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!

Short sale Birmingham Michigan Tip #58, understanding the short sale parties!!!, Mike Sher (248) 644-4700 x 242 Max Broock Certified distressed property expert.

Mike Sher (Max Broock Realtors) — Mon, 14 Nov 2011 07:57:49 -0500

Often short sale sellers and short sale buyers get confused about “how many cooks are there in the kitchen”.

· A buyer can’t understand how they write a full price offer on a home and yet 60 days later the bank counters above the list price.

· Or, a seller who was told that the short sale was approved by the bank (servicer) and then 30 days later FNMA the “Investor” denies it.

· Sometimes the listing agent tells the buyer’s agent that the short sale was approved with certain terms and after the buyer writes that offer, the bank comes back with completely different terms.

· Another common issue is that the servicer tells the seller that they will get full deficiency release but a week later, the Mortgage insurance company refuses to close without a seller signed promissory note.

· The biggest concern is why are all of these issues taking SO LONG to come to the surface.

As illustrated on this chart. Bank of America, like many servicers are agents to an investor and sometimes to a mortgage insurance company. So the Servicer is not a principal but a middle person. Much like the listing Realtor is a middle person to the seller, the buyer’s agent, buyer’s lender and the buyer.

Step1. The listing agent and the Servicer, like Bank of America, try to broker a deal that all parties can agree to, sometimes even before they have an offer. We do this through negotiations where both agent and servicer present cases on what each of the terms should be and why.

Step2. Once that is agreed upon, the listing agent offers those terms to the buyer’s agent and the seller. If countered, the servicer and listing agent negotiate another settlement. Once agreed by the servicer, seller and buyer.

Step3. Servicer sends the approval to the investor and/or mortgage insurance company

Step 3B. If there is more than one lien/loan on the home, the listing agent will simultaneously negotiate that file as well.

Step 4. Investor will accept, deny or counter the file. Each of these outcomes requires further negotiation. Even an acceptance by the investor may still need negotiation if the terms are unreasonable to the seller. More negotiation is often needed at this phase.

Step 5 once approval is agreed upon, the buyer gets his/her financing and as long as the home appraises, the sale should be fine.

It is critical that the realtor negotiating the short sale has a clear understanding of the process and the parties of the transaction. That realtor has to have a track record of closing short sales. Ask for references and proof that the realtor has closed dozens of short sale before listing your home with them or writing an offer on their short sale listing

Mike Sher
Max Broock Realtors
248 496-1572

2010 results: 75 units sold, over $10,000,000,00 in sales and 365 days of FOCUS!

The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Novi, 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 Mik

Novi MI MACPA's Short Sale Guru, Mike Sher to teach at The Michigan Association of Certified Public Accountant's Construction Industry Conference In Novi September 27, 2011

Mike Sher (Max Broock Realtors) — Tue, 27 Sep 2011 09:25:38 -0400

Novi MI MACPA's Short Sale Guru, Mike Sher to teach at The Michigan Association of Certified Public Accountant's Construction Industry Conference
In Novi September 27, 2011

Mike Sher will be this years Short Sale Expert Speaker for the MACPA's Michigan Conference September 27th in Novi MI

Mike will be speaking about the Strategies Short of Foreclosure: Real Estate, Short Sales and Beyond. To learn more about Mike Sher check out his blog.

You can contact Mike Sher at his Max Broock Office (248) 644-4700 or email him at ShortSale@mikeRealtor.com

I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.

The Mike Sher Team has assisted homes-owners in over 100 short sale payoffs. We work with all banks and can help homeowners get out from under their loan(s)! Most homeowners do not get a 2nd chance with a short so seek a Realtor with a long track record of succes. Request references and ask lots of questions. You do not want to find out too late that they are unable or unqualified to help you.

Mike Sher, Max Broock Realtors (248) 496-1572

Birmingham MI Short Sale Realtor "Handling the Stress of an Unaffordable Mortgage Payment", Mike Sher (248) 644-4700 x 242, Max Broock

Mike Sher (Max Broock Realtors) — Thu, 04 Aug 2011 11:09:18 -0400

Birmingham MI Short Sale Realtor "Handling the Stress of an Unaffordable Mortgage Payment", Mike Sher (248) 644-4700 x 242, Max Broock

Whenever I research the latest foreclosure and distressed property statistics, the sheer number of Americans facing the stress of losing their homes amazes me. It is my goal to help as many homeowners I can either stay in their homes or relieve the burden of their mortgages. Knowing that there are so many that need my help is a driving force for me to continue doing what I do.

