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West Bloomfield Short Sale "3 Reasons the Term "Strategic Default" Is Misleading " Mike Sher (248) 644-4700 x 242 Max Broock Realtors

In a recent study, the Chicago Booth/Kellogg School Financial Trust Index found that a full 36% of Americans would consider "strategic default"-another term for walking away from your mortgage-if they were underwater (owed more on their home than what it was worth).

Now that more than one in four American homeowners is "underwater," I feel that it's important for the community to know the truth about strategic default.

The truth is the foreclosure process carries with it credit issues, current and future employment challenges, issues with security clearance and possible debt collections.

That's why it is vital to explain the 3 reasons why the term "strategic default" is misleading:

1.     There's nothing strategic about defaulting on purpose, especially when you have options like short sales, mortgage modifications, and refinance (just to name a few) that may keep you from foreclosure.

2.     The waiting periods to apply for a new mortgage loan are at least five years less in a short sale vs. a foreclosure.

3.     A foreclosure will show up on your credit report every time you apply for a home loan, car loan, new job, etc., and will affect your financial situation for many years to come.

55% of all Oakland County sales in 2010 were foreclosures or Shortsales.

If you are underwater and can no longer afford your mortgage payments, you need to create a genuine strategy to avoid foreclosure, helping to provide stability for you and our community.

If you have any questions about what steps you or someone you care about should take next, contact me today! (248) 496-1572  or learn more at ShortSaleOaklandCounty.com

IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Wow, I just got a call from one of our soldiers overseas who was to closing on a Bank Of America Short Sale today.  He started off with "I know you are not my Realtor but I need your help."  He proceeded with the story of how he was suppose to close on a home today but both Realtors were unable to reach Bank Of  America (BOA) to get the final ok on the short sale.  Their BOA contact was out of the office and was unreachable. His wife flew in to Detroit from Washington State for the day and needed to fly home.  If they could not close today, they most likely will not be able to buy the house since his wife is needed back home and he was ½ way around the world. 

Side note: The first mistake was made when the closing was set without the BOA's contact knowledge.  We must remember that these negotiators do get sick and have vacation time and they are not available as needed.   The listing agent most likely made the amateur mistake of not keeping the BOA negotiator in the loop.

Back to the story:  I proceed to let him know what I would do.  I would have the 3^rdparty authorized person call 866-880-1232 BOA's short sale hot line and find out who is covering for the negotiator in his/her absences.  RULE number one of getting unstuck in a short sale is going back to the beginning.   Many Realtors just end up filling the voice mail of the negotiator they have in hand and wait for a call back.  You must look at short sales like chess, just because a queen is considered the most revered piece, often the pawn is what gives you the check mate.  These Pawns/customer service/ Short Sale support people often wield more power and know how then the King, queen, or knights all put together.

After the agent calls the main short sale dept, then they should shoot an email to the negotiator that is out and see what the auto reply says.  Often the auto reply will give you the name of the person you should talk to in their absence.  Next, call and email all of the parties that the agent spoke to in the process getting the short sale approved.  This again is "the going back to the beginning approach", remember, the agent spoke to a lot of people before she/he got the approval.  Any of those people might be able to get you back on track.  When one gets lost in the woods, they go back to the last wrong turn they made and then make the right turn.  Same thing in short sales, better to take 3 steps back then 10 steps further in the wrong direction.  The next thing the agent should do is go back on to equator to email all of the parties available explaining that our negotiator is gone for the day and we have to close.  I would add that the buyer is a soldier serving over seas and this situation is really causing him a lot of stress.  Every one appreciates what our solders are doing so adding that detail should help.   After that email is sent, the Realtor should get some action soon. 

The real issue at hand is that neither the listing agent nor the buyer's agent really know what they are doing.  The fact that this soldier/buyer had to contact me off of a blog that I wrote from across the world because his agent did not know what do and was unwilling to call for help herself is VERY sad. That is why it is so important to get a realtor who knows short sales.  Whether you are buying or seller a short sale home, an experienced agent makes all the difference.

Mike Sher, Max Broock Realtors, Bloomfield Hills MI, Shortsale@mikerealtor.com and (248) 644-4700 x242

Oakland County Home Owner:
   
Happy Holidays! I hope you're well and 2010 has been prosperous for you. Now that the year is almost over, I'm reminded to set new goals and to ask you for help in achieving one of them.

As a CDPE-designated agent, I have received extensive training to help those struggling to make mortgage payments avoid foreclosure. I provide homeowners with alternatives to make the best decisions in securing their financial futures.

My goal for 2011 is to help as many people as possible either stay in their homes or pursue other avenues to avoid foreclosure. I want to help make financial stability their resolution for 2011. I've even created a free report at the following site to help:

http://shortsaleoaklandcounty.com/

The report defines mortgage modification and other solutions to help struggling homeowners. If you know anyone who may find the report or my services useful, please have them contact me today. Together, we can offer hope to those who need it most.

Have a tremendous holiday, and a phenomenal New Year!

Sincerely yours,

Mike Sher
mike@mikerealtor.com
248 496-1572

Selling Homes in West Bloomfield Birmingham, Bloomfield, Beverly Hills, Huntington Woods, Farmington West Bloomfield, Rochester and Troy

The Mike Realtor Team is proud to announce that our West Bloomfield Short Sale home has recently closed. With our 85% 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, Blog or on  Face Book Mike Sher 

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

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

The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, 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 is proud to announce that our West Bloomfield 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

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).**

Dear Bloomfield, Birmingham, West Bloomfield, Farmington, Troy, Rochester, Beverly Hills and Huntington Woods Home Owner, 

If you or someone you know is having a tough time with mortgage bills, now is the time to do something about it. Now, there are new government-backed programs for eligible homeowners. To quickly find out your eligibility, fill out the free surveys here: http://shortsaleoaklandcounty.com/Eligibility These surveys will give you quick answers about what your options are, and what to do next. My site also provides free information on foreclosure avoidance options so that you or anyone you know can learn what options are available. 


Please don't hesitate to contact me. I'm here to help you find answers.
 


Mike Sher
 Max Broock
 248 644-4700 X242

The Mike Realtor Team is proud to announce that 2009 we closed 56 homes, 22 of them short sales. With our 90% Short Sale success rate, the Mike Sher Team makes sure that each short sale makes it to the closing table. 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 or check us out at www.mikerealtor.com Mike Sher

Often short sales fail because someone loses hope and just gives up.  It may be the buyer's agent, the seller, the buyer or listing agent. They just run out of steam and walk away.  The key is never give up. Never Quit, Fight to the end.   A short sale is never a sprint but a Marathon and like all marathons at some point you will hit the wall and want to give up. But, if you push through, work a little harder, try again, re focus and fight you will always reach the finish line.  JUST KEEP SWIMMING!!

The Mike Realtor Team is proud to announce that 2009 we closed 56 homes, 22 of them short sales. With our 90% Short Sale success rate, the Mike Sher Team makes sure that each short sale makes it to the closing table. 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 or check us out at www.mikerealtor.com Mike Sher