Farmington, MI

Whenever a home buyer puts in an offer the worst part is yet to come. The waiting, the uncertainty is so rough. Everything goes through your mind.

• What is taking so long?
• Did I bid too low?
• Did I bid too high?
• What is the seller thinking?
• Are they going to accept our offer?
• Should I have put more down?
• Does it normally take so long?
• What is taking so long?
• What is taking so long?

My advice I too keep busy. Visit friends, go to a local festival, see a movie, take the kids out. Enjoy yourself. But keep your cell phone handy so your agent can get a hold of you. Nothing is more frustrating to an agent than getting an answer and then not being able to get ahold of our client for a day.

Russ Ravary your Metro Detroit real estate agent

helping buyers and sellers with Livingston, Oakland, and Wayne County real estate

Search Metro Detroit foreclosures and get the latest home listings emailed to you.

This is what you commonly need to do a short sale. I send my clients this list before we meet so they are able to get everything together. This also lets me gage how motivated they are. Feel free to use this for your Short Sales.

Mike

Dear Homeowner,

In order to keep your home-selling process running as smoothly as possible, please provide the following items:

1. Fully completed Financial Disclosure Forms (attached 2-page worksheet).

2. Write a 1-page letter explaining how you got in this position.

3. Last 2 month recent pay stubs.

4. Copies of most recent 2 months Personal Checking Account Statements for each borrower on the loan.

5. Copy of signed last 2 years Personal Tax Returns.

6. Last mortgage statement(s), one for each loan you have.

Please understand, this information is critical to keeping the short sales process on track. A quick response is to your benefit, and will save many headaches and last minute delays from happening.

Need more information, call me !

Mike Sher,

(248) 548-9100 x127

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.

I recently closed on a Farmington Hills home for one of my clients last month. My client wanted a newer home less than 15 years old. And he wanted it in good condition. He was a business professional who spent a lot of time traveling. And he wanted the Farmington home under $175,000. He wanted in a certain school area. And he wanted a deal.

The problem is there is a limited number of homes that fit that criteria. In fact in the last 6 monthes there were only 6 homes that fit that criteria without the school system. None when you included the school system criteria. And only one newer Farmington home that he really liked. It was a great price as most of them that fit his criteria were much more expensive.

He was being coached by his brother and his mother to put in a low ball offer. So at first he put in an offer of over $35,000 below list price. Now that was $35,000 below a very good list price. A home that was in good shape and was in move in condition. Of course the Farmington sellers told him no way. So he thought my home buyer thought he would let the sellers sit and stew.

About two weeks later he put in an offer of $165,000 and the sellers told him that they wanted a full price offer. So my first time home buyer thought he would offer $5000 more. The sellers said no. Then two days later they pulled the house off the market.

It was off the market for 3 weeks and then they put on the market. Back at the same price. My client wanted to offer $165,000 again. Well I called only to find out the house was pending. Somebody enticed the sellers to accept a full price offer on their Farmington Hills home.

We lost out on the home!!! The only home that fit his criteria in his price range. But luck was with us the buyer lost his job. (Not to be too happy about a person losing his job) But my client got a third chance! But what do you think he did?

He put me on a 3 way call with his mother and brother who told me:

• that the brother needed to buy a house now
• That maybe they should get another realtor that could get them a house
• That we should offer $170,000
• That the brother would buy a house in the $200,000 range if necessary

I point blank said they were free to find another realtor but the issue was that "Joe" wanted a house that had a limited number of choices. That this was the best choice he could get for the price. That sure he could find a better house for $35,000 or $50,000. But the house payment and the taxes were way out of his range. This house was the best deal. That the sellers point blank said they would not accept anything less than a full offer. That was their bottom line.

Finally the brother and mother got off the line. "Joe" my buyer called me back. We went over his options and looked at all the past sales. There was no other home in his price range that sold for the $175,000 price range in the school district that he wanted. My home buyer finally decided to go with what the seller would accept. We closed on the home two weeks ago and he got a great house. And he is so glad he paid full price. He finally realized that he got a great deal.

The bottom line is just because a seller puts a low price on a house doesn't mean that you need to get a much lower price. (It doesn't matter if it is a Farmington Hills foreclosure or Canton Foreclosure... look at the recent sold homes and prices). What you have to remember is look at your choices. What is best deal? Is the house a fair value at what price?

Don't lose out on a great home by trying to lowball the purchase offer.

Russ Ravary your Farmington Hills real estate agent

Search Farmington Hills Mi foreclosures

Here is what is happening north of the city

Oakland County is located north of Detroit Michigan. Oakland County is the fourth wealthiest county in the US with populations over 1 Million people. Oakland County Michigan is also known as the lake county. If you are relocating to Michigan and want to live on or near a lake, Oakland County may be the place for you.

Like all counties across the United States, Oakland County has been hit hard by foreclosures. Right now there over 1600 foreclosures for sale in the county. If you want to see what foreclosures are for sale in your city click on the cities below.

* Birmingham Foreclosures
* Bloomfield Foreclosures
* Commerce Twp Foreclosures
* Farmington Foreclosures
* Keego Harbor Foreclosures
* Northville Foreclosures
* Novi Foreclosures
* South Lyon Foreclosures
* Southfield Foreclosures
* West Bloomfield Foreclosures

If you don't see your city listed above join my VIP Metro Detroit foreclosure club and get the latest foreclosures emailed to you daily or weekly or just search Metro Detroit foreclosures any time you want!

Here is an announcement from

REIA of Oakland
A Non-Profit Real Estate Investment Group
Serving Wayne, Oakland, and Macomb Counties Proudly Presents
January 8, 2009
Strategies for Property Tax Assessment Appeals
with
David E. Nykanen, Esq. Due to the economic challenges we are facing in Michigan, property tax assessments have become an important topic for investors and homeowners alike. David E. Nykanen is a shareholder with Steinhardt, Pesick & Cohen, P.C. His practice areas include property tax appeals, real estate transactions, zoning law, land use and corporate and commercial litigation. David will be discussing appealing property tax assessments to your local board of review,including the procedures and deadlines for filings up to and including the Michigan TaxTribunal. Be sure to bring your questions and join us at our January meeting.
The meetings begin at 6:00pm with an hour of networking and an informal Early Bird Q&A session. The seminar portion of the meeting runs from 7:15-9:30pm.
_________________________________
If you are thinking about becoming a landlord, a flipper of investment property, or thinking about buying investment properties I can't say enough about joining REIA of Oakland county, Michigan. A great group that helps it's members and the public get educated about real estate investing.

About REIA of Oakland County Michigan Thank you for your interest in the Real Estate Investors Association of Oakland. REIA of Oakland is a non-profit organization founded in 1981 run entirely by volunteers. Our goals include providing education to our members, providing professional networking, and monitoring the political and legislative environment as it affects the real estate investment business. Our meetings are held on the second Thursday of each month at the MSU Management Education Center in Troy, 811 West Square Lake Road Troy, MI 48098

The meetings begin at 6:00pm with an hour of networking and an informal Early Bird Q&A session. The seminar portion of the meeting runs from 7:15-9:30pm. Each month we have a different guest speaker, including national speakers on topics useful to real estate investors. The formal presentation is followed by a question and answer session. In addition to free admission to our monthly meetings, joining REIA has many benefits for real estate investors from novice to pro. Visit their membership page here for more details about the benefits of membership. Non-Members are welcome at the monthly meetings. The monthly seminars are free for members and $20.00 for non-members _________________________________

Take the time and go to this seminar. You won't regret it. I am going for the second time.

Russ Ravary

Your Metro Detroit real estate specialist.