfield Hills is offering free foreclosure avoidance with Short Sales seminars at 6pm on , 8/17/10, 8/23/10 9/14/10 and 9/28/10 Call him at 248-644-4700 x242, email: team@MikeRealtor.com. Also learn more at www.ShortSaleOaklandCounty.com
Mike Sher
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
Short Sale Troy, MI When Facing Foreclosure: Research, Educate and then Act.
By Mike Sher, (248) 644-4700 x242 Max Broock
Often you will find ads that are miracle solutions to your financial problems. "A Magic Bullet" that if you pay $XXX then all of you financial woes will be solved. Remember what your mother said, "if it is too good to be true, it most likely is." You must Avoid Loan Scams. Take charge of the process:
Do your research, learn about the options; both the positive and negative outcomes. Educate yourself so when you meet a "Foreclosure Solution Provider", you understand what they are offering and if it sounds accurate to what you learned. Lastly you must act; doing nothing will only cause more damage and hardship to your credit, your family & yourself. Once you've done your research through education, you then can act with a confidence that will lead you out of hole and into the light!
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
Avoiding the Pitfalls of Foreclosures & Short Sales
Nationally, ONE out of EIGHT homeowners is behind on mortgage payments. We can help our neighbors in need and prevent foreclosures with information alone! The current US housing market and financial crises has affect ALL of us!
Chances are you or someone you know is having trouble making their mortgage payment each month and doesn't know their options are. As a service to our community, I've decided to host a FREE Foreclosure Avoidance Seminar to give information, help and advice on what to do when you're upside down on your mortgage.
Avoiding the Pitfalls of Foreclosures, a program designed for Homeowners - What you need to know, what your options are, and what you need to make sure your Agent knows and is doing! Learn the "What," "Where" and "Why" and "How" to navigate through the pitfalls of the tens of thousands of distressed properties that are plaguing our market! Additional topics include: - WHAT IS A SHORT SALE? Understand the TRUTH about how Short Sales & Foreclosure and how they differ. Learn the Facts & Myths, what the aftermath will be for the borrower, how Sherriff Sales & redemption period work.
- OMG, WHAT ARE ALL THESE GOV'T ACRONYM'S?! HAFA, HAMP, MHA: Understanding HAMP, HAFA for non-GSEs and the new HAFA for Fannie Mae and Freddie Mac starting August 1, 2010. Who is eligible and do they really work?
- And MUCH more! Get the facts, you can not afford to miss this - educate yourself no matter what role you play!
Avoiding the Pitfalls of Foreclosures & Short Sales is presented by Mike Sher, Associate Broker, CDPE & Short Sale instructor; along with one of his expert attorneys.
Class schedule:
July 28th, 2010 6-7:30pm : Avoiding the Pitfalls of Foreclosures & Short Sales
Location: Metropolitan Consolidated Association of REALTORS
2125 Butterfield Rd., Suite 100 | Troy, MI 48084
Aug 10th, 2010 6-7:30pm : Avoiding the Pitfalls of Foreclosures & Short Sales
E-title : 1650 W. Big Beaver, Troy, MI 48084
Aug 17th, 2010 6-7:30pm : Avoiding the Pitfalls of Foreclosures & Short Sales
Real Estate One Corporate Office: 25800 Northwestern Hwy., Southfield, MI 48075
6-7:30 avoid the pitfalls as a buyer or seller Foreclosure and short sales homes
Aug 23rd, 2010 6-7:30pm : Avoiding the Pitfalls of Foreclosures & Short Sales
Location: Metropolitan Consolidated Association of REALTORS
2125 Butterfield Rd., Suite 100 | Troy, MI 48084
RSVP to ShortSale@MikeRealtor.com , tell us which class or classes you will be attending. Call for more information 248.644.4700 x 242.
Below is an email from BOA explaining how Counter offers are to be handled and the fact that though BOA may accept an offer, the file still must be approved from the investor. Good info, Read Below:
Realtors have told us the better they understand the counter offer process, the more successful they are in closing short sales.
The following facts related to the counter offer process are critical to closing short sales in Equator.
act #1: Your acceptance of the counter offer terms does not mean the transaction is approvedAcceptance of the counter offer means that Bank of America will take the next step of presenting the transaction for approval to the investor. In some short sales, multiple approvals may be necessary from others including the second lien holder, mortgage insurer and Bank of America senior management.
