Dear Homeowner, In order to keep your home-selling process running as smoothly as possible, please provide the following items: 1. Fully completed Financial Disclosure Forms (attached 2-page worksheet). 2. Write a 1-page letter explaining how you got in this position. 3. Last 2 month recent pay stubs. 4. Copies … (4 comments)
Realtors hate saying no; we are in the yes business. In the past, saying yes was not a big problem. If an agent wanted to "buy the listing" (tell the seller what they wanted to hear to secure the listing), the greatest harm done to the client, was the disappointment of selling for less then promised. Not the best practice by Realtors but it was done to get their sign in the yard of attractive homes. An agent would get buyers, a neighborhood presence and maybe even sell the home after a few price reductions.
Now in a Short Sale, … (3 comments)
short sale: Short Sale Realtor tip #11, Just because it works in your State does not mean it works in mine, Troy, MI
- 05/13/09 01:48 AM
Many short sale specialists out there are ready to sell you books, tapes, videos and coaching time no matter where you live as long as you have a major credit card. Plus if you google "short sales tips, help or expert", you will find 100,000's of gurus (including Mike Realtor) dishing out short sale gospel like Moses on the Rock. Well, here is a little tip; each state is different when it comes to short sales, foreclosures, deficiencies, sheriff sales, property taxes, deed laws, redemption periods and etc. I live in Michigan where; •· Michigan has redemption rights, but other states … (1 comments)
short sale: Short Sale Realtor tip #10, Top 5 reasons to choose Short Sale over Foreclosure, Troy, MI
- 05/07/09 02:54 AM
Short Sale Realtor tip #10, Top 5 reasons why a seller should choose a Short Sale over a Foreclosure, Troy, MI: With a Short Sale, you have Leverage to negotiate terms with the bank, a Foreclosure you have none. 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. A Foreclosure must be disclosed on future applications for credit and employment. Plus, security clearances can be revoked, denied or limited. A foreclosure on your credit report is almost impossible … (0 comments)
short sale: Short Sale Realtor tip #9, Never Quit, Never Fail – Beverly Hills, MI Specialist
- 05/06/09 04:28 AM
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 … (5 comments)
short sale: Short Sale Realtor tip #8, Can't Save Everyone, Especially Those Who Lack Hardship - Royal Oak MI
- 05/05/09 05:02 AM
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 2nd and 3rd quarter, his company profits are going to be too great (nice problem to have). The seller did say he … (5 comments)
short sale: 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)
short sale: Short Sale Real Estate Agent Tip #3, "There is more then one way around the Mountain!!" Birmingham, MI
- 04/02/09 02:24 AM
Often Realtors end up relying on the one point of contact. This often is the negotiator assigned to the file. The agent calls, leaves a message and waits. I believe in an all out communication assault to get my file to the top of the pile. How: First remember the 3 methods of modern communication: phone fax email Know your cast of characters: Negotiator Loss mitigation representatives Short Sale dept representatives Negotiator's supervisor Customer service Local law firm handling the sheriff sale. All of these people have information that is helpful to your cause and all of them can carry information to … (5 comments)
short sale: Another letter from a client that I did a short sale for!! Ferndale/Royal Oak, MI
- 03/31/09 10:00 AM
Friday, March 27, 2009 Dear Short Sale seller, During these economic times, "the Mike Realtor Team" from Real Estate One is the team you want on your side. They persevered in a very dry housing market, found a buyer, and negotiated brilliantly with the bank to sell my Ferndale house in a short sale. I highly recommend you to use the persistent, thorough, and attentive realtor team in the real estate wars and more importantly to sale your home. Sincerely, David and Kellie
short sale: Short Sale Realtor Tip for the day!! #1: Inspections, Novi, MI
- 03/31/09 07:12 AM
As some of you have experienced, there is nothing more frustrating then getting a Short Sale approved and then the buyer walks after inspection because of a nit picky reason. The steam rises from your ears after you wasted 45 days of pushing paper, faxing, begging, updating HUD's and thousands minutes on hold to get the deal of the century approved for an ungrateful buyer. Tip #1, add this clause to all of your Short Sale PA's ***If Buyer conducts a private property inspection, it needs to be done with in 7 days of seller acceptance (not Short Sale approval). It is understood … (5 comments)
short sale: Short Sale Class in Troy MI March 24th 9am-12pm
- 03/19/09 12:38 PM
Thriving with Short SalesForeclosure agents presently control a high percentage of the homes-sold market share: short sales are a way for traditional REALTORS® to capture that business. Short sales allow you to have saleable-priced listings that will attract more showings, sign calls, Internet leads and help control inventory. Short sales will keep you busy, and a busy REALTOR® is upbeat, focused and confident. Topics include prospecting for short sales; converting a phone call to an appointment; listing presentations; hardship, documents and how to protect your commission; introduce yourself to the bank; handling offers and working with the bank; keeping the buyer, … (0 comments)
short sale: 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)
short sale: 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)
short sale: Short Sale Class in Troy MI March 24th 9am-12pm
- 02/13/09 01:16 AM
Only nine more seats left for my Short Sale Class March 24th 9am-12pm (Troy). Thriving with Short SalesForeclosure agents presently control a high percentage of the homes-sold market share: short sales are a way for traditional REALTORS® to capture that business. Short sales allow you to have saleable-priced listings that will attract more showings, sign calls, Internet leads and help control inventory. Short sales will keep you busy, and a busy REALTOR® is upbeat, focused and confident. Topics include prospecting for short sales; converting a phone call to an appointment; listing presentations; hardship, documents and how to protect your commission; introduce … (1 comments)
short sale: Thriving with Short Sales class on March 24th 2008 Troy, Michigan
- 01/15/09 08:57 AM
I am teaching a short sale class on March 24th 2008 in Troy Michigan at the MCAR, Metropolitan Consolidated Association of Realtors. Flyer Link: http://tponline.realty-wire.com/Users/16AD44D5-41DB-4ECF-9534-71391BCBB6B1/{da254419-9467-4691-8bf6-8c2819c29d17}/{da254419-9467-4691-8bf6-8c2819c29d17}.pdf If you are a member of MCAR call or go to their website http://www.mcaronline.com. Mike Sher … (1 comments)
short sale: 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)
short sale: A Short Sale Hud Headache
- 09/09/08 10:10 AM
A Short Sale Hud Headache I have a home that I am doing as Short Sale on. The home has been on the market for 2+ years with 3 other realtors. My sellers could not wait any longer, they had to leave. The home was in an area that the seller felt had a raising crime rate, tons foreclosures and boarded up homes. My Seller just did not feel comfortable with what was happening in the area so he purchased another home for him, his son and pregnant wife. Well we got an offer on his past house and all was … (18 comments)
short sale: "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)
This is what you commonly need to do a short sale. I send my clients this list before we meet so they are able to get everything together. This also lets me gage how motivated they are. Feel free to use this for your Short Sales.
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