Birmingham, MI

This is a Birmingham Short Sale that I listed and closed. My seller needed to sell. He was forced to relocate; his occupation was not in demand any more and his income was reduced to half. He and his wife were thrilled with my services. Without a Short Sale, he would have been foreclosed on. This would result in years of debt and probable litigation with wage garnishments.

Some Homes have become an anchor that prevents the owner from progressing with the rest of their lives. A SHORT SALE can cut the rope which allows the seller to move on to a brighter future with our the baggage of the past.

PROFILE:

Location: Down Town Birmingham, MI

Type: Single Family Home, 2100 Sqft, 3 bed, 2.1 bath, basement and garage

Condition: completely updated with granite countertops, remodeled baths and more.

Lender: Wells Fargo

Amount Owed: $630,000

Sold Price: $385,000

List Date: 09/17/2007

Closed Date 06/06/2008

Negotiation time: 4 month

Amount owed by seller post closing: zero

Seller's out of pocket costs: less then $1000

Hardship: loss of income, failing business and forced to relocate.

Happy Seller, Happy Buyer and One less Foreclosure in Michigan.

Call me, I can help

Mike Sher,

(248) 644-4700

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.

The Birmingham Bloomfield Art Center held their annual fine art festival in Shain Park over Mother’s Day. Called “Art Birmingham”, the juried art event featured about 180 artists from all over the U.S. in a variety of media. There were two great local events that weekend so after touring Royal Oak in Bloom, I drove the short distance to downtown Birmingham Michigan to capture the art and music of another great community in Oakland County Michigan.

Annual "Art Birmingham" in Shain Park from Cathy Tishhouse on Vimeo.

Attracting approximately 80,000 visitors over the weekend, Art Birmingham offered more than just art for purchase. Musical entertainment this year included Parisian chanteuse Michelet Innocent. I spent a fair amount of my time listening to him—very beautiful as you saw in the video. The cabaret vocalist sings in many languages - French, English, Spanish, Italian, Creole - and styles that range from easy listening to old-time favorites. Another highlight to my visit to Art Birmingham was listening to a young person playing solo on a park bench near Shain Park as I was leaving. It was more than just listening to him playing music that captivated me but admiring his ability & courage to be out there creating life.

Over all It was a great day in the local communities of Birmingham and Royal Oak in the Metro Detroit area of Oakland County Michigan.

If you are looking to Purchase a Home in the Birmingham Michigan area, click here for an IDX Home Search

If you are looking to Sell a Home in the Birmingham Michigan area, click here for an outline of our Marketing Strategy

Birmingham Michigan Realtor selling Oakland County Real Estate. TishHouse sells Houses - selling Real Estate in Southeastern Michigan with RE/MAX Showcase Homes in Birmingham, Michigan. Helping People in a challenging market by specializing in Short Sales. See what my clients have to say about my extraordinary customer service. Follow me on Twitter.

Time for The Friday Roll Call!!!! Let's get positive!!

I am dedicating another post just to allow all of us the opportunity to read a positive story or two. I will start!!:

1. Spent quality time with my family over the holiday.

2. Got 2 short sale listings this week!!

3. Wrote an offer on a Freddie Mac foreclosure and got it accepted.

4. Picking up my kids from school today to take them to the Birmingham fair!!!

5. Met with a new buyer last night.

6. Have an inspection this weekend and two listing appointments.

7. got an offer on a short sale listing.

***" Luck is more often found through hard work then by blind chance ", Mike Sher?***

Make it a LUCKY week.

Mike S

Mike Sher,

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

CDPE (Certified Distress Property Expert)

shortsale@mikerealtor.com

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

1. You're upside down with a loan greater then what the home can sell for. What you owe is irrelevant to how much a buyer is willing to pay for a it.
2. Other homes are priced far less because they are bank owned or Short Sales. These homes are selling and their is an ample supply of them, you can not wait until they are all sold..
3. The local economy has generated buyers who are only looking for "Deals". If your home is not priced right it will sit because buyers will find another seller who will wheel and deal!
4. Your price is based on the list price of other active homes that have not sold. Only sold and pending home sales data demonstrates true market value, homes that have not sold are often overpriced.
5. You have dismissed the most recent sales because they were foreclosures or were "not as nice as yours". Don't get too emotionally or hypersensitive, if your home is not selling, then buyers feel that you price does not equate to value of your asking price.
6. We've had so few showings, how do I know that I'm overpriced with out getting buyer feedback? Buyers are not even looking at your home because they found comparable homes at a lower price. If they can find what they want for less, they will never see your home.
7. Your agent has not told you to lower your price because of fear of upsetting you. Agents do not like giving bad news. If they are a friend or family member they maybe fearful of the wraith that comes with disappointing you.
8. You are blaming the listing agent for not marketing the home well enough. If the agent has sold other homes recently with the same marketing strategy then most likely your home is over priced.
9. You have an appraisal from 2006 showing your home value is far greater then what your realtor is telling you. The problem is since that appraisal; real estate values have dropped over 30%, 401K's and IRA's are worth 60% of what they were, lender laws are far more strict and the unemployment rate has sky rocketed.
10. Everyone says my home is so nice, it must be worth more. Realtors work on the basis of what a home can sell for. If buyers are only willing to pay X for something, then that is what the home is worth in today's market

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.

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

Realtors hate saying no; we are in the yes business. In the past, saying yes was not a big problem. If an agent wanted to "buy the listing" (tell the seller what they wanted to hear to secure the listing), the greatest harm done to the client, was the disappointment of selling for less then promised. Not the best practice by Realtors but it was done to get their sign in the yard of attractive homes. An agent would get buyers, a neighborhood presence and maybe even sell the home after a few price reductions.

Now in a Short Sale, tons of harm is done to the seller. If the seller can't make payments, then they will be foreclosed on. A Short Sale is a time bomb ticking backwards, the longer it takes, the more likely it will explode into a foreclosure. Some agents are still "buying the listing", they put the home on the market, to get some buyer leads and hopes that the Short Sale will solve itself. If an inexperienced Realtor lists a home for Short Sale, and is unable to perform the tasks required to get a Short Approval, then the home will often be lost to foreclosure.

Locally I have seen dozens of homes with other Realtors that became foreclosures because the listing agent was unable to complete the Short Sale. With the limited time period afforded, a seller may only have one chance to sell. They need a qualified Short Sale Realtor to help them. Sadly some listings have been Conditionally Withdrawn while the seller is in redemption period or right before Sheriff Sale. The listing agent has locked up the listing to avoid other (Short Sale) agents from contacting the seller to offer help. In fact the sellers are unable to engage with another Realtor until the listing contract has expired or a release is given. This is wrong and is goes against are fiduciary responsibility to our clients!!

When you choose your Realtor, ask them how many short sales have they closed? Did they negotiation with the bank or was it passed on to a 3^rd party? Ask them for references and documentation that shows they are experienced in Short Sales. If a Realtor has never done a short sale or just backed into a few by chance, then you should be concerned. You have a limited time, so make sure the agent has a track record of success. You may not have a second chance.

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