In fact, I just released another report that I’ve made available on my website today. It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing their mortgage lenders more money than they can afford to pay.

The report also draws a contrast between short sales and foreclosures. Unfortunately, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.

Mike Sher, Max Broock Realtors (248) 496-1572

"Ask real estate experts about short sales" with Mike Sher, associate broker for Max Broock Realtors in Bloomfield Hills Live chat noon Monday:

Mike Sher (Max Broock Realtors) — Mon, 25 Jul 2011 09:25:28 -0400

"Ask real estate experts about short sales" with Mike Sher, associate broker for Max Broock Realtors in Bloomfield Hills Live chat noon Monday:

By GRETA GUEST | FILED UNDER - Business / Real Estate | 12:47 AM, Jul. 25, 2011

Are you trying to sell your house on a short sale and running into red tape? Are you trying to buy a house on short sale?

Join our live chat Monday at noon for advice from a panel of real estate experts on how to navigate a short sale.

We’ll talk to:

• Mike Sher, associate broker for Max Broock Realtors in Bloomfield Hills

• Ellen Mahoney, president of Complete Title Services’ loss mitigation division in Birmingham

• Janet Graham, a Realtor with Hall & Hunter in Birmingham

• Jerry McCoy, a loan modification expert at Chase

Link Below

http://www.freep.com/article/20110722/BUSINESS04/110722046/Live-chat-noon-Monday-Ask-real-estate-experts-about-short-sales

Short Sale Tip # 61 Birmingham Michigan: Don't wait to start the short sale process. “You HAFA ta try!!” Mike Sher (248) 496-1572, Max Broock Realtor

Mike Sher (Max Broock Realtors) — Thu, 21 Jul 2011 15:14:21 -0400

Short Sale Tip # 61 Birmingham, Michigan: Don't wait to start the short sale process. “You HAFA ta try!!” Mike Sher (248) 496-1572, Max Broock Realtor

Often real estate agents wait to start the short sale process until they have an offer. This is a BAD idea and if the seller is not making payments it is a worse idea. In short sales, time is not on your side. So why not try and make some headway with banks before you have an offer. Perhaps the seller can go HAFA (Home Affordable Foreclosure Avoidance) program. This program offers full deficiency release, $3000 seller moving allowance and once approved, the bank is able to make a decision 10 days after they get an offer. Why not try. Sadly, some agents would rather wait to get a buyer before they start the HAFA process. Not sure why they wait, maybe they unaware or inexperienced. Either way, it is a mistake. I would recommend that one day one your realtor or attorney sends in the 3^rd party authorization. Day two a call should be made to investigate different short sale options. Day three an application should be sent into the bank to start the process. After all, “idle hands are the devils tool!”

Sincerely,
Mike Sher
Max Broock Realtors
248 496-1572

2010 results: 75 units sold, over $10,000,000,00 in sales and 365 days of FOCUS!

Certified Distress Property Expert Rochester Hills Michigan, "FTC validates that Realtors play a vital role in Short Sale Success" Mike Sher, Max Broock, 248 644-4700x242

Mike Sher (Max Broock Realtors) — Mon, 18 Jul 2011 16:05:52 -0400

Certified Distress Property Expert Rochester Hills Michigan, "FTC validates that Realtors play a vital role in Short Sale Success" Mike Sher, Max Broock, 248 644-4700x242

On July 15^th the FTC (Federal Trade Commission) statement admitted that their December 1^st 2010 MARS (Mortgage Assistance Relief Service) Rule, which created penalties and limitations for parties (including Realtors) who offer mortgage assistance for homeowners, had"...unintended consequences that might result from applications of the advance fee ban, in the context of a real estate professional assisting a consumer in negotiating or obtaining a short sale " For that reason, the FTC will place "a forbearance of enforcement that applies ONLY to REAL ESTATE BROKERS...who assist consumers in negotiating or obtaining short sale...:

This ruling proves that Real Estate Agents play a fundamental role in the short sale process. If you are or someone you know needs to sell their home and has a loan that is greater than the value, I urge you to find a local realtor who specializes in short sale or call me and I can help or refer you to a qualified agent in your area.