Fact #2: The terms of the accepted counter offer may be approved, declined or changed Any of the parties reviewing the transaction can change the terms of the transaction, approve or decline it.
Fact #3: The counter offer may have an expiration datePlease reply to the counter offer before the expiration date. If you don't reply by the expiration date the transaction will be rejected and you must restart the process by initiating the short sale and resubmitting documents.
Fact #4: The counter offer must be accepted via the offers management tool in Equator To accept the counter offer, go to the "Workflow" section of Equator and select the "Offers Needs Response" link. Select "Counter Offer" and press the "Accept" button in the Counter Offer screen. You cannot accept a counter offer via an Equator email to your negotiator.
By understanding these key facts, you will be in a position to better help the homeowner complete a successful short sale transaction. For other questions you have about the short sale process and Equator, refer to our informational guide at the following link: http://bankofamerica.reo.com/shortsaletraining
MCAR is proud to present Fast Track to Short Sale Success, a program designed to help today's agents guide clients through the short sale and foreclosure process. The last time we offered this program it filled up quickly, so don't miss this fresh opportunity to put yourself on the Fast Track on July 28 (register). Even better: the event is free for MCAR members!
Fast Track to Short Sale Success covers the "What," "Where" and "Why" of the short sale process from three different perspectives. Learn the roles and responsibilities of the REALTOR®, the negotiator and the foreclosure attorney during the short sale process. Understanding the core goals of each party involved in the short sale transaction will lead to smoother interactions and a more positive experience for your clients.
Additional topics include:
The REALTOR'S® role in the short sale transaction and fiduciary reasonability in a short sale
Understanding HAMP, HAFA for non-GSEs and the new HAFA for Fannie Mae and Freddie Mac starting August 1, 2010
Issues that may arise after the short sale
What short sale transactions will look like in the future
And MUCH more
Fast Track to Short Sale Success, presented by Mike Sher, is Wednesday, July 28 from 3 pm - 5 pm at MCAR's Troy location. Click here to register online.
Short Sale Birmingham Just Sold, Oakland County MI Mike Sher Max Broock Realtors
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
The Mike Realtor Team is proud to announce that our Birmingham Home has recently SOLD. With our 90% Short Sale success rate, the Mike Sher Team is has saved another home from Foreclosure. If you are looking to sell your home or looking to buy a great home for a great price, the Mike Sher Team is here to help. Call us at (248) 644-4700 X 242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher
Short Sale Northville Just Sold, Oakland County MI Mike Sher Max Broock Realtors
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
The Mike Realtor Team is proud to announce that our Northville Home has recently SOLD. With our 90% Short Sale success rate, the Mike Sher Team is has saved another home from Foreclosure. If you are looking to sell your home or looking to buy a great home for a great price, the Mike Sher Team is here to help. Call us at (248) 644-4700 X 242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher
Mike Sher 2009 Track Record: 56 homes sold, 22 Short Sales and 365 of Focus
A ton of agents are complaining about equator and how it does not work well with Realtors. I think the bigger problem is that we Realtors need to figure out how to work with Equator. So here are ten ways to make equator "Realtor Friendly"!!
In your listing presentation, prepare your seller on how to work with equator.
On your addendum's to your purchase agreement include "buyer agrees to supply listing agent first 5 digits of buyer's social security number, address, phone number and date of birth 24 hours after mutual acceptance of offer."
After starting the short sale on equator (make sure you seller is available) 3 way call 866.880.1232 to set up the borrower on Equator
PDF in advance, into individual files, the borrowers tax returns, last two pay stubs, bank statement, hardship letter, financial statement, w2's and etc.
Check Equator daily to see if you have any open tasks, complete them ASAP!
Email through equator 24 to 48 hours after you have completed a task.
Call equator weekly if your account has been idle on the BOA side, have the customer service person trigger the account.
upload bank statements and pay stubs when every your seller gets them.
if you lose the buyer, be prepared to start over again and not to lose your cool!!!
Good luck and for any Michigan short sale seller's out there, contact me. I would be glad to help.
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
The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, 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
The Mike Realtor Team is proud to announce that our West Bloomfield Home has recently SOLD. With our 90% Short Sale success rate, the Mike Sher Team is has saved another home from Foreclosure. If you are looking to sell your home or looking to buy a great home for a great price, the Mike Sher Team is here to help. Call us at (248) 644-4700 X 242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher
