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
" . . . never believe what you read just because someone wrote it."
That's the best advice for everyone in all situations in our internet-centric world!
That said, it sounds like you know your stuff, Mike. Thanks for the important reminder.