Mike Sher

This will be my last Short Sale Class, so if you missed the others or you are looking for an update, it will be worth your time to come. I will have two guests with me, Aric Melder (bankruptcy Attorney) and Brent Jones (CPA). We will cover how to negotiate short sales in detail, the legal and tax consequences of these transactions. All three of us are local professionals with real word experience. We can not run from them anymore, so we best learn how to do them right.

Come and check it out.

Mike

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.

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.

September 25: 9:30 am - 12:30 pm (Clinton Twp.) | FREE

Contact (MCAR) Metropolitan Consolidated Association of REALTORS® to sign up
Phone: (248) 879-5730 Fax: (248) 879-8280

Office: (248) 644-4700x242 Fax :(248) 499-1020 4120 Telegraph Rd, 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

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.

Just closed on a great home right in Down Town Birmingham!! Yes it was a Foreclosure and yes it took for ever to close, but well worth it. After texting my buyer about the home moments after it went back on the market. We walked through the door and knew it was a steal of a deal. How did he know, because we lost 3 other homes just like this one because we wrote too late and too low.

This time, we were not going to be 2^nd fiddle. I pulled out my netbook and wireless internet card and wrote the offer right then, while sitting on the dirty hardwood floors of living room. Other buyers were walking over us as I feverishly typed. Full price, short inspection time, inserted an approved buyer signature with an approval letter, copy of the earnest money used in the last failed attempt and metro faxed it right to the listing office.

That is what it takes to get steal of deal!! Speed is the key. Tip, make sure your realtor is equipped with 21^st century skills, or get another realtor who is. And if you are looking in South Eastern Michigan, I should be that Realtor.

Mike Sher, CDPE: http://hosted.cdpe.com/MikeRealtor/

Office: (248) 644-4700x242 Fax :(248) 499-1020 4120 Telegraph Rd, 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.

Often Realtors, Clients or Friends ask me what is the key to Short Sale success. As you can guess from the Churchill quote above, "ACTION" is the key to success. This quote also covers why Short Sales fail "INACTION". Below I have listed examples of Action and Inaction: so you know the difference.

Action:

1. Faxing 3^rd party authorizations the day you get the listing & ordering pre-title.
2. Getting the hardship package scanned and prep with in the first weeks of the listing.
3. Lowering the list price every 10-15 days until you get an offer
4. Calling the back every time you fax them document then two to four times a week once you have an offer in.
5. Taking great notes!
6. Having your HUD done with 48 hours of getting an offer
7. Faxing in your offer with in 72 hours of getting an offer.
8. Meeting the BPO/Appraiser at the home.
9. When calling the banks, always asking where we are in the process and what can be done to speed things up.
10. Keeping the Seller and Buyer Agent up to speed.
11. Always pressing on after every success and/or failure until you close.

Inaction:

1. Never getting anything in advance.
2. Faxing in 3^rd party authorizations months after taking on the listing.
3. Not scanning documents at all.
4. Never calling the bank regularly and not taking notes.
5. Not meeting the BPO/Appraiser at the home.
6. Not keeping all parties informed of the progress.
7. Not lowering the price regularly.
8. Not getting a HUD or Title work timely.
9. Not asking questions when calling the bank.
10. Giving up at the first bump in the road.

Mike Sher, CDPE: http://hosted.cdpe.com/MikeRealtor/

Office: (248) 644-4700x242 Fax :(248) 499-1020 4120 Telegraph Rd, 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 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 link below comes from a CNN report on how banks are foreclosing on borrowers but never taking title so the borrowers are foreclosed on but still have all of the obligations as owners of the home. All city fines, taxes, assessment and any violations from the municipality are still the responsibility of the now foreclosed borrower. Also don't forget the balance of the note plus late fees and interest are still the obligation of the borrower.

Why would the bank do this? The value of the asset (borrower's home) has declined to a point that it would cost the bank more money to maintain, repair, pay off past fines, dues, legal costs, closing costs, past taxes and commissions to sell the home compared to just walking away.

This is just another reason why a Short Sale, Loan Modification or Deed In Lieu are worth the extra work to avoid a foreclosure. If you are going to walk away, I would recommend running and never stopping!!!

http://money.cnn.com/video/news/2009/08/13/news.bank.walkaways.cnnmoney/

Mike Sher, CDPE: http://hosted.cdpe.com/MikeRealtor/

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 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 have recently expanded my team to an additional processor to call on the banks. She asked me if I could include a list of pertinent questions to ask the Short Sale or Loss Mitigation Departments. So here they are in no specific order of importance.

1. Where do we fax the 3rd party Authorization? What is the best # to call back to ask if they got it?

2. Who is the investor?

3. What does the investor offer 2nd liens?

4. Is their a Mortgage Insurance (MI/PMI) company?

5. What is your short sale process?

6. Do you want the hardship package now, or wait til we get an offer? What documents do you rewuire in your Hardship Package?

7. Is this a FHA loan?

8. Has a BPO/Appraisal been done, what did it come back at?

9. When will a BPO/Appraisal be ordered?

10. From offer to approval, on average how much time does it take?

11. What Dept processes Short Sales? What is the best fax number, phone and email for your dept? (seldom do you get the email).

12. Did you get our last fax? How long shoot we wait until we refax?

13. Do we have a negotiator? When can we expect get a negotiator? Has anyone update the notes since last we called?

14. What is our negotiator's contact info plus email?

15. What is the best way to expedite the process?

16. Has a Sheriff Sale been scheduled and if yes, how can we postpone it?

17. Is the borrower in default?

18. Has the borrower's file been put into another program that will slow down the short sale process, like HOPE or loan modification?

19. Can the home owner make partial payments to slow down the process of default, i.e. Forbearance?

20. Can you escalate this file?

Mike Sher, CDPE: http://hosted.cdpe.com/MikeRealtor/

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 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.