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

Beverly Hills Short Sale Realtor, Mike Sher Reports: over 6.32 million homeowners missed their mortgage payments in April 2011. Max Broock Realtors

Mike Sher (Max Broock Realtors) — Fri, 15 Jul 2011 13:42:16 -0400

According to Lender Processing Services (LPS), over 6.32 million homeowners missed their mortgage payments in April 2011. Another four million have missed more than three months of payments and are now considered seriously delinquent. If you or someone you care about is having difficulty making mortgage payments, it's not too late to get help.

I have developed a report filled with information that every homeowner should know. It's a guide on how to avoid foreclosure and how I can help work with lenders to resolve an unaffordable mortgage. You can download the report at the following website:

http://www.shortsaleoaklandcounty.com

There is financial stability on the horizon-I can help put an overwhelmed homeowner on the path to get there. If you or someone you care about needs help, I'm only a phone call away.

Sincerely,

Mike Sher
Max Broock Realtors
248 496-1572

2010 results: 75 units sold, over $10,000,000,00 in sales and 365 days of FOCUS!

We recommend consulting an Attorney and/or Tax Professional to discuss your options.

Federal Trade Commission Disclosures

1. 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.

2. The above brokerage is not associated with the government, and our service is not approved by the government, and our service is not approved by the government or your lender.

3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Birmingham MI Home Sellers listing Tip#1, "Check The Financing" Mike Sher, (248) 496-1572, Max Broock

Mike Sher (Max Broock Realtors) — Fri, 15 Jul 2011 13:14:12 -0400

Birmingham MI Home Sellers listing Tip#1, "Check The Financing" Mike Sher, (248) 496-1572, Max Broock

With such a difficult Real Estate environment, seller's and Real Estate agents get so excited when they get an offer they forget the fundamental of financing. The Agent also needs to but does NOT call the lender to verify the buyer's employment, reserves and credit. Plus, the agent needs to verify the credibility of the lender itself and if there are concerns, the seller should request the buyer to get a preapproval from a local bank to assure financing is secure. Also, the agent forgets to require proof of the down payment or inquire if the buyer has a home to sell. The offer they sign often requires t a 45 to 60 day pending period in the Realtors Multiple Listing System until closing and keys at closing.

You can guess what happens; the buyer's lender does not come through because of incompetence or unfamiliarity of local lending rules. Perhaps the buyer does not have the money to close after all or was qualified with older employment history. Sometimes the credit score was so close to the minimum limit which dropped prior to closing and now the buyer does not qualify.

Now the seller has a vacant home that has been off the market for 45 to 60 days or more. They paid for movers, bought a new home or signed a rental agreement. Yes, a NIGHTMARE!!! All could have been avoided by some Realtor Due Diligence. Make sure that when you get your next offer, the Realtor is NOT SLEEPING AT THE WHEEL.

Mike Sher is an Associate Broker with Max Broock Realtors of Bloomfield. The Mike Sher Team had over 15 years of Residential Real Estate experience in the Bloomfield, Birmingham, Beverly Hills, Franklin, Novi, West Bloomfield, Royal Oak, Huntington Woods, Orchard Lake, Farmington Hills, Northville, Waterford, Troy, Rochester, Oakland Twp and White Lake area. They average a sale a week and have sold more the 400 homes. If you have or are looking for a Oakland County home to sell or purchaser, call us today

Bloomfield Hills MI Short Sale Tip #60, "It's Not Too Late" to stop a Foreclosure! Mike Sher, Max Broock (248) 644-4700 x 242

Mike Sher (Max Broock Realtors) — Wed, 13 Jul 2011 10:45:39 -0400

Missing Mortgage Payments?

It's Not Too Late

Wondering what a homeowner should expect when payments are missed? The most important thing to know is that no matter what stage of default a homeowner is in, there is almost always a way to avoid foreclosure. That being said, the quicker a homeowner does something about the situation, the less challenging it will be to resolve.

First, here's what a distressed homeowner should expect to happen when payments are missed:

30 Days Late: The lender will attempt phone contact or send a notice in the mail.

60 Days Late: The lender will attempt to make contact by phone and follow up with another letter in the mail.

90 Days Late: The lender will send a letter demanding all past due amounts within 30 days and start the foreclosure process.

