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! : January 2010

Please join me for a Short Sale Seminar made for Realtors by Realtors.  We will discuss how you can negotiate Short Sales for your clients.  We are not selling any services in this seminar.  We are offering this class so all of us Realtors can provide the best service for our clients because we care about Michigan!

Short Sales are part of the business here in Michigan and it is time for us Realtors to take charge saving homes from Foreclosure.  Every Short Sale we close is one less Foreclosure in our community.  Everyone benefits; the Seller, the Buyer, the Bank and it mitigates the loss of value that a Foreclosure has in our neighborhoods.

Mike Sher, CDPE, Max Broock (248) 644-4700

Bloomfield Township Library, 1099 Lone Pine Road Bloomfield Hills, MI 48302

RSVP by calling our Max Broock Bloomfield Hills office, 248-644-4700 or bloomfield@maxbroock.com

Short Sale, Troy MI.  By Mike Sher, Max Broock Realtors, Bloomfield Hills, Michigan

I just got my first equator BOA short sale approved. Both the first and 2nd were with BOA and they negotiated the loans together, which was nice. Time line as follows:

9/9/09 faxed the hardship and offer to to BOA in 10 page faxes.
9/24/09, they did not have the fax yet though re-faxed 3 times. Found a Short Sale person who allowed me to email it to him to be uploaded
10/1/2009 Exterior BPO was done
10/7/09 file was moved o REO Trans
10/20/09 seller and Mike Sher uploads all docs and full package to REO Trans/Equator
10/27/09 interior BPO done
11/10/09 negotiator emails us to say we are waiting for payoffs from investor
11/23/09 Titanium solutions calls me to tell me that they are taking over. They ask for full package again plus some new documents.
11/23/09 to 1/05/2010 Titanium has three representatives ask me for the same documents 3 times. At the same time REO Trans is emailing me asking for the same update information.  Nether of them acknowledge the others updates

Titanium is telling us that they are in charge not REO Trans while REO Trans is telling us that they in charge not Titanium.

1/6/10 Reo Trans/Equator now counters the offer. Not in price but more in some small closing costs and changing the 2nd lien payoff from $3000 to $5000.

1/7/10 buyer accepts the counter offer and I send a new HUD
1/7/10 Equator asked for a quick change in the HUD by email
1/11/10 Equator asks to accept their counter offer again, we say yes.
1/12/10 Message from Equator "THIS FILE WAS SUBMITTED TO THE MI CO FOR REVIEW, WILL SUBMIT IT TO THE INVESTOR FOLLOWING RESPONSE "
1/23/10 the short sale was approved in writing.

Now we are off to close. 

Mike Sher

56 homes sold in 2009, 22 of them short sale listings!

Office: (248) 644-4700x242 Fax :(248) 499-1020

4120 Telegraph Rd, Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com www.ShortSaleOaklandCounty.com    Blog/Profile: www.mikerealtorblog.com

Web: www.mikerealtor.com

The Mike Realtor Team Blog - Metro Detroit/OaklandCounty 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.

The old saying is still true, “people to don’t plan to fail, they fail to plan. Short Sales are predictably un-predictable. What does that mean? You can always predict that something will go wrong, or will be missed, or overlooked. So, it is time to remember what was passed on from one Boy Scout to Boy Scout, “Be Prepared”. So basic and yet so wise!

Be Prepared:

1. Order Pre-title.

2. Only take a short sale that you know you can close.

3. Be confident but not cocky.

4. Make sure the offer you accept is one that will make value.

5. Meet the BPO Agent

6. Educate the seller before you start the process.

7. Educate the buyer before you start the process.

8. Never make promises that you can’t keep.

9. Call the bank back the same day they called you, in fact always call everyone back.

10. Give good news quick and bad news quicker.

11. Prepare the borrower for the best case and worst case outcome before you list the home.

12. Treat everyone honestly.

13. Read every document before acting.

14. Know the local laws and any changes that have occurred.

15. Never give up. If you take a Short Sale listing on, it is yours to finish.

16. Give it 100% and everything else will work out.

17. Remember, the Realtors job is to make sure everyone else does their job. “The Buck Stops With You”

18. Call the bank three times a week

19. Ask the bank the right questions, even if you think you already know the answers.

20. Know the process.

21. Do not skip steps even if it will save you some time.

22. Always have a plan B.

23. Have a Plan C, just in case.

24. A Short Sale is like Chess, must think 4 steps ahead.

25. Keep all parties informed and never lose hope.

The most important thing is to prepare for the fact that the seller, the buyer and the community are counting on you to get this short sale done. With Short Sales, we assume the responsibility that if we fail, the seller may not get a 2nd chance. Only take a Short Sale on if “You Plan NOT to Fail!!! “

Mike Sher

56 homes sold in 2009, 22 of them short sale listings!

Office: (248) 644-4700x242 Fax :(248) 499-1020

4120 Telegraph Rd, Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com www.ShortSaleOaklandCounty.com    Blog/Profile: www.mikerealtorblog.com

Web: www.mikerealtor.com

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.

Must be a team player!  Buyer's Agent will uphold the company policies, procedures, and core values of the team.  Any team is only as strong as its weakest link and in many ways each partner in their own way is the heart of the team.   They will love you and be loyal lifelong clients of the Team!  And tell all of their friends what a fantastic job you did! 

Responsibilities and Requirement

• Must be available and flexible to show properties to buyers (must have your own transportation to do so)
• Must hold active Michigan Real Estate Sales Person License
• Must be a member of Realcomp and proficient with MLS systems
• Must be a Outgoing & Personable
• Able to work with many types of personalities
• Must have strong phone skills
• Must be tech savvy (ie: check & respond to emails often through the day, text, Internet proficient, pdf, scanning, etc.)
• Must be able to follow up on buyer leads.
• Must be able to write offers and negotiate offers.
• Attend the inspection, walk through and closing with buyers.
• Must be organized and detail oriented. .
• Able to correctly answer questions (or find out answers) to satisfy buyers.
• Must have an "Above & Beyond" positive attitude!  (90% of the sale is whether the client likes you!)

For more information, email resume to mike@mikerealtor.com

Mike Sher

Max Broock Realtors