This website was made for consumers to learn about Loan Modifications, Short Sale and Foreclosures. It has many reports that are easy to read and understand. As a real estate agent, what I often see in troubled homeowners is a belief that they are alone with their challenges. Regrettably, over 70% of homeowners in foreclosure proceed without ANY visible assistance. This is not acceptable for the communities I serve.
he 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.
One of the most important things about being a short sale Realtor having quality content about short sales that sellers can read on-line. Often, Short Sale Sellers, do not want to call a Realtor first. They want to learn as much as they can before deciding which agent to work with. Make sure you have good on-line content and you clients will be happy to work with you.
he 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 buyer's agent we need to know the answers to the Home buyer tax credit Frequently Asked Questions. It is very embarrassing if your buyer knows more about the changes in your profession then you do. Please see the below NAR FAQ Sheet for the Home buyer Tax Credit Changes.
READ it NOW!!! I assure you in today's instant messaging world, your buyer knows about these changes 10 seconds after they happen.
Happy house hunting.
Mike Sher, Max Broock, Bloomfield/Birmingham Michigan
Great news for all of you Buyers & Sellers!!! The Home Buyer Tax Credit is out and looks great.
Buyers:
Starts December 1st 2009 to April 30th 2010
$8000 for 1st time home buyers
$6500 for current homeowners
Current homeowners "Must have used the home sold or being sold as a principal residence consecutively for 5 of the 8 previous years."
Must have contract to purchase by 4/3/2010
Must close by 7/1/2010
Income limits:
$125,000 single income
$225,000 married
Sellers:
More buyers are going to be in the market to buy your home.
Reduced inventories will raise sale prices
less foreclosures
Read below for more details below from NAR
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.
This is a Royal Oak Short Sale that I listed and closed. My seller needed to sell. He was stuck in a predator loan with a very high monthly payment. The balance of this loan was so high; I don't know how the borrowers could have qualified. The loan was a no doc, stated income "liar loan". The fees on the refinance were so high it was criminal.
The seller could not afford the loan in the first place and with the economic downturn he was certain to be foreclosed on. The Seller and Buyer were both thrilled by my services. Without a Short Sale, the seller would have been foreclosed on. This would result in years of debt and probable litigation.
PROFILE:
Location: Downtown, Royal Oak, MI
Type: Duplex 1930's, great location.
Condition: Need of some repair. Also need a variance to keep the multi-family zoning.
Lender #1: Homecomings Financial
Amount Owed: 310,000
Sold Price: $195,000
Negotiation time: 2 month
Amount owed by seller post closing: zero
Seller's out of pocket costs: 0
Hardship: loss of income, failing business and need to reduce expenses.
Happy Seller, Happy Buyer and One less Foreclosure in Michigan.
he 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.
This is a Novi Short Sale that I listed and closed. My sellers needed to sell. They were both affected by the economic downturn and were unable to continue paying for their monthly mortgage payments. Their incomes were reduced to more then half of what they were making at the time the mortgage was originated. The Sellers were thrilled with my services. Without a Short Sale, they would have been foreclosed on. This would result in years of debt and probable litigation.
Some Homes have become an anchor that prevents the owner from progressing with the rest of their lives. A SHORT SALE can cut the rope which allows the seller to move on to a brighter future with out the baggage of the past.
PROFILE:
Location: Island Lake Orchards, Novi, MI
Type: 2006 Toll Brother's Single Family Home, 3814 Sqft, 4 bed, 3.1 bath, basement and garage
Condition: Fantastic with granite counter tops, remodeled baths and more.
Lender #1: Country Wide/Bank of America
Amount Owed: $634,000
Lender #2: Community Choice Credit Union
Amount Owed: $90,000
Sold Price: $490,000
List Date: 02/07/2009
Closed Date 09/02/2009
Negotiation time: 2 month
Amount owed by seller post closing: Promissory note on the 2nd lien.
Seller's out of pocket costs: 0
Hardship: loss of income, failing business and need to reduce expenses.
Happy Seller, Happy Buyer and One less Foreclosure in Michigan.
he 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.
he 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.
To all of my loyal Blog Readers and to those who just want to know where I am. I have accepted the position as the newest Associate Broker at Max Broock Realtors in Bloomfield Hill. Please feel free to contact me there for any of your Real Estate questions or needs. My new contact information is below.
Mike Sher
Office: (248) 644-4700x242 Fax :(248) 499-1020 4120 Telegraph Rd, Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com
To all of my loyal Blog Readers and to those who just want to know where I am. I have accepted the position as the newest Associate Broker at Max Broock Realtors in Bloomfield Hill. Please feel free to contact me there for any of your short sale questions or needs. My new contact information is below.
Mike Sher
Office: (248) 644-4700x242 Fax :(248) 499-1020 4120 Telegraph Rd, Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com
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.
Many homes on the market are judged for their architecture, floor space and condition. But some experts are warning homebuyers not to confine their checklists to a house's four walls.
The atmosphere of a neighborhood can have an extensive effect on quality of life, said Joan Downing, broker-owner of RE/MAX in the Hills in Bloomfield Hills. She said neighborhoods vary in quality on everyday factors such as neighbors, crime, aesthetics and schools.
As a result, a savvy homebuyer should do independent research before any dotted lines are signed.
"They should investigate, on their own, the crime statistics and the school information," she said. "Over and above that, they can search for crime in different neighborhoods."
Because few neighborhoods are perfect, potential homebuyers should also weigh their priorities while conducting their research. For instance, parents will probably want to pay more attention to the schools.
"Schools are going to be important to those clients that are looking to place children in schools or are buying in a family neighborhood," she said. "Some buyers may be empty nesters or singles. ... They may purchase in an area and never even question the MEAP scores."
But while public data can be helpful to conducting one's own research, Downing warned that it could sometimes be outdated, fallible or easily misinterpreted. She said a trusted Realtor could offer better advice and more relevant statistics than Web sites such as Zillow because Realtors collect better data on home values and recent sales.
Mike Sher, associate broker for Real Estate One in Royal Oak, said statistics on the Internet could be useful. He particularly recommended a Standard & Poor's Web site called SchoolMatters.com, which analyzes schools across the country according to their class sizes, enrollment and academic aptitude.
But Sher also agreed that data and figures can be deceiving. For instance, crime data within a particular ZIP code might suggest a certain level of crime, but the area might be large enough to contain different neighborhoods with a large variance of crime, he said.
"Statistics are created in past events, and there is a lag time even when the data was developed and now," he added.
To Sher, the eyes are the best way to avoid lies. He said prospective homebuyers should drive by their favorite properties and talk to neighbors for the scoop on an area. An in-person visit can also unveil unpleasant truths - such as a property's nearness to noise and railroad tracks, he said.
Downing said a tour could also reveal whether other homes in the vicinity are well-maintained. "Universally, they would be looking at the overall condition and aesthetics of a particular neighborhood because you don't want to purchase in a neighborhood where the homes are not cared for," she said.
She added that potential buyers should visit the neighborhood multiple times and at different days of the week. Many buyers with families like to visit a neighborhood when kids are getting out of school, she said.
"It will give you an idea of how many families with children live in the neighborhood," she said.
To reach Real Estate One in Royal Oak, call (248) 548-9100. For more information about RE/MAX in the Hills, call (248) 646-5000.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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