Waterford Short Sale Realtor Tip #20, Whose Turn is it to Call the Bank?, Bloomfield Hills, Michigan! Mike Sher

By
Real Estate Agent with Max Broock Realtors

 

I was talking to a Birmingham Short Sale Seller who happened to be listed with another Realtor (no one is perfect :) ).  The Seller happened to have read my blog and was calling me for advice.  His/her agent, a well known and accomplished local Realtor, was not as proficient in Short Sale negotiations as the seller thought they would be.  The Seller became aware of this after signing a six month listing agreement.   The problem was the listing Realtor was barley communicating to the bank at all with an offer that was 2 months old and getting older.  The seller had picked up the slack and was calling the bank in hopes to get the Short Sale through.    

In theory the Seller calling the bank is a good idea, especially if the listing agent is with out a team and lacks the people power needed to get a short sale through.

I have a team of people who in conjunction with my efforts are all calling the bank.  But the difference between The Mike Realtor Team calling the bank instead of the Seller is:

1.      We log our calls, I know exactly: what the last team member did;

a.       What number they called?

b.      Who they called, name, extension, ID#, Dept...

c.       What was said, so we can quote them later...

d.      When was it said, date, time?

e.       What does the time line look like?

f.        What is the next action for this file?

g.       Do we have a negotiator?

h.       What is his/her name?

i.         How can I reach them?

j.        Has a BPO been completed?

2.      If the seller talks to the bank, they could be pressured into a commitment that they would like to avoid.

a.       Since we our not principals of the Short Sale, we are able to avoid;

           i.       The banks efforts to pressure or threaten the seller.

           ii.      Give the Seller the opportunity of time to consider all of the bank requests.

3.      The Mike Realtor Team does this for a living;

a.       We never get angry.

b.      We never get frustrated.

c.       We know the right questions to ask.

d.      We know when we are getting the run around.

e.       We keep our Eye on the Ball and focus on the closing!!

f.        And we are aware of all aspects of the Real Estate Transaction.

 

In short, whose job is it to call the banks, the party best suited for success.  This may be the Realtor, the Seller, or an Attorney.    BUT, before you sign the listing ticket, make sure you know what to expect, what will be expected and who will be calling the bank?

 Mike Sher,

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com

CDPE (Certified Distress Property Expert)

MCAR, Short Sale Trainer

Max Brook and Real Estate One Short Sale Specialist.

 The Mike Realtor Team Blog - Metro Detroit/Oakland County

Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City

But, We Can Help!

This is a competitive real estate market.  If you have to sell and can not, perhaps it is time to look at a Short Sale.  The Mike Realtor Team has performed dozens of Short Sales for professionals who have lost their job, income has declined, medical problems, relocation, retirement, divorce, loss of spouse, unable to make ends meet, or other reasons not listed.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Michigan Oakland County Bloomfield Township
Groups:
Realtors®
Short Sale Specialists & Pre-Foreclosure Education
Short Sale REALTORS®
Foreclosures & Short Sales
Tags:
birmingham
bloomfield
bloomfield hills
beverly hills
preforeclosure sale
short sale
short sale help
call the bank

Spam prevention
Show All Comments
Rainmaker
814,114
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Hi Mike, good blog, this business is more and more requiring "specialists".   Most of us would not choose a Podiatrist to remove a brain tumor.

Aug 09, 2009 06:18 AM #1
Rainer
39,572
Marsha Montoya Mayer
Paradise Properties of Florida, Inc. - Palm Beach, FL

Dear Mike,  Thank you for your clear and concise outline of what a short sale specialist or facilitator should do to make a short sale 'happen'.  I do 'short sales' in West Palm Beach, Florida.

We only earn our commission by achieving our clients' goals ...by getting the deal accepted and concluded AND THE PROPERTY SOLD...or BOUGHT- IF WE REPRESENT THE BUYER.

Marsha Montoya Mayer- Realtor 

www.mypalmbeachrealty.com

Aug 09, 2009 06:30 AM #2
Rainmaker
161,942
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

True, keeping a log and calling them within certain time frames is important.

Aug 09, 2009 06:38 AM #3
Rainer
7,141
Janice Doty
Better Homes and Gardens Real Estate~Rand Realty - Gardiner, NY

Great blog-- I think the biggest factor in suceeding in short sales is to be on the same page--seller,agent, bank--as well as documenting EVERYTHING! If you can't prove you did it, then you didn't do it.

Aug 09, 2009 07:00 AM #4
Rainer
32,233
Sidney Jimenez
Keller Williams - Miramar, FL
CDPE, Short Sale Expert, 954-665-9449,

Great Job Mike...

 

Become a CDPE Today

Aug 11, 2009 02:02 AM #5
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
76,587

Mike Sher

Ask me a question
*
*
*
*
Spam prevention