bank: Short Sale Realtor tip #7, Don’t Forget to be Nice, Bloomfield, MI - 04/28/09 01:10 PM
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 … (43 comments)

bank: Short Sale Real Estate Agent Tip of the Day #4, Log Every Call!! Birmingham, MI - 04/03/09 01:42 AM
As you know by now, the bank logs every call, fax and email pertaining to a Short Sale.  Every time you call them they log your name, number, time, date and all of the details of the call.  If we want to compete, we have to do the same. 
When I or someone from my team calls the bank, I make sure we get all of the details of who we spoke to, the day, time, content of the call.  So when we speak to another person later in that week, we can reference the past call.  Sometimes, documents, a BPO … (6 comments)

bank: Short Sale Tip “Meet the BPO or Appraiser Sent By The Bank”! - 02/27/09 02:54 AM
As you are aware, the bank requires an independent assessment of value for the asset that you are short selling. These agents and appraisers are getting paid very little for what they do and are overworked. Make is easier for them, meet them at the home. Give them some comps that make sense. Remember, your short sale is in their hands. They are going to spend a few minutes in that house, pull up some comps from the MLS and reporting to the bank the value.
As you know, many agents MLS inputting skills are very sloppy!! Often agents may be … (14 comments)

bank: Fannie Mae Will Not Allow Servicers to Cut Realtor Commissions if they are 6%!!! - 02/26/09 07:16 AM
Great News for us Short Sale Realtors fighting the good fight.  Fannie finally gets it!! We Realtors are saving them Billions of Dollars by performing pre-Foreclosure Sales, (Short Sales).  In the past, the servicers were bulling us around, threatening to cut are commission if the buyer asked for concessions or if the seller was not willing to contribute to closing cost or just to cut our commission because they could.  See below and then my commentary to follow!!
No Negotiation of Preforeclosure Sales Commission Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers Effective March 1, 2009, closing of preforeclosure sales … (8 comments)

bank: It is nice to be loved! Short Sale Seller expresses her appreciation. - 01/06/09 06:02 AM
It is nice to be loved!!  Below is a letter from one of my past short sale sellers.  This job is more about the people we help then anything else. 
Dear Manager of Real Estate One, Royal Oak,
We wanted to let you know how much Mike Sher helped us with the sale of our home.  Our home had been for sale for two years with three other Real Estate Agents with no success.  We were frustrated and tired.  We knew that the problem was that our home was worth less then what we owed our lenders.  The other agents did … (2 comments)

bank: "Short Sales" The Realtor Cure for the Common Foreclosure!! - 09/06/08 03:12 AM
"Short Sales" The Realtor Cure for the Common Foreclosure!!
Now that the word "Foreclosure" is as common, as other less desirable words like "Cancer", "Teen Pregnancy" and "Child Neglect", it is time for us as a society to except it, take reasonability and fight it.    Like all plagues; social and medical; at the beginning many ignore both the subject and those who are infected.   But, in time the issue becomes so unavoidable that main stream society can not run, hide or avoid the problem.  The foreclosure epidemic is NOW unavoidable.   Everyone knows someone who is in, or will be in, foreclosure.  … (11 comments)

bank: Which is worse a "Foreclosure" or a "Short Sale"? - 08/14/08 09:04 AM
"Which is worse a ‘Foreclosure' or a ‘Short Sale'"?
I often get that question; "Which is worse a Foreclosure or a Short Sale?"  And the answer is, without an ounce of doubt, foreclosure!!!  First I need to tell you, I am not an attorney or a CPA, nor do I play one on TV (LOL).  I am an on the battlefield, at the front lines, fighting the good fight, grit and grin Realtor!  So, I feel I am qualified to give you my street-wise opinion.
First some Foreclosure Urban Legends,
Myth 1: "The bank wants your home and will forgive all … (2 comments)

bank: Should seller's counter a low offer in a Short Sale or just accept it and let the bank decide - 06/19/08 02:11 AM
Dear fellow agents.  I have done 6 shortsales and so far my seller's have not countered any of offers. They just accept them contingent on bank approval. So far the bank has accepted 2, and counter 3 but by only 1-5% of the offer price.  We were able to close all of them, And these have been low offers.  All of the offers have been 70%-55% of what was owned to the bank.
I just got a offer for a home that I have listed for $79K, the offer is $45K, my seller  owes $150K.  We have had no offers to date.  We … (9 comments)

bank: Another Short Sale Success Story!! - 06/13/08 08:07 AM
 Here is another letter from a client that I did a Short Sale for.  The sale of the home was for about 50% of what was owed, so the bank got about 50 cents on the $1.    When I first met with the sellers, they were making an almost $3,000 payment on a home that was worth $112,000.  Crazy, huh.  Well, it all worked out in the end.  Feel free to pass this letter to someone who is skeptical about short sales.
 Mike Sher
To whom this may concern,
Mike Sher helped us short sale our home in Royal Oak … (1 comments)

bank: Option One Short Sale Log, Birmingham, MI - 06/12/08 05:28 AM
Here is a log for a short sale that I did with Option One.  Thought it might be helpful.
 
Mike Sher
 
 
 
COLLINSON SHORT SALE - PUBLIC NOTES
 
 
04/25/2008 08:43AM by Mike Sher  - got the hud back signed by Option one and all is done and closed.  I got less commission from the bank then what the listing agreement stated.  The seller brought me a casher's check for the rest of my commission.  I told her that I needed to get paid and my agreement was with her not the bank for my commission.  So, she … (1 comments)

bank: Practical Thoughts About Short Sales - 06/12/08 03:04 AM
Dear Agents,
I have completed my 5th short sale this year, and I still have to just feel my way through the trials and tribulations of the processes.  One thing that truly confuses me is how we have all of these "Short Sale Experts" who tell us what banks will or will not to do, like they were Moses on the mount, explaining the 10 commandments.   How could anyone know what a mega large bank will or will not do.
 
Here are my thoughts;
A large bank has 1000's patients (loans) on a operating table that are hemorrhaging in 100,000 of different places.    Each bank has 100’s of doctors (mitigation officers), … (0 comments)