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! : July 2010

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 28^{th, 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 10^{th, 2010}    6-7:30pm : Avoiding the Pitfalls of Foreclosures & Short Sales

E-title : 1650 W. Big Beaver, Troy, MI 48084

Aug 17^{th, 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 23^{rd, 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