As you know by now, the bank logs every call, fax and email pertaining to a Short Sale. Every time you call them they log your name, number, time, date and all of the details of the call. If we want to compete, we have to do the same.
When I or someone from my team calls the bank, I make sure we get all of the details of who we spoke to, the day, time, content of the call. So when we speak to another person later in that week, we can reference the past call. Sometimes, documents, a BPO or other important detail gets lost. Because we have logged every call, we are able to go back to our notes and retrace or steps.
We can tell the bank when we faxed something, what fax number we sent it to, what fax number we sent it from, how many pages it was and at what time/day it was confirmed. We can do the same with the emails we have sent, we can call the BPO agent who did the BPO to make sure it was sent if the bank can't find it and etc.
If you log your calls, you can shorten a approval by 30-90 days. It just makes sense.
For and example of our log see: http://activerain.com/blogsview/547787/Option-One-Short-Sale-Log
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.
Often Realtors end up relying on the one point of contact. This often is the negotiator assigned to the file. The agent calls, leaves a message and waits. I believe in an all out communication assault to get my file to the top of the pile. How:
First remember the 3 methods of modern communication:
Know your cast of characters:
All of these people have information that is helpful to your cause and all of them can carry information to the right sources if needed.
a. They can email your negotiator.
b. They can move your file along.
c. They can read you the notes on the file.
d. They can tell you how much the BPO came in at.
e. They can tell you if the BPO came in or if it was even ordered yet.
f. They can tell you where the file is in the process.
g. They can tell when the sheriff sale is.
h. They can postpone the sheriff sale.
Remember, "Idle hands, our the Devil's tools." Keep the file moving and an unwatched Short Sale will be a dead Short Sale.
Talk to you tomorrow.
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.
Thriving with Short Sales
Foreclosure agents presently control a high percentage of the homes-sold market share: short sales are a way for traditional REALTORS® to capture that business. Short sales allow you to have saleable-priced listings that will attract more showings, sign calls, Internet leads and help control inventory. Short sales will keep you busy, and a busy REALTOR® is upbeat, focused and confident.
Topics include prospecting for short sales; converting a phone call to an appointment; listing presentations; hardship, documents and how to protect your commission; introduce yourself to the bank; handling offers and working with the bank; keeping the buyer, the buyer's agent, the seller and the bank focused and calm; pitfalls to avoid during the process; and more.
This session is free for MCAR members.
March 24: 9 am - 12 pm (Troy)
This session is free for MCAR members (non-members call (248) 879-5730 to RSVP). March 24: 9 am - 12 pm (Troy)
If you have any questions about this class call the MCAR School of Real Estate at (248) 879-5730.
Flyer Link: Thriving with Short Sales Class
We read, see and hear such negative stories during the week which chips at our morale and is just depressing. That is why I am dedicating another post just to allow all of us the opportunity to read a positive story or two. I will start!!:
This was a good week. Please add some of your positive stories.
Mike Sher
Good news for Oakland Country Realtors and Lenders!!!
FHA raised the loan limit to $297,500 effective Today! With a 3.5% down payment, it would let the purchaser buy a house at $308,290 (The buyer can go higher on the purchase price, but it would require more money down). Just an FYI!
Mike Sher
Over 40 Sales for 2009!! SE Michigan Real Estate, Short Sale Expert & Luxury Homes, in Oakland, Focus in Birmingham, Bloomfield, Beverly Hills & West Bloomfield. Call (248) 496-1572
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