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One thing that causes a problem is when the bank sheriff sales a home that is vacant while you are working on a Short Sale. In Michigan, an owner has 6 months of redemption unless the bank deems the home Abandoned and then they can take it back with in weeks. Well, often my owners still have all of the unities on and the home is vacant but not abandoned. So, what I do is have my seller sign the letter below and I post it on all of the doors in the house. So far it has worked. Mike Sher THANK YOU FOR VISITING OUR HOME. As you might be aware, our home is in the Redemption Period of Foreclosure until August 24, 2009. Therefore, in the State of Michigan, we have the right to sell and close on the property until August 24, 2009. This is not a Bank-Owned property. All utilities are on, and the mechanicals are in working order.
If the person reading this is employed by the lien holder or is an agent for the lien holder, including real estate agents, a securing company, or locksmith, THIS HOME IS NOT ABANDONED! We maintain possession of this property.
For questions pertaining to the sale of this property, please contact our Realtor, Mike Sher, 248-xx-xxxx x175.
Mr. and Mrs. John Doe seller
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.
Any entry to our home with motive to change locks or breach our legal right of possession during the Redemption Period shall be prosecuted to the fullest extent of the law. |
Short Sale Tip #15 Here is a way to keep a vacant home from being taken in the redemption period, Huntington Woods, MI
5 comments • Mike Sher • May 20 2009 04:56AMComments
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This is good infromation for consumers. Laws vary from state to state so they should be familiar with state laws.
Gret idea Mike.. I had a short sale where the bank changed the locks and left my client's mother out in the street. . .just because they determined the home to be vacant.
Thanks for sharing Mike. I had a similar situation as Fernando. The bank determined the home was vacant because there was no furniture in the front room and they changed the locks, the sellers were still living there! This letter should be used even if the home isn't vacant.
Great Idea Mike!
How about also including this note with the listing package (when you notify the bank that the property is for sale?)
Carlo