September 2010 Blog Posts (46)

Chase Approves Santa Rosa Beach Florida Short Sale - Loses a Bundle!

Three months can make a big difference in a market place.



Three Months Ago... Chase approved the short sale for this Driftwood Estates home in Santa Rosa Beach Florida. The sale price at the time was $230,000. But oops- the buyer's lender only appraised the home for $220,000. The buyer could not get a loan for $230,000. Despite providing Chase with the buyer's appraisal, they refused to lower their approval…

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Added by Wendy Rulnick on September 14, 2010 at 11:30am — 1 Comment

Chase is trying to collect on the balance of my 1st mortgage after I did a short sale! Need advise

Any advise on how to handle this aweful situation that I am in will be of great help!

I did a short sale with Chase and sold the house in July of this year and I just got contacted by a collection agency representing Chase to collect on the $176,000 that is the balance of the loan after the sale of the house. I had to pay my second lender $30,000 to settle and now Chase is coming after me. I was told by my realtor that when I did the short sale that in alot of cases the second…

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Added by James on September 14, 2010 at 7:54am — 1 Comment

Chase and the FHA short sale run-around

Does anyone have a working number to the Chase FHA short sale dept? Since July 21 we have been trying to get an approval for an FHA short sale. However, I keep getting the same phone numbers over and over - loss mitigation (seller already tried this), short sale (they won't touch FHA), and the mortgage loan dept (why?). My sellers and I are completely frustrated. We have submitted everything, but Chase can't seem to get us to the right dept/person. Contact anyone?

Added by Cindy LaPeer on September 14, 2010 at 4:53am — 1 Comment

More Short Sale Myths

Short sale myths

It is scary how much misinformation there is about Short Sales. I am in the midst of negotiating an offer on one of my Destin Florida short sales. I told the buyer’s agent the seller will be counter offering.…

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Added by Wendy Rulnick on September 13, 2010 at 12:00pm — No Comments

Should a Free Market be free?

Economists (and other people smarter than the average politician) are starting to make noise about…

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Added by Brian Bean on September 12, 2010 at 10:37am — No Comments

We closed our first HAFA short sale today!

We’d heard rumors. Sightings whispered by weary agents. Pleas from desperate homeowners. Tons of…

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Added by Brian Bean on September 12, 2010 at 10:36am — No Comments

California first-time-buyer tax credit ends; New-home credit still available!

California first-time home buyers laid claim to $100 million in just over 100 days, apparently exhausting the supply of money used to fund a…

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Added by Brian Bean on September 12, 2010 at 10:35am — No Comments

Problems with HAMP; Look at all your options!!!

This is what I am hearing over and over from my short sale clients..they already tried loan mod and ended up in worse debt than if they had just started their Short Sale in the first place!!!

http://tinyurl.com/2dtc34f

Added by Kimberley Kelly on September 12, 2010 at 1:24am — No Comments

Do You Have Time To Waste? Then Send In That Low Short Sale Offer!



Do you think you’re sneaky? Sending in a purposefully low offer to the short sale lender? You just want to find out "what” price they want so you can get a "real” offer later,…

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Added by Wendy Rulnick on September 10, 2010 at 11:57am — No Comments

What happens to the deficiency on a HELOC after the short sale closing? One possibilty.

Hi folks. Do you ever wonder what happens after the Short Sale? If the lien holder states they will be contacting you after closing to make arrangements for you to pay the rest of the money you owe....do you believe them? Well you should.

I had a closing a few months ago where…

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Added by Bryant Tutas on September 10, 2010 at 12:33am — 3 Comments

GMAC Homecomings Financial Approves Crestview FL Short Sale - In 9 Days!



GMAC Homecomings Financial has just approved the short sale for this Southway Estates home in Crestview Florida. The approvel time was an amazing 9 days! How so fast?



1. GMAC had a Broker Price…

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Added by Wendy Rulnick on September 8, 2010 at 10:27am — 1 Comment

Short Sale Approved with 3 Lenders...but I'm Not Satisfied

Okay, I am feeling out of sorts. CHECK THIS OUT... Here's where I feel the bank has the upper hand because there is some equity in the property after the first is paid off and for this reason they are using it to their advantage. Chase being the 2nd and a hard money lender being the 3rd. Chase feels in position to reduce the commission since the loan is not a Fannie Mae or Freddie Mac; just on the basis of the investor said so. On top of that, they are willing to release the lien, but the… Continue

Added by LaShone Butler, GRI on September 8, 2010 at 10:10am — 1 Comment

Huntington Woods MI, Another Short Sale Success Story!! SFR Short Sales & Foreclosure Resource, Mike Sher (248) 644-4700







2009 Mike Realtor Results: 56 homes sold, 22 Short Sales and 365 Days of Focus







Here is another letter from a client that I did a Short Sale for. The sale of the home was for about 50%…

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Added by Mike Sher on September 8, 2010 at 7:57am — No Comments

Short Sale West Bloomfield MI Short Sale Log, Mike Sher Certified Distress Property Expert (248) 644-4700









The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Huntington Woods, Royal Oak & Auburn Hills. Call us at (248) 644-4700 X 242 or check

us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher…
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Added by Mike Sher on September 8, 2010 at 7:47am — No Comments

Birmingham MI Short Sale Success goes beyond the commission check!! SFR Short Sales & Foreclosure Resource, Mike Sher (248) 644-4700

The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Huntington Woods,

Royal Oak & Auburn Hills. Call us at (248) 644-4700 X 242 or check

us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher







Short Sale Success goes beyond…

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Added by Mike Sher on September 8, 2010 at 7:15am — No Comments

Short