Just got a call from short sale seller in the Detroit area, whose Realtors has given up. He is negotiating a s
hort sale with SunTrust. 1st lien is Freddie and the 2nd held by SunTrust with the EVIL MORTGAGE INSURANCE (boo, hsss, boo). Well his realtor seems to be on sabbatical, now our poor seller stands alone, calling other Realtors for help, with the same desperate look as the guy who holds the "work for food sign" of the expressway. This is a sad development that I have noticed. Many of my fellow Realtors have developed a "when going gets tough, the Realtors gets gone", until closing day when they are first in line to get paid.
Now I am a Realtor, so please understand that we are not all the same. Just like any profession, there are those who do an adequate job, a great job and a lousy job. 80/20 rule prevails, 20% of the production is handled by 80% of the Realtors while the other 20% of the superior Realtors are able to handle the remaining 80%. 1strule of thumb is making sure your agent is in the top 20%. Don't get me wrong, the other 80% of agents are good folks but they have 2nd jobs, are part timers or have to many other commitments to keep them affective in today's market.
The calls I get are often way too late to change Realtors and they are always with agents who don't know what they are doing. I know this is negative but it is sadly true.
Back to the story, the caller has an offer in for about 40% of the amount owed between the two loans. The bank is willing to release the 60% if the seller brings about $5000 to close. $3600 of it before closing to settle the 2nd loan and $1400 at closing to settle the 1stloan, his Realtor has been pushing the seller to close no matter what from the start so now the seller does not know if this is a good deal or if the Realtor is just saying sign to get paid.
After talking to the seller for 20 minutes on the phone for NO CHARGE!! He now knows that it is a good 
deal. He also knows why. Often the missing piece of this crazy Short Sale jigsaw we are in is WHY. The homeowners want to know why and many Realtors are either unable or unwilling to explain why! They need to explain; What is pool insurance, Why do I need to sign a promissory note, Who is the investor, What is a deficiency, What is the forgiveness of debt act, Will I get 1099C, Will I owe money after closing, What is a unsecured debt, What is the difference between an investor and servicer, What is HAFA, What is Deed-in-lieu, What is Cash For Keys, What is Redemption, What is 90 day Michigan Pre-foreclosure mediation law, Why is a Short Sale better the a Foreclosure, and etc.
In closing, if you, or someone you know is buying or selling a home. No matter if it is a Foreclosure, Short Sale or Traditional Sale. Experience counts. Contact me or another Realtor who is selling at least 40 homes a year that are short sales, foreclosures and traditional sales. Ask for references and testimonials. You want the Realtor who knows this market and will be with you from the beginning to the end. No one wants to be on an unguided trail though the abyss.
Mike Sher, Max Broock Realtors, 2010 Stats: 25 Short Sales, 70 sales and $8,500.000.00 in sales Cell: 248-496-1572 to mike@MikeRealtor.com
**Please be advised that Mike Sher, Katherine Green and Max Broock Realtors are not attorneys nor tax professionals. Our correspondence should NOT BE interpreted as that of the advice of legal counsel or tax professionals. We recommend seeking the advice of a tax and or legal professional with matters pertaining to Short Sales and other related questions. ***
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