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!

Farmington Hills Short Sale Realtor : Any Realtor can list a short Sale but not every Realtor can close one, Michigan Certified Distress Property Expert, Mike Sher Max Broock (248) 496-1572

I have been spending a lot of time showing homes to buyers recently, which is a nice way to get out of the office!  As a Short Sale listing agent, I often spend my days calling, emailing & negotiation with banks and less time out in the field.  I was shocked at how many bank owned homes were previously listed as a short sale by  " So Called Short Sale Expert Realtors".  It reminds me that though any Realtor can list a Short Sale, few are able to close them.  

In the past most Realtor would avoid distress sales because they were too much work. They focused on traditional sales that are easier.   But now most Realtors will take any listing because they need the business.  A Short Sale listing yields sign calls and can get the Realtor more listings, but sadly some Realtors are more focused on getting the business thengetting the short sale approved.   I write this not to bad mouth my fellow Realtors but to alarm the public so they wll qualify the agent they trust to Short Sale thier home.  Many Realtors will do a fine job for you. But a few just want a their sign in your yard.

First qualify the agent:

1. The agent needs to prove that have closed at least a dozen short sales in the past. 
2. They should have letters of reference from past Short Sale closings.
3. Agent needs to demonstrate that they are aware of the changes in the short sale process like:
   1. FHA pre-foreclosure program
   2. HAFA, Co-Op program
   3. other such programs.
   4. They must show they have the time to negotiate your short sale.
   5. They need to prove they have the tools and process in place to get your Short Sale approved.

For an example, my qualifications are,

1. I spend 20+ hours a week reading:
   1. Short sale blogs and forums to keep me up to date
   2. Government information sites like FNMA's Know you options site, Making Home Affordable and Hamp
   3. Plus other information sites to keep up to date on changes in the short sale process. 
2. I attend 3 to 6 Short Sale webnars hosted by CDPE and Bank Of America a month
3. I attend the Certified Distress Property Expert yearly conference where I meet top Short Sale agents like myself to discuss success strategies.  
4. My Team closed dozens of short sales and have over a 90% closing percentage.
5. I teach short sale classes for Realtors at my local board of the Metropolitan Association of Realtors
6. I am a certified Michigan Association of Certified Public Accountants educator on the subject of Distress Property. 
7. I write a weekly blog with 100's of readers including you :). 
8. In 2010, my Team sold 75 units with $10 million in volume
9. I am a Short Sale consult for several local law firms and brokerages
10. I am a Fox 2 Detroit guest regarding Short Sales
11. A feature Short Sale resource for the Detroit Free Press Blog and Birmingham/Bloomfield Eagle

So before you sign on the listing agreement, make sure your Realtor has a track record of Short Sale success.

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.

https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html

Mike Sher

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

I have recently expanded my team to an additional processor to call on the banks. She asked me if I could include a list of pertinent questions to ask the Short Sale or Loss Mitigation Departments. So here they are in no specific order of importance.

1. Where do we fax the 3rd party Authorization? What is the best # to call back to ask if they got it?

2. Who is the investor?

3. What does the investor offer 2nd liens?

4. Is their a Mortgage Insurance (MI/PMI) company?

5. What is your short sale process?

6. Do you want the hardship package now, or wait til we get an offer?  What documents do you rewuire in your Hardship Package?

7. Is this a FHA loan?

8. Has a BPO/Appraisal been done, what did it come back at?

9. When will a BPO/Appraisal be ordered?

10. From offer to approval, on average how much time does it take?

11. What Dept processes Short Sales? What is the best fax number, phone and email for your dept? (seldom do you get the email).

12. Did you get our last fax? How long shoot we wait until we refax?

13. Do we have a negotiator? When can we expect get a negotiator? Has anyone update the notes since last we called?

14. What is our negotiator's contact info plus email?

15. What is the best way to expedite the process?

16. Has a Sheriff Sale been scheduled and if yes, how can we postpone it?

17. Is the borrower in default?

18. Has the borrower's file been put into another program that will slow down the short sale process, like HOPE or loan modification?

19. Can the home owner make partial payments to slow down the process of default, i.e. Forbearance?

20. Can you escalate this file?

Mike Sher, CDPE: http://hosted.cdpe.com/MikeRealtor/

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.