As you are aware, the bank requires an independent assessment of value for the asset that you are short selling. These agents and appraisers are getting paid very little for what they do and are overworked. Make is easier for them, meet them at the home. Give them some comps that make sense. Remember, your short sale is in their hands. They are going to spend a few minutes in that house, pull up some comps from the MLS and reporting to the bank the value.
As you know, many agents MLS inputting skills are very sloppy!! Often agents may be forgetting a basement, garage or bath room which raises value. They may also be leaving out in the remarks items of value that raised the sale price. The BPO agent are pulling these listings that have more valuable then your short sale listing then comparing them as apple to apple. Plus the BPO agent might be out of area and unaware of some of the area deficiencies that comparable homes lack. Maybe your listing has a pool in an area that pools are devaluing. Perhaps your listing backs to a HWY or is aluminum sided in an all brick area. Perhaps a few homes have closed but are stll listed as pending and they are good comps.
I am not telling you to lie, or be dishonest. The fact remains is that the home is worth what a buyer is willing pay for it. Show the BPO agent all the showing you have had and the feed back. Let them see all the price reductions you have had. The truth is the best defense; we are selling the home for what someone will pay for it. Just make sure the BPO agent knows that this is the best we can get, and bank needs to know that too.
We are also helping the bank, I have seen past Short Sales fail because the bank thought the offer was to low and later I see it sold as a foreclosure for less then what the short sale offer was.
Mike Sher
I just got a very curt email from a listing agent. The email was combative, angry and packed with sarcasm. The listing agent was working off of misinformation and instead of assuming the best out of me, she assumed the worst.
This is just one of the many emails, phone calls and text messages from co-op agents that just were not nice. I know that times are tough; our clients are petty, angry, mad, sad and never glad!! This economy has brought out the worst in everyone. We may be their agents but we do not have act like them. And not all of our clients are that bad, but some are just mean!! We, Realtors, must rise above the fray. Let us treat each other as we would like to be treated.
If we don't respect each other, how can we expect our clients to? I know we are all tired; there are fewer Realtors, serving more clients, working twice as hard for half the pay. But that is fine, for we are the best in the business; we are survivors, fighters and champions. And like all great Baseball, Basketball and NFL All Stars, we need respect each other and our sport, or no one will want to watch us play!!
A little kindness could be want the economist ordered.
Mike Sher
This is a letter from a Rochester Hills client that hired me to sell their home!!
To whom it may concern:
I would definitely recommend Mike Sher and his team to anyone looking to sell their house, especially in this market, and especially if you need to do a short sale! I found Mike Sher through his blog while looking for a realtor experienced in short sales. Mike listed my house in November 2008, and we literally closed 2 months later! I had my house listed with another agent for months with no offers. It was amazing how fast he got me an offer and sold the house. It is not easy dealing with banks and navigating through a short sale, but Mike and his team are well versed in Short Sales and really know what they are doing!
Sincerely,
Brandon
The secret is out, Royal Oak is a great place to live, visit and enjoy!! If you know anyone who would like to move here, have them give me a call!!
Mike
Royal Oak named "extraordinary suburb"
The Congress for the New Urbanism recently honored Royal Oak as one of the 10 best communities at controlling urban sprawl, revitalizing and creating workable, eco-friendly Main Streets. The list:
Source: Congress for New Urbanism and UTNE magazine; REAL Trends
From MCAR!!
I am teaching a short sale class on March 24th 2008 in Troy Michigan at the MCAR, Metropolitan Consolidated Association of Realtors.
If you are a member of MCAR call or go to their website http://www.mcaronline.com.
Mike Sher
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| Class Detail Information | Main Menu | Log Off | Home |
| Course: SS09 - Thriving with Short Sales |
| Class ID | SS032409 | Course Type | Non-Accredited |
| Format | Classroom Instruction | Class Status/Spaces Available | OPEN / 41 |
| Class Date | 03/24/09 | Time | 9:00am - 12:00pm |
| Price On/Before 03/21/09 | 0.00 | Instructor | Mike Sher |
| Price After 03/21/09 | 0.00 | Location | MCAR - Troy |
| Register For This Class |
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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