120 Days or More Late: The lender's attorneys will take over and the homeowner will be responsible for their fees in addition to missed mortgage payments and the loan amount due.

120-480 Days Late: Michigan has a 6 to 12 month redemption period that allows a homeowner to sell their home on a short sale to avoid the lender taking the home by Foreclosure.

Not late yet, but about to be?

Homeowners that are not late but foresee missing payments should communicate this to their lenders as soon as possible. In the past, many banks wouldn't work with homeowners unless they were one or more payments behind. In light of the mortgage crisis, most lenders who would rather take a proactive stance and decrease their loan losses. They are more willing than ever to work with homeowners to avoid being late.

If you visit my website, www.ShortSaleOaklandCounty.com you or someone you care about may be missing mortgage payments now or in the near future. I can help navigate the process and put you back on a path to financial stability. Contact me today and alleviate the stress that comes with unaffordable mortgage payments.

Bloomfield Michigan Short sale Realtor Mike Sher Reports, Bank Of America improves Short Sales's through Equator

Mike Sher (Max Broock Realtors) — Tue, 12 Jul 2011 16:49:36 -0400

Great news!!! Finally Bank of America has changed their Equator rules to allow Realtors to switch buyer's if the first buyer walks away. This will improve the short sale process for Bank of America Serviced loans. This is great for the seller, great for the investor and great for the buyer. By allowing Realtors the option of swapping buyers, the short sale time process will be greatly reduced. If you have any Short Sale questions and live in Oakland County, please give me a call at 248 644-4700 x 242

Now You Can Substitute a New Buyer for One Who Walked Without Restart

As an example of our commitment to improving the short sale process, Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale. This means you will no longer have to initiate a new short sale; instead, you can continue with the original transaction in Equator and still work with your same short sale specialist. This change will save you time by not having to repeat a number of process steps.

When a Backup Offer Is Ready

You should send a message to your short sale specialist via Equator when the original buyer is no longer interested in the property. Your short sale specialist will then respond to you within two business days and ask if you have a backup offer ready to submit. If you have another buyer prepared to make an offer, the short sale can proceed without having to repeat the short sale initiation steps. The short sale status in Equator will change to "Marketing," and you will be directed to complete the following tasks within 14 business days:

· Complete the "Listing Data" task.

· Provide the marketing description.

· Review the marketing plan.

· Upload the offer. (To do this in Equator, locate "My Properties," then "Offers" and select "Place New Offer.")

If the "Listing Data" task is not completed and the new offer is not uploaded within 14 business days, the file will be closed.

When No Backup Offer Is Ready

This new process applies only if there's an available backup offer when a buyer walks. If you do not have a backup offer ready to be submitted, the short sale will be declined. In that case, you should return to marketing the property and initiate a new short sale in Equator once you receive another offer.

A new educational guide, How and When to Submit a Short Sale Backup Offer, is available to explain the backup offer process. If you have any questions, please contact your short sale specialist via Equator or call Customer Care at 1.866.880.1232.

Visit the Real Estate Agent Resource Center at bankofamerica.com/realestateagent for additional educational guides, news and resources to help you complete short sales at Bank of America.

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If you have any questions or comments related to Bank of America's short sale process please contact our Customer Care line at 1-866-880-1232 or visit bankofamerica.com/realestateagent

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Bank of America Short Sale
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Bloomfield Hills, MI " Short Sale Success goes beyond the commission check"

Mike Sher (Max Broock Realtors) — Mon, 23 May 2011 20:22:26 -0400

Short Sale Success goes beyond the commission check. We as realtors, have the chance to help real people with real problems. Below is a letter that I just got from a client that I helped in a Short Sale. Until she met me she had never even heard of a Short Sale. Other Realtors were telling her that they could not help her and she should just walk away from the home. We were able to close before she was foreclosed on and the bank wrote off the deficiency. Feel free to pass this letter to clients who doubt our ability to help them

Mike Sher

March 12, 2011

Earlier this year, I found myself in a dire financial situation from which it seemed there was no hope. I had missed a mortgage payment and other bills were piling up. I knew that if I were to catch up, within a few months, I would be facing a higher payment as my rate adjusted up. At that point, I realized that in order to make my mortgage payment, I would barely afford to pay for the gas and electricity, much less the gas to get to work!

