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!
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.
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, 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
Three years ago the average realtor would not show a Foreclosure/Short sale home, let alone list one. At that time, 91.5% of sales were traditional retail. The fact that majority of agents would not touch those "Whole Sale" properties created a nitch for a few specialized Realtors. These agents learned how to work with distress properties. They became both successful and were able to make a living in a tough Real Estate market.
Now that 60% of home sales are distressed, every realtor, mortgage broker and Title Company have become A Short Sale Expert Overnight!! The traditional realtor needed to get in to the distress market to survive but often lacks the experience, understanding, patience and education to successfully sell a distress home. Also many listings were not short sales in the beginning. Later they find themselves underwater but locked in to a listing contract with a Realtor who has never sold a Short Sale before. Sadly many sellers lose their home because the agent they started are offten unequipped to handle the short sale.
That is why all of us Realtors need to get smarter and wiser about how to work with these properties. The sellers today will remember the agents that helped them when other would not. Those Sellers will also remember the pretenders, the agents with no education or experience who drove their client into foreclosure.
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
If you remember the old ad, "Friends Don't Let Friends Drive Drunk" you did this not just for your friend's well-being but for who ever your friend might kill if they are behind the wheel.
Well, Foreclosure prevention is just like that. Do not let your neighbor or friend get foreclosed on. Not just because foreclosure destroyst heir credit, causes bankruptcy, hurts their future ability to buy a home, lease a car or find a job. You stop them because when they walk from their home, you and other neighbor's home value get killed!!
The average foreclosed home sold for $141,900 in January while the average Short Sale home sold for $215,300 (First American CoreLogic's). That is a 35% difference. When the bank sells the home next door for 35% less then your neighbor could have, you are the one getting hurt!! Do not let that happen. If you were at a bar and saw your buddy staggering out the door with keys in one hand and a shot of tequila in the other, you would stop him.
So, when you see the next door neighbor's lawn growing 7 inches, or you know they are unemployed& can not make their payments, or they have medical issues, or any other hardships, help them! Print this blog and drop it off at there front door. Don't let a foreclosure steel 35% of your homes value and save a friend from an uncorrectable mistake.
Mike Sher, Max Broock Realtors, Bloomfiled, (248) 644-4700 x242
**First American CoreLogic'sThe average non‐distressed market‐sale price in January was $247,700 but the distressed average price was $161,600. The average REO price was $141,900, compared to $215,300 for short sales. The discount between market sales and distressed sales is currently about one‐third and has been running at the low‐to‐mid 30s during the last 12 months (Figure 6).**
Just got off the phone with BOA about a short sale that they have the 2ndlien. Spoke to a Short Sale supervisor who told me that BOA will only offer HAFA assistance for 2nd liens when the 1stlien is also with BOA. She told me that the loss on the 2nd liens are to great!! I told her that the program guidelines state that if a servicer is participating in HAFA on 1st liens they must also participate with 2ndliens, even when the 1st lien is not theirs. The program was created so borrowers could do a Short Sale to waive the deficiencies. The most valuable part of the program is the subordinate lien release with out future liability. With out that, then the program is somewhat worthless. If BOA will not participate in that aspect of the program, why should they be able to participate as a 1st lien holder?
HAFA has great benefits for the 1st lien holders:
•1. reimbursement of 1/3 the cost of subordinate lien release
•2. $1,500 commission to the servicers
•3. Great Public Relations tool
•4. Staying in the good graces of Uncle Sam.
•5. Plus other sweet heart deals from the Treasury, FDIC, HUD, TARP or other tax funded agencies.
So, in closing, If BOA wants be the kinder, gentler bank, they must offer HAFA for 2nd liens or accept the demonized reputation that brought down County Wide!!
Mike Sher
HAFA, Release of Subordinate Liens guidelines below:
Release of Subordinate Liens. It is the responsibility of the borrower to deliver clear marketable title to the purchaser or investor and to work with the listing broker, settlement agent and/or lien holders to clear title impediments. The servicer may, but is not required to, negotiate with subordinate lien holders on behalf of the borrower. The servicer, on behalf of the investor, will authorize the settlement agent to allow a portion of the gross sale proceeds as payment(s) to subordinate mortgage/lien holder(s) in exchange for a lien release and full release of borrower liability. Each lien holder, in order of priority, may be paid no more than six percent (6%) of the unpaid principal balance of their loan, until the $6,000 aggregate cap is reached. Payments will be made at closing from the gross sale proceeds and must be reflected on the HUD-1 Settlement Statement. Investors are eligible for incentive reimbursement for up to one-third of the cost to extinguish subordinate liens as described in the Incentive Compensation section of this Supplemental Directive.
Prior to releasing any funds to subordinate mortgage/lien holder(s), the servicer through its agent must obtain written commitment from the subordinate lien holder that it will release the borrower from all claims and liability relating to the subordinate lien in exchange for receiving the agreed upon payoff amount. Although servicers have discretion to draft policies and procedures for ensuring that the commitment of subordinate lien holders is documented prior to closing and such documentation is retained in the servicing file, they would be in compliance with HAFA guidelines if they further required the closing attorney or agent to either confirm that they are in receipt of this commitment from subordinate lien holders on the HUD-1 Settlement Statement, or request that a copy of the written commitment provided by the subordinate lien holder be sent to the servicer with the HUD-1 Settlement Statement which is provided in advance of the closing.
Subordinate mortgage/lien holder(s) may not require contributions from either the real estate agent or borrower as a condition for releasing its lien and releasing the borrower from personal liability. In addition, any payments to subordinate mortgage/lien holder(s) related to the short sale or DIL must be reflected on the HUD-1 Settlement Statement, as applicable.
Hafa is a great program but how do you participate? The problem is that though many servicers say that they are participating in HAFA, they have none of the documents to apply for the program. Do not let that stop you. Below you will find a link to the documents you will need to participate in HAFA. If the servicer you are working with does not have the forms, print out the right document from the link, fill it out, have the borrower sign it and fax it to the servicer.
This is a new program so do not let the newness keep you from putting your clients in the best program for them. If no one else will help, you must help yourself. Take control and try, try again. If you never quit, you will seldom fail!!
Remember, the program is for NON-FNMA/FREDDIE loans.
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
