Mike Sher

Time for The Friday Roll Call!!!! Let's get positive!!

I am dedicating another post just to allow all of us the opportunity to read a positive story or two. I will start!!:

1. Have two closings set for next week.

2. Taught a great Short Sale class to some new agents.

3. I am leaving today to go to Manhattan with my wife, three girls (ages:3, 6, and 7). Will be stay at E78th and 2nd.

***If any of you NYC’ers out their have suggestions for where to go, places to eat and what to see, please add them to this post. ***

4. Had my 9th year wedding anniversary with my wife.

5. My Team Leader, Katherine picked up two buyers. Very proud of her, she is really working hard!

*** Life is a Gift given from G-d. What you do with it is our gift back him/her!***

This was a good week

Mike S

Mike Sher, (248) 548-9100 x127 shortsale@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, Birmingham, Bloomfield, Berkley, Beverly Hills, Clawson, Ferndale, Huntington Woods, Pleasant Ridge, Royal Oak, Rochester, Troy, etc.

Short Sale Realtor tip #10, Top 5 reasons why a seller should choose a Short Sale over a Foreclosure, Troy, MI:

1. With a Short Sale, you have Leverage to negotiate terms with the bank, a Foreclosure you have none.
2. Often with a foreclosure, the asset is worth less then the note so the investor can hire an attorney to collect through wage garnishment and liens up to 10 years or longer.
3. A Foreclosure must be disclosed on future applications for credit and employment. Plus, security clearances can be revoked, denied or limited.
4. A foreclosure on your credit report is almost impossible to repair and the drop of credit score takes years to recover from.
5. Choosing a Short Sale shows that you made the best of a bad situation. It is something that you will look back at and say "it was not easy, but I feel better about taking control of life, and that has value".

Need more information, call me !

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 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

I enjoy a very high Short Sale closing ratio. I.E., if I list a home as a Short Sale, I often sell it. Many other realtors can not boast the same claim. Why am I so successful while others are not? Not because I am smarter or better connected then them. I NEVER QUIT!!!!

I remember watching the summer Olympic swimmers last year. If you watched the swim heats, you'll notice that the deciding factor of the race was not the first 180 meters but in the last 20. Many swimmers got tired, over confident, under confident or just gave up in the last seconds of the race.

Short Sales are like that as well. Agents often fail in the tail end of the negotiations, or if they lose the buyer in the 11^th hour; the agent is tired, angry and sad; they throw up their arms and gives up. Never giving up is what makes Olympians, both in the pool or in the Real Estate market. Never give up, never let up. Lose a buyer, get another. Get a "NO", call the bank again to find a "YES".

As we have been taught, it is always darkest at the end of the tunnel. So pick yourself up, dust yourself off and get pack in the pool!!!

Mike Sher

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com

CDPE (Certified Distress Property Expert)

Servicing 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

Recently I had a Seller in my office wanted me to Short Sale his home. The Seller had already stopped making payments, not because he could make them, but because he was advise by "A Short Sale Specialist" that for some reason is now out of the picture.

Seller is now months behind. He has a new business that was doing very well, but not on paper. He currently shows financial hardship, but that hardship would end in the 2^nd and 3rd quarter, his company profits are going to be too great (nice problem to have). The seller did say he could have his partner hold the profits until the short sale was done.

QUESTIONS TO ASK YOURSELF:

• Do I think I could have Short Sold his home? Yes.
• Did he have enough fact to create some good fiction? Yes.
• Would I be trading my principals for pay check? Yes.
• Are their other home owners that needed my services with real hardship? Yes.
• Would I rather help those who need me then those who want me? Yes.
• Is a Short Sale for everyone? NO!!!!!

Below is the email I sent the prospect. Feel free to copy it and use it the next time you need to say NO.

I will still call you today as well. But in the meantime, I wanted to let you know that I will not be taking your listing on for a Short Sale. As told in our one-on-one meeting, a Short Sale is based on Hardship; and, though I am sure you have experienced hardship, I feel that under the guidelines that I must work under established by the investors who approve and deny Short Sales, your hardship might not qualify for a Short Sale. As I told you, I have a very high success rate, and that is because I only take on Short Sales that I know I can get through. I am not confident enough with your set of circumstances that we will be successful. I would rather be honest and upfront about this than to put you through all the hoops and costs to find out that it was in vain.

I am sure that another agent will take on your listing for the chance to increase their listing inventory. They would pick up a few buyers out of it, but I do not think they will get the Short Sale through unless they provide documentation of hardship that does not seem to be evident to me. I, for one, will not take chances with someone's future credit worthiness or future foreclosure to make a buck or get a buyer. I also do feel responsible to be honest to the investor and feel that the only way I could be successful is to fabricate or embellish a hardship which is not in my comfort level. Sorry, and I wish you the best of luck.

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

Recently I heard another agent yelling on the phone with a loss mitigation rep for a short sale. She was screaming “you better take this offer or your bank will go under and you’ll be out of a job”. Well in a few weeks, the home was foreclosed on and the agent was out of a sale.

It is not their fault that the mortgage terms were unfair, or that borrower can not pay the loan anymore, they are just hired to make the best of the bad hand that was dealt. They do like being yelled at, criticized, or bad mouthed for things out of their control. They, like us represent a client, “the investor” and they have plenty of job security, so if your short sale is rejected because you treated them like a bat boy in a farm league, they’ll still have a job. But, you might not!!

Let’s get back to basics, a broker once told me “treat everyone as if they had $5,000 to give to anyone who treated them nicely.” We give our clients our best face, so lets share that with the banks. I try to find out where my loss mitt rep is from and make some small talk. Find a common bond and smile. Yes, I smile, and though the poor, underpaid, mistreated, often verbally abused bank employee on the other end might not see it, but they feel it.

So, I would bet you that if you were just nice to them, you would be closing more, quicker and you might just start having fun again.

Need more information, call me !

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