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! : May 2009

Time for The Friday Roll Call!!!! Let's get positive!!

I am dedicating another post just to allow all of us the opportunity to read a positive story or two. I will start!!:

1. Spent quality time with my family over the holiday.

2. Got 2 short sale listings this week!!

3. Wrote an offer on a Freddie Mac foreclosure and got it accepted.

4. Picking up my kids from school today to take them to the Birmingham fair!!!

5. Met with a new buyer last night.

6. Have an inspection this weekend and two listing appointments.

7. got an offer on a short sale listing.

***" Luck is more often found through hard work then by blind chance ", Mike Sher?***

Make it a LUCKY week.

Mike S

Mike Sher,

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com

CDPE (Certified Distress Property Expert)

shortsale@mikerealtor.com

Servicing  Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City

Time for The Friday Roll Call!!!! Let's get positive!!

I am dedicating another post just to allow all of us the opportunity to read a positive story or two. I will start!!:

1. Had a closing yesterday and wrote an offer as well.

2. Working on 5 short sale offers, a blessing with much work attached to it!!

3. Looking forward to a nice Holiday weekend

4. Having some friends over tonight for Chinese food and then we will all play soccer in our back yard

5. The weather has been great.

6. My wife and life have no strife!

***"Excuses are the barriers we created to justify our failures", Mike Sher?***

Have a nice week.

Mike S

Mike Sher,

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com

CDPE (Certified Distress Property Expert)

shortsale@mikerealtor.com

Servicing  Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City

Often, sellers think that sending house keys to bank will satisfy their obligation.  It will not.  When the borrower closed their loan they signed two documents; first, "A Note" which is a promise to pay and second "The Mortgage" offering the home as collateral. 

These are two different documents; the loan is a promise to pay the FULL AMOUNT owed or amounts if you have multiple notes/loans.  The MORTGAGE, allows the bank to seize the asset, BUT it does not allow forgiveness if the asset is worth less then the note.  The bank can and most likely will at some date try to collect the difference.   They can hire collection companies, attorneys and even garnish wages.   The bank can also 1099 you for the charge off and put a foreclosure on your credit record.

So to walk away is just a short term solution to a much larger problem, a band-aid for a bullet wound.  Before your client puts those keys in an envelope, have them seek legal advice and review the many other options like Short Sales, Loan Modification, Repayment Plans and/or Deed in Lieu.

Need more information, call me !

 Mike Sher,

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com

CDPE (Certified Distress Property Expert)

CDPE (Certified Distress Property Expert)

MCAR, Short Sale Trainer

Max Brook and Real Estate One Short Sale Specialist.

 The Mike Realtor Team Blog - Metro Detroit/Oakland County

Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City

But, We Can Help!

This is a competitive real estate market.  If you have to sell and can not, perhaps it is time to look at a Short Sale.  The Mike Realtor Team has performed dozens of Short Sales for professionals who have lost their job, income has declined, medical problems, relocation, retirement, divorce, loss of spouse, unable to make ends meet, or other reasons not listed.

This is what you commonly need to do a short sale.  I send my clients this list before we meet so they are able to get everything together.  This also lets me gage how motivated they are.  Feel free to use this for your Short Sales.

Mike

Dear Homeowner,

In order to keep your home-selling process running as smoothly as possible, please provide the following items:

1. Fully completed Financial Disclosure Forms (attached 2-page worksheet).

2. Write a 1-page letter explaining how you got in this position.

3. Last 2 month recent pay stubs.

4. Copies of most recent 2 months Personal Checking Account Statements for each borrower on the loan.

5. Copy of signed last 2 years Personal Tax Returns.

6. Last mortgage statement(s), one for each loan you have.

Please understand, this information is critical to keeping the short sales process on track. A quick response is to your benefit, and will save many headaches and last minute delays from happening.

Need more information, call me !

 Mike Sher,

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com

CDPE (Certified Distress Property Expert)

MCAR, Short Sale Trainer

Max Brook and Real Estate One Short Sale Specialist.

 The Mike Realtor Team Blog - Metro Detroit/Oakland County

Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City

But, We Can Help!

This is a competitive real estate market.  If you have to sell and can not, perhaps it is time to look at a Short Sale.  The Mike Realtor Team has performed dozens of Short Sales for professionals who have lost their job, income has declined, medical problems, relocation, retirement, divorce, loss of spouse, unable to make ends meet, or other reasons not listed.

1. You're upside down with a loan greater then what the home can sell for. What you owe is irrelevant to how much a buyer is willing to pay for a it.  
2. Other homes are priced far less because they are bank owned or Short Sales.  These homes are selling and their is an ample supply of them, you can not wait until they are all sold..
3. The local economy has generated buyers who are only looking for "Deals". If your home is not priced right it will sit because buyers will find another seller who will wheel and deal!
4. Your price is based on the list price of other active homes that have not sold.    Only sold and pending home sales data demonstrates true market value, homes that have not sold are often overpriced.
5. You have dismissed the most recent sales because they were foreclosures or were "not as nice as yours". Don't get too emotionally or hypersensitive, if your home is not selling, then buyers feel that you price does not equate to value of your asking price.
6. We've had so few showings, how do I know that I'm overpriced with out getting buyer feedback?  Buyers are not even looking at your home because they found comparable homes at a lower price. If they can find what they want for less, they will never see your home.
7. Your agent has not told you to lower your price because of fear of upsetting you. Agents do not like giving bad news.  If they are a friend or family member they maybe fearful of the wraith that comes with disappointing you.
8. You are blaming the listing agent for not marketing the home well enough. If the agent has sold other homes recently with the same marketing strategy then most likely your home is over priced.
9. You have an appraisal from 2006 showing your home value is far greater then what your realtor is telling you.  The problem is since that appraisal; real estate values have dropped over 30%, 401K's and IRA's are worth 60% of what they were, lender laws are far more strict and the unemployment rate has sky rocketed.
10. Everyone says my home is so nice, it must be worth more.  Realtors work on the basis of what a home can sell for.  If buyers are only willing to pay X for something, then that is what the home is worth in today's market

But, We Can Help!

