shortsales: 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)

shortsales: 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)

shortsales: 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)

shortsales: 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)

shortsales: 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)

shortsales: 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)

shortsales: 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)

shortsales: 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)

shortsales: The Simple Guide to Short Sales, but Short Sales are not Simple - 11/04/08 01:25 AM
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shortsales: List a positive thing that has happened this week to keep our spirits high. - 09/13/08 05:04 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 a post just to allow all of us the opportunity to read a positive story or two.  I will start!!
This week I was able to get 2 banks to accept a short sale.   
I listed 2 homes that will be short sales, the seller were ready to walk away from their home but decided to take Responsibility and sell it then to run from the problem!!  
I saved my buyer from a predator … (10 comments)

shortsales: 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)

shortsales: Notice to all parties when working with a Short Sale - 08/28/08 02:26 AM
This is a document that I give to buyer's agent prior to the buyer writing an offer.  I find that it helps set a positive tone to the Short Sale Process.  Many times a Short Sale deal falls apart because the buyer's agent and/or buyer becomes frustrated and quits before we get the approval.  I find that this letter helps avoid that problem. 
Mike Sher
When Working with Short Sales
 
Dear Agent,
           
            A quick note to accompany the Short Sale Addendum to Purchase Agreement:
** Write the following in the Purchase Agreement: "This offer to purchase is contingent on lender's … (8 comments)

shortsales: 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)

shortsales: 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)

shortsales: 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)

shortsales: Short Sale Success goes beyond the commission check!! - 06/13/08 01:35 AM
Short Sale Success goes beyond the commission check.  We as realtors, have the chance to help real people with real problems.  Below is a letter that I just got from a client that I helped in a Short Sale.  Until she met me she had never even heard of a Short Sale.  Other Realtors were telling her that they could not help her and she should just walk away from the home.  We were able to close before she was foreclosed on and the bank wrote off the deficiency. Feel free to pass this letter to clients who doubt our ability to help them
(2 comments)

shortsales: 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)

shortsales: 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)