I tried contacting my mortgage company multiple times to let them know that I was soon facing my second month without enough money to pay my mortgage, but after faxing over all my financial documents, communication came to a standstill.

I even contacted a lawyer to file bankruptcy. Thankfully, he recognized that the crux of my financial burden was my mortgage and he referred me to Mike Sher.

When I met with Mike for the first time, I was distraught and overwhelmed. He listened to me with compassion. What I appreciate from that first visit was the calm but thorough way he explained my options. He was very informative about the short sale process. I never felt pressured to make a decision on the spot or at any time throughout the selling process.

Although I agreed to sell my house, I admit, I was skeptical it would be sold. Mike answered all of my questions and allayed my fears with great patience.

He was very aggressive in marketing my house both in the traditional ways and on just about every internet site available. Each viewing and agents' comments were listed on a website where I could log in and get feedback.

Once we got an offer, Mike continued the hard work in communicating with the buyer's agent and my mortgage company. Many times, the process seemed confusing and long, but Mike explained everything in an understandable way. I never felt out of touch with what was happening. I felt secure that Mike was being my advocate.

Selling a house is no easy task in any economy. I truly appreciate Mik's knowledge and hard work in helping me get back on my feet financially and getting my house sold.

Thank you!

Sincerely,

Maria G.

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

Mike Sher (Max Broock Realtors) — Thu, 17 Mar 2011 12:49:30 -0400

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.

Troy, MI Fast Track to Short Sale Sucess with Mike Sher (FREE Continuing Education For MCAR Member)

Mike Sher (Max Broock Realtors) — Sun, 06 Mar 2011 15:14:52 -0500

Fast Track to Short Sale Sucess with Mike Sher (FREE Continuing Education For MCAR Member)

Mike Sher's Fast Track to Short Sale Successcovers the "What," "Where" and "Why" of the short sale process from three different perspectives. Learn the roles and responsibilities of the REALTOR®, the negotiator and the foreclosure attorney during the short sale process. Understanding the core goals of each party involved in the short sale transaction will lead to smoother interactions and a more positive experience for your clients. Additional topics include:

The REALTOR'S® role in the short sale transaction and fiduciary reasonability in a short sale
Understanding HAMP, HAFA for non-GSEs and the new HAFA for Fannie Mae and Freddie Mac
Issues that may arise after the short sale
What short sale transactions will look like in the future
And MUCH more

Fast Track to Short Sale Success attendees earn three hours of continuing education credit. (Course #L317)

April 12: 9 am - 12 pm (Troy) | FREE for MCAR members Call MCAR: (248) 879-5730 to reserve your seat. Only 6 seats left!!

About Mike Sher

He has negotiated over100 short pay offs for my clients
He is a Short Sale expert panelist for the Real Estate Investors of Oakland.
He is Real Estate One's and Max Broock's Short Sale consultant and Short Sale Intructor
He is a published Short Sale resource for the Detroit Free Press
I have an over 90% Short Sale success rate (national average is 33%)
He has instructed over 500 agents on how to successfully close short sales.
His weekly http://mikerealtorblog.com/ is used by 1000's of professionals as a Short Sale help site
Realtors know me as a "Short Sale Expert" which attracts more buyers to my listings
He is a Certified Distress Property Expert
He is a Fox2 contributor.
He is a CPA CME instructor for the Michigan Association of Certified Public Accounts regarding Short Sale transactions tax liabilities.

Mike Sher , Max Broock Realtors, Michigan at (248) 644-4700 x 242

Oakland County Michigan: Mike Sher sold his 50th SHORT SALE Last Year!, That is 50 Foreclosures Stopped and 50 Sellers Taking Control of Their Lives! Certified Distress Property Expert. Birmingham, Bloomfield, Beverly Hills

Mike Sher (Max Broock Realtors) — Sat, 19 Feb 2011 15:59:45 -0500

Oakland County Michigan: Mike Sher sold his 50^thSHORT SALE Last Year!, That is 50 Foreclosures Stopped and 50 Sellers Taking Control of Their Lives! Certified Distress Property Expert servicing; Bloomfield, Beverly Hills, Birmingham, Farmington Hills, Rochester Hills, Troy, West Bloomfield, Huntington Woods, Franklin, Bingham Farms, Novi, Northville and beyond!

