shortsale: Bloomfield Michigan: JUST SOLD Short Sale 338 Cranbrook!! by Mike Sher Realtor Team - 02/02/10 12:22 AM
 The Mike Realtor Team is proud to announce that our Bloomfield Short Sale listing of 338 Cranbrook with Birmingham Schools has recently SOLD. With our 90% Short Sale success rate, the Mike Sher Team is has saved another home from Foreclosure. If you are looking to sell your home or looking to buy a great home for a great price, the Mike Sher Team is here to help. Call us at (248) 644-4700 or check us out at www.shortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher
 
 

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shortsale: Short Sale Real Estate Agent Tip #28, Have a Website Dedicated to Short Sales, Birmingham, MI - 11/12/09 09:26 AM
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.
Content like:
Short sale website, (mine is http://www.shortsaleoaklandcounty.com/) Write a blog about short sales, like Active Rain. Put information on your linked-in page. Your Face Book is a great place to link articles about short … (0 comments)

shortsale: Birmingham Short Sale Realtor Tip #25, "I never worry about ACTION, but only about INACTION", Winston Churchill. Michigan! Mike Sher - 09/10/09 03:39 AM
Often Realtors, Clients or Friends ask me what is the key to Short Sale success.  As you can guess from the Churchill quote above, "ACTION" is the key to success.  This quote also covers why Short Sales fail "INACTION".   Below I have listed examples of Action and Inaction: so you know the difference.
Action:
Faxing 3rd party authorizations the day you get the listing & ordering pre-title. Getting the hardship package scanned and prep with in the first weeks of the listing.  Lowering the list price every 10-15 days until you get an offer  Calling the back every time you fax … (0 comments)

shortsale: Short Sale Realtor Tip #23, Top 20 questions you should ask the Short Sale/Loss Mitigation Dept, Birmingham Michigan! Mike Sher - 08/28/09 04:55 AM
I have recently expanded my team to an additional processor to call on the banks. She asked me if I could include a list of pertinent questions to ask the Short Sale or Loss Mitigation Departments. So here they are in no specific order of importance.
1. Where do we fax the 3rd party Authorization? What is the best # to call back to ask if they got it?
2. Who is the investor?
3. What does the investor offer 2nd liens?
4. Is their a Mortgage Insurance (MI/PMI) company?
5. What is your short sale process?
6. Do you want … (1 comments)

shortsale: Top 10 Reasons Why Your Short Sale Will Not Close, Birmingham Michigan - 08/22/09 04:42 AM
This is a great blog.  Many listing agents plan to fail, because they failed to plan and getting a good education in our market is vital.  Plus they need to keep with all of the updates from Fannie Mae to Freddie Mac and FHA.  Read every post that you can find, look up new guidelines in your local board and stay ahead of the curve. 
But if you want to really help people, short sales are the way to do it!!!
Bravo Noel for such a good post.
 

10.) You sent in multiple offers to the bank. Put yourself in the bank's … (0 comments)

shortsale: Short Sale Realtor Successful Short Sale Profile #1, Birmingham MI - 06/03/09 04:28 AM
 
This is a Birmingham Short Sale that I listed and closed.  My seller needed to sell.  He was forced to relocate; his occupation was not in demand any more and his income was reduced to half.  He and his wife were thrilled with my services.   Without a Short Sale, he would have been foreclosed on.  This would result in years of debt and probable litigation with wage garnishments.  
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 … (2 comments)

shortsale: Short Sale Tip #15 Here is a way to keep a vacant home from being taken in the redemption period, Huntington Woods, MI - 05/19/09 09:56 PM
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shortsale: Short Sale Realtor tip #13, Top 10 reasons why your home has not sold, Birmingham, MI - 05/19/09 05:40 AM
 
You're upside down with a loan greater then what the home can sell for. What you owe is irrelevant to how much a buyer is willing to pay for a it.   Other homes are priced far less because they are bank owned or Short Sales.  These homes are selling and their is an ample supply of them, you can not wait until they are all sold.. The local economy has generated buyers who are only looking for "Deals". If your home is not priced right it will sit because buyers will find another seller who will wheel and deal! … (2 comments)

shortsale: Short Sale Realtor tip #12, if you are unwilling to really work the short sale, then don’t take the listing, Birmingham, MI - 05/19/09 02:27 AM
 

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)

shortsale: 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)

shortsale: 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)

shortsale: 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)

shortsale: Short Sale Realtor tip #6, Get a PDF Editor, Birmingham, MI - 04/27/09 12:58 AM
One of the best purchases I have made in 2009 was a PDF editor. I use Nuance® PDF Converter Professional 5. It has been “the cats meow!!” I am able to take PDFs from the bank, add my client’s information, put in signature tags or highlight relevant passages and forward them by email to my clients. Plus I able to add my electronic signature to save from printing out the document, signing and rescanning it.
The best has been with my Hardship Packages. This has been a real time saver. I am able to attach the PA, all the documents for … (5 comments)

shortsale: Short Sale Tip #5, School is never out for a Short Sale Realtor. Birmingham, MI - 04/22/09 10:23 PM
I have taught hundreds of agents how I do short sales.  I have negotiated 40+ short pay offs for my clients and yet, I know a fraction that is out their. 
 I just got back from a CDPE (Certified Distress Property Expert) class.   It was awesome!!  I took away so much information, good ideas and perspective to last me a long time. 
 So, take a class in Short Sales soon.  If you have already taken one, take another.  I have gone to a dozen and I'm still hungry for more!!  Google short sale classes in your city or state.  Call your local … (3 comments)

shortsale: 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)

shortsale: 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  
 
 

Need more information, call me !
 
 Mike Sher,
(248) 548-9100 x127
CDPE (Certified Distress … (5 comments)

shortsale: 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)

shortsale: 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)

shortsale: List a positive thing that has happened the week of 2/23/09 to keep our spirits high - 02/27/09 05:24 AM
We read, see and hear such negative stories during the week which chips at our morale and is just depressing. That is why I am dedicating another post just to allow all of us the opportunity to read a positive story or two. I will start!!:
I was able to get a bank to take a short sale offer. I am the agent on both sides and everyone both buyer and seller are thrilled! My seller will be forgiven for the full deficiency. I went away for 5 days and took my wife and kids skiing. I had my very competent … (81 comments)

shortsale: 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)