This is a competitive real estate market.  If you have to sell and can not, perhaps it is time to look at a Short Sale.  The Mike Realtor Team has performed dozens of Short Sales for professionals who have lost their job, income has declined, medical problems, relocation, retirement, divorce, loss of spouse, unable to make ends meet, or other reasons not listed.

Need more information, call me !

 Mike Sher,

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com CDPE (Certified Distress Property Expert)

MCAR, Short Sale Trainer

Max Brook and Real Estate One Short Sale Specialist.

 The Mike Realtor Team Blog - Metro Detroit/Oakland County

Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City

Realtors hate saying no; we are in the yes business.  In the past, saying yes was not a big problem.  If an agent wanted to "buy the listing" (tell the seller what they wanted to hear to secure the listing), the greatest harm done to the client, was the disappointment of selling for less then promised.  Not the best practice by Realtors but it was done to get their sign in the yard of attractive homes.  An agent would get buyers, a neighborhood presence and maybe even sell the home after a few price reductions.

Now in a Short Sale, tons of harm is done to the seller.  If the seller can't make payments, then they will be foreclosed on.  A Short Sale is a time bomb ticking backwards, the longer it takes, the more likely it will explode into a foreclosure.   Some agents are still "buying the listing", they put the home on the market, to get some buyer leads and hopes that the Short Sale will solve itself. If an inexperienced Realtor lists a home for Short Sale, and is unable to perform the tasks required to get a Short Approval, then the home will often be lost to foreclosure. 

Locally I have seen dozens of homes with other Realtors that became foreclosures because the listing agent was unable to complete the Short Sale.  With the limited time period afforded, a seller may only have one chance to sell.  They need a qualified Short Sale Realtor to help them.  Sadly some listings have been Conditionally Withdrawn while the seller is in redemption period or right before Sheriff Sale.  The listing agent has locked up the listing to avoid other (Short Sale) agents from contacting the seller to offer help.  In fact the sellers are unable to engage with another Realtor until the listing contract has expired or a release is given.  This is wrong and is goes against are fiduciary responsibility to our clients!!

When you choose your Realtor, ask them how many short sales have they closed? Did they negotiation with the bank or was it passed on to a 3^rd party? Ask them for references and documentation that shows they are experienced in Short Sales. If a Realtor has never done a short sale or just backed into a few by chance, then you should be concerned.  You have a limited time, so make sure the agent has a track record of success.   You may not have a second chance.

Mike Sher,

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com

CDPE (Certified Distress Property Expert)

MCAR, Short Sale Trainer

Max Brook and Real Estate One Short Sale Specialist.

 The Mike Realtor Team Blog - Metro Detroit/Oakland County

Servicing  Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City

Time for The Friday Roll Call!!!! Let's get positive!!

I am dedicating another post just to allow all of us the opportunity to read a positive story or two. I will start!!:

1. had two closings this week and one more next week.

2. We are very busy.

3. Was quoted in the Detroit Free Press.

4. The weather in Detroit is great!!!.

5. Leased two vacant rental homes this week.

6. Feeling good, focused and positive.

*** We all have one thing in common; we each share a 24 hour day.  What we do with those hours makes each of us different.  Each hour can be good or bad, full or empty; are you happy with you 24?***

Mike S

Mike Sher,

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com

CDPE (Certified Distress Property Expert)

shortsale@mikerealtor.com

Servicing  Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City

Many short sale specialists out there are ready to sell you books, tapes, videos and coaching time no matter where you live as long as you have a major credit card.  Plus if you google "short sales tips, help or expert", you will find 100,000's of gurus (including Mike Realtor) dishing out short sale gospel like Moses on the Rock.

Well, here is a little tip; each state is different when it comes to short sales, foreclosures, deficiencies, sheriff sales, property taxes, deed laws, redemption periods and etc.  I live in Michigan where;

•·        Michigan has  redemption rights, but other states like Texas has no redemption

•·        Michigan is a Dower state while other states are Community property or Curtesy

•·        Michigan is a "Foreclosure by Advertisement" while other states may be "Foreclosure by Action"

•·        Michigan is a recourse state while others like Minnesota are non-recourse

•·        Michigan prorates taxes in advance while others are in the rears.

These are just a few examples of some differences between Michigan and other states.  Many Short Sale experts like to make a general statement of fact that may only be true in their neck of the woods.  Following good advice in one state could be dangerous advice in your state

Check the facts, call your local board of Realtors, talk to a Real Estate attorney and never believe what you read just because someone wrote it.

Mike Sher,

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com CDPE (Certified Distress Property Expert)

MCAR, Short Sale Trainer

Max Brook and Real Estate One Short Sale Specialist.

 The Mike Realtor Team Blog - Metro Detroit/Oakland County

Servicing  Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City