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!

Often, sellers think that sending house keys to bank will satisfy their obligation.  It will not.  When the borrower closed their loan they signed two documents; first, "A Note" which is a promise to pay and second "The Mortgage" offering the home as collateral. 

These are two different documents; the loan is a promise to pay the FULL AMOUNT owed or amounts if you have multiple notes/loans.  The MORTGAGE, allows the bank to seize the asset, BUT it does not allow forgiveness if the asset is worth less then the note.  The bank can and most likely will at some date try to collect the difference.   They can hire collection companies, attorneys and even garnish wages.   The bank can also 1099 you for the charge off and put a foreclosure on your credit record.

So to walk away is just a short term solution to a much larger problem, a band-aid for a bullet wound.  Before your client puts those keys in an envelope, have them seek legal advice and review the many other options like Short Sales, Loan Modification, Repayment Plans and/or Deed in Lieu.

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)

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.

Many short sale specialists out there are ready to sell you books, tapes, videos and coaching time no matter where you live as long as you have a major credit card.  Plus if you google "short sales tips, help or expert", you will find 100,000's of gurus (including Mike Realtor) dishing out short sale gospel like Moses on the Rock.

Well, here is a little tip; each state is different when it comes to short sales, foreclosures, deficiencies, sheriff sales, property taxes, deed laws, redemption periods and etc.  I live in Michigan where;

•·        Michigan has  redemption rights, but other states like Texas has no redemption

•·        Michigan is a Dower state while other states are Community property or Curtesy

•·        Michigan is a "Foreclosure by Advertisement" while other states may be "Foreclosure by Action"

•·        Michigan is a recourse state while others like Minnesota are non-recourse

•·        Michigan prorates taxes in advance while others are in the rears.

These are just a few examples of some differences between Michigan and other states.  Many Short Sale experts like to make a general statement of fact that may only be true in their neck of the woods.  Following good advice in one state could be dangerous advice in your state

Check the facts, call your local board of Realtors, talk to a Real Estate attorney and never believe what you read just because someone wrote it.

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

Short Sale Realtor tip #10, Top 5 reasons why a seller should choose a Short Sale over a Foreclosure, Troy, MI:

1. With a Short Sale, you have Leverage to negotiate terms with the bank, a Foreclosure you have none.
2. Often with a foreclosure, the asset is worth less then the note so the investor can hire an attorney to collect through wage garnishment and liens up to 10 years or longer.
3. A Foreclosure must be disclosed on future applications for credit and employment.  Plus, security clearances can be revoked, denied or limited.
4. A foreclosure on your credit report is almost impossible to repair and the drop of credit score takes years to recover from.
5. Choosing a Short Sale shows that you made the best of a bad situation.  It is something that you will look back at and say "it was not easy, but I feel better about taking control of life, and that has value".

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  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 enjoy a very high Short Sale closing ratio.  I.E., if I list a home as a Short Sale, I often sell it.  Many other realtors can not boast the same claim. Why am I so successful while others are not?  Not because I am smarter or better connected then them.  I NEVER QUIT!!!! 

I remember watching the summer Olympic swimmers last year.  If you watched the swim heats, you'll notice that the deciding factor of the race was not the first 180 meters but in the last 20.  Many swimmers got tired, over confident, under confident or just gave up in the last seconds of the race.

Short Sales are like that as well. Agents often fail in the tail end of the negotiations, or if they lose the buyer in the 11^th hour; the agent is tired, angry and sad; they throw up their arms and gives up.  Never giving up is what makes Olympians, both in the pool or in the Real Estate market.   Never give up, never let up.  Lose a buyer, get another.  Get a "NO", call the bank again to find a "YES". 

As we have been taught, it is always darkest at the end of the tunnel.  So pick yourself up, dust yourself off and get pack in the pool!!!

Mike Sher

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

CDPE (Certified Distress Property Expert)

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