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, 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.

Just closed on my 21st short sale of the year.  This was a Royal Oak townhome that we sold for 40% of what my client owed.  My client had been out of work for 9 months and could not find any new employment.  She was burning through her savings and was scared.  The borrower could not get a loan modification because she had no income and soon she was going to have to walk from her home.  This was not in her nature for she was a spiritual person who does not like to walk away from her problems.  Her mother found me though reading my blog on short sales.  I must admit, when I first spoke to her, I was not going to take the listing.  The condo was going to be very hard to sell since the units were unwarrantable.  This means that the buyer would have to pay cash. This would lower the sale price to below $40,000.00 and since she had two loans, I knew that this would be a tough short sale.  But, she seemed so nice, I could not say no.  Well we closed and below is a letter she wrote for me. 

The moral is that the best way to keep a client is to make them a happy client.

Mike Sher

Dear Mike,

I just want to thank you again for all the hard work you did in short-selling my condo in Royal Oak. In these times that are extremely difficult financially for so many people, you are making a true difference in so many people's lives. You helped to save me from having to go into foreclosure. You were confident and encouraging the entire time, and I think it was your positive energy that helped us to hurdle all the obstacles in the path. Thank you also for always keeping me up to date the entire time with e-mails and records of how you were creatively advertising my condo., scheduling all the showings, all the phone calls to the bank, and finally all the phone calls with the buyers. You made the whole process smooth sailing.

You have an amazing gift, and your integrity in your business dealings shines through. Now, I feel hope to go on with my life and make a fresh start. I'll be sure to refer you to anyone I come across who needs similar help.

Take care and Happy New Year!

Sincerely,
T. K.

 This is a Royal Oak Short Sale that I listed and closed.  My seller needed to sell.  He was stuck in a predator loan with a very high monthly payment.  The balance of this loan was so high; I don't know how the borrowers could have qualified.  The loan was a no doc, stated income "liar loan".  The fees on the refinance were so high it was criminal.

The seller could not afford the loan in the first place and with the economic downturn he was certain to be foreclosed on.  The Seller and Buyer were both thrilled by  my services.   Without a Short Sale, the seller would have been foreclosed on.  This would result in years of debt and probable litigation.  

PROFILE:

Location:  Downtown, Royal Oak, MI                          

Type: Duplex 1930's, great location.

Condition:  Need of some repair.  Also need a variance to keep the multi-family zoning.

Lender #1:  Homecomings Financial

Amount Owed: 310,000

Sold Price: $195,000

Negotiation time: 2 month

Amount owed by seller post closing: zero

Seller's out of pocket costs:  0

Hardship: loss of income, failing business and need to reduce expenses.

Happy Seller, Happy Buyer and One less Foreclosure in Michigan.

 Call me, I can help

Sell My Home to Stop Foreclosure Now

 Mike Sher                                                                     

Office: (248) 644-4700x242   Fax :(248) 499-1020
4120 Telegraph Rd, Bloomfield Hills, MI 48302
E-mail: mike@mikerealtor.com            

Blog/Profile: http://activerain.com/mikerealtor  Web: www.mikerealtor.com                   

Linkedin: http://www.linkedin.com/in/mikesher  CDPE: http://hosted.cdpe.com/MikeRealtor/

 he 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 a Novi Short Sale that I listed and closed.  My sellers needed to sell.  They were both affected by the economic downturn and were unable to continue paying for their monthly mortgage payments.  Their incomes were reduced to more then half of what they were making at the time the mortgage was originated.  The Sellers were thrilled with my services.   Without a Short Sale, they would have been foreclosed on.  This would result in years of debt and probable litigation.  

Some Homes have become an anchor that prevents the owner from progressing with the rest of their lives.  A SHORT SALE can cut the rope which allows the seller to move on to a brighter future with out the baggage of the past.    

PROFILE:

Location:  Island Lake Orchards, Novi, MI                          

Type: 2006 Toll Brother's Single Family Home, 3814 Sqft, 4 bed, 3.1 bath, basement and garage

Condition:  Fantastic with granite counter tops, remodeled baths and more.

Lender #1:  Country Wide/Bank of America

Amount Owed: $634,000

Lender #2: Community Choice Credit Union

Amount Owed: $90,000

Sold Price: $490,000

List Date: 02/07/2009

Closed Date 09/02/2009

Negotiation time: 2 month

Amount owed by seller post closing: Promissory note on the 2^nd lien.

Seller's out of pocket costs:  0

Hardship: loss of income, failing business and need to reduce expenses.

Happy Seller, Happy Buyer and One less Foreclosure in Michigan.

 Call me, I can help

Sell My Home to Stop Foreclosure Now

 Mike Sher                                                                     

Office: (248) 644-4700x242   Fax :(248) 499-1020
4120 Telegraph Rd, Bloomfield Hills, MI 48302
E-mail: mike@mikerealtor.com            

Blog/Profile: http://activerain.com/mikerealtor  Web: www.mikerealtor.com                   

Linkedin: http://www.linkedin.com/in/mikesher  CDPE: http://hosted.cdpe.com/MikeRealtor/

 he 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.

Experts become experts when others seek their advice.  What does that mean?  Well, it is like the old saying, "if a tree falls in the woods and no one is there to witness it, did it really happen?"  The answer is if no one saw it or heard it, then it never happened.  Like that tree, if no one sees or hears you, you might not be an expert.

I am a Short Sale Expert because; I have, and continue to, offer my advice and guidance through my blogs, my Short Sale classes through our area board of Realtors and through serving on expert panels. Like the panel I will be on Thursday August 13^th at the Real Estate Investors Association of Oakland: http://www.reiaofoakland.com/home.html  I also openly lend my time to help other Realtorsor short sale sellers that have an agent who can not answer their questions.

So, if you have any short sale knowledge,  and if you have read my blogs then have tons (harder-har-har), then become and expert.  Ask you broker to speak about short sales to your office, write a blog, speak on the subject to all of the associations that you belong to, professional, charitable and social.

If you are speaking about short sales in the woods and someone is listening then you are an expert!!!

GO GET'EM TIGER!!!

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.

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.