See the information below or just click the link. This should be a good opportunity for those of you who would like to hear three different professionals who are all working on short sales. Hope some of you can make it. If you can come, please come up to me and introduce yourself, like to know someone is reading my blog.
Mike
http://www.reiaofoakland.com/home.html
Proudly Presents
August 13, 2009
Short Sale Panel
"Short Sales Aren't Worth My Time"
"Short Sales Never Close"
"Short Sales Take Too Long"
"The Banks Take Too Long"
Have We Covered All Of The Excuses Why You Don't Like Short Sales?
How About The Real Reason?
You Don't Know How To Do Short Sales The Right Way! We have assembled some of the best and brightest Short Sale Wizards from the Detroit Area to give you the inside story on how to do a short sale. They have agreed to a no-holds barred expose of their tried and true secrets to getting a short sale done. If you have ever done a short sale, you know how frustrating it is, and how the lenders all seem to have some secret code that you can't break. Given the hundreds and hundreds of short sales these Wizards have performed, they're sure to answer the hardest question you can throw at them.
Bring your impossible case, and let these experts tell you what they would do in your shoes. Join us for an informative meeting this month!
Join us for an informative meeting this month!
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Meeting Location Michigan State University Management Education Center 811 W. Square Lake Road Troy, MI 48098
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Meeting Schedule 5:30pm - 7:15pm Early Bird Q&A and Vendor Expo 7:15pm - 9:30pm General Membership Meeting and Guest Speaker
The public is welcome to attend at any of the above times.
It is not necessary to attend all night.
_________________________________ Cost REIA of Oakland Member - FREE Non-member - $20.00
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About REIA of Oakland
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 Click here for a map.
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 our 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.
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
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.
Experts become experts when others seek their advice. What does that mean? Well, it is like the old saying, "if a tree falls in the woods and no one is there to witness it, did it really happen?" The answer is if no one saw it or heard it, then it never happened. Like that tree, if no one sees or hears you, you might not be an expert.
I am a Short Sale Expert because; I have, and continue to, offer my advice and guidance through my blogs, my Short Sale classes through our area board of Realtors and through serving on expert panels. Like the panel I will be on Thursday August 13th at the Real Estate Investors Association of Oakland: http://www.reiaofoakland.com/home.html I also openly lend my time to help other Realtorsor short sale sellers that have an agent who can not answer their questions.
So, if you have any short sale knowledge, and if you have read my blogs then have tons (harder-har-har), then become and expert. Ask you broker to speak about short sales to your office, write a blog, speak on the subject to all of the associations that you belong to, professional, charitable and social.
If you are speaking about short sales in the woods and someone is listening then you are an expert!!!
GO GET'EM TIGER!!!
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
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 was talking to a Birmingham Short Sale Seller who happened to be listed with another Realtor (no one is perfect :) ). The Seller happened to have read my blog and was calling me for advice. His/her agent, a well known and accomplished local Realtor, was not as proficient in Short Sale negotiations as the seller thought they would be. The Seller became aware of this after signing a six month listing agreement. The problem was the listing Realtor was barley communicating to the bank at all with an offer that was 2 months old and getting older. The seller had picked up the slack and was calling the bank in hopes to get the Short Sale through.
In theory the Seller calling the bank is a good idea, especially if the listing agent is with out a team and lacks the people power needed to get a short sale through.
I have a team of people who in conjunction with my efforts are all calling the bank. But the difference between The Mike Realtor Team calling the bank instead of the Seller is:
1. We log our calls, I know exactly: what the last team member did;
a. What number they called?
b. Who they called, name, extension, ID#, Dept...
c. What was said, so we can quote them later...
d. When was it said, date, time?
e. What does the time line look like?
f. What is the next action for this file?
g. Do we have a negotiator?
h. What is his/her name?
i. How can I reach them?
j. Has a BPO been completed?
2. If the seller talks to the bank, they could be pressured into a commitment that they would like to avoid.
a. Since we our not principals of the Short Sale, we are able to avoid;
i. The banks efforts to pressure or threaten the seller.
ii. Give the Seller the opportunity of time to consider all of the bank requests.
3. The Mike Realtor Team does this for a living;
a. We never get angry.
b. We never get frustrated.
c. We know the right questions to ask.
d. We know when we are getting the run around.
e. We keep our Eye on the Ball and focus on the closing!!
f. And we are aware of all aspects of the Real Estate Transaction.
In short, whose job is it to call the banks, the party best suited for success. This may be the Realtor, the Seller, or an Attorney. BUT, before you sign the listing ticket, make sure you know what to expect, what will be expected and who will be calling the bank?
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
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.
Here is a recent article about short sales in USA Today.
http://www.facebook.com/ext/share.php?sid=108582182695&h=sVpXU&u=n4t8k&ref=nf
This article really talks about how hard it is to do a short sale and the importance of having professional working with you who know what they are doing. Make sure that who ever is working on your short sale knows what to do, how to do and will not give up
Mike Sher
Some facts from the article to be aware of:
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
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.
As some of you Short Sale Realtors have found, many banks are not as open minded to releasing deficiencies (difference between what is owed and what the lender collects) as they were in the past. (Countrywide who is now BOA) Bank Of America recently established a zero tolerance towards negotiating their Short Sale approval letters. The new language is a follows: "BAC Home Loans Servicing, LP and/or its investor may pursue a deficiency judgment for the difference in the payment received and the total balance due,..."
This language is a little unsettling for sellers who were told that they would owe nothing after closing. Well, for all of you Short Sale seller's out their, you might end up owing money after closing. I know this is not what you want to hear but better now then at the end of the long process of a Short Sale.
A seller who is already demoralized from the start, who has waited months, sending bank statements, tax returns and keeping their home in show ready condition while writing groveling letters to the bank begging for help, are not in the best moods. That is why they just walk away when they find out that they are stuck with the deficiency. They were unprepared for that outcome and Rage replaces Sound Judgment.
The fact is that in many states, like Michigan, if the bank forecloses, the seller will still owe as much or more because of legal fees, penalties and interest then they would with the short sale + deficiency. I know this is a bitter pill but those are the facts. We are trying to make the Best out of the Worst.
Short Sale Seller's out there, before you rip up that short sale agreement that you have worked so hard to get, call a local Real Estate Attorney and make sure that your rejection is based what's best for you not on what you think will hurt the bank the most. The bank does not want to foreclose but is not afraid to do so.
"Whether the Glass hits the Rock or the Rock hits the glass, things end poorly for the Glass", Man of La Mancha
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
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.
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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