Thank you to all of my Sellers who believed in me, to all of the Buyers who waited patiently and most of all to my Short Sale Team of Katherine, Chad, Lindsey, Heather, Heidi, Barbara and Aric. My Team is the Real Deal and they truly care for our clients! We are stopping Foreclosure one Short Sale at a time.

If you or someone you know has to sell and refuses to be a foreclosure statistic, please call me at 248 496-1572 or Email me at ShortSale@MikeRealtor.com

Learn more at www.ShortSaleOaklandCounty.com

Mike Sher

Michigan Short Sale Expert: Solving Your Mortgage Crisis Just Got Easier, Mike Sher, Max Broock (248)644-4700, Certified Distress Property Expert

Mike Sher (Max Broock Realtors) — Fri, 18 Feb 2011 10:55:29 -0500

Michigan Short Sale Expert: Solving Your Mortgage Crisis Just Got Easier, Mike Sher, Max Broock (248)644-4700, Certified Distress Property Expert

5 Steps for a Successful Short Sale

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

If you are considering Short Sale your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful transaction.

First, do you qualify?

You must:

Have a verifiable hardship, like unemployment, medical bills, or relocation
Must have a monthly income shortfall
Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency

If you meet these qualifications, follow these five steps to a successful short sale:

Contact me so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale
Gather financial information (i.e., bank statements, pay stubs) from at least the last three months
Keep your house in showcase condition for showings, and make as many repairs as necessary and that you can afford
Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency
Set realistic expectations and work with me, the lender, and the buyer to the satisfaction and benefit of all parties involved

For more information about how the short sale process works, or about any other foreclosure alternatives you may qualify for, call me today at 248 644-4700 x 242. I can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier. Feel free to learn more at www.ShortSaleOaklandCounty.com

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!

Short sale Birmingham Michigan Tip #58, understanding the short sale parties!!!, Mike Sher (248) 644-4700 x 242 Max Broock Certified distressed property expert.

Novi MI MACPA's Short Sale Guru, Mike Sher to teach at The Michigan Association of Certified Public Accountant's Construction Industry Conference In Novi September 27, 2011

Novi MI MACPA's Short Sale Guru, Mike Sher to teach at The Michigan Association of Certified Public Accountant's Construction Industry ConferenceIn Novi September 27, 2011

Birmingham MI Short Sale Realtor "Handling the Stress of an Unaffordable Mortgage Payment", Mike Sher (248) 644-4700 x 242, Max Broock

"Ask real estate experts about short sales" with Mike Sher, associate broker for Max Broock Realtors in Bloomfield Hills Live chat noon Monday:

Short Sale Tip # 61 Birmingham Michigan: Don't wait to start the short sale process. “You HAFA ta try!!” Mike Sher (248) 496-1572, Max Broock Realtor

Certified Distress Property Expert Rochester Hills Michigan, "FTC validates that Realtors play a vital role in Short Sale Success" Mike Sher, Max Broock, 248 644-4700x242

Beverly Hills Short Sale Realtor, Mike Sher Reports: over 6.32 million homeowners missed their mortgage payments in April 2011. Max Broock Realtors

Birmingham MI Home Sellers listing Tip#1, "Check The Financing" Mike Sher, (248) 496-1572, Max Broock

Bloomfield Hills MI Short Sale Tip #60, "It's Not Too Late" to stop a Foreclosure! Mike Sher, Max Broock (248) 644-4700 x 242

Bloomfield Michigan Short sale Realtor Mike Sher Reports, Bank Of America improves Short Sales's through Equator

Bloomfield Hills, MI " Short Sale Success goes beyond the commission check"

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

Troy, MI Fast Track to Short Sale Sucess with Mike Sher (FREE Continuing Education For MCAR Member)

Oakland County Michigan: Mike Sher sold his 50th SHORT SALE Last Year!, That is 50 Foreclosures Stopped and 50 Sellers Taking Control of Their Lives! Certified Distress Property Expert. Birmingham, Bloomfield, Beverly Hills

Michigan Short Sale Expert: Solving Your Mortgage Crisis Just Got Easier, Mike Sher, Max Broock (248)644-4700, Certified Distress Property Expert

Novi MI MACPA's Short Sale Guru, Mike Sher to teach at The Michigan Association of Certified Public Accountant's Construction Industry Conference
In Novi September 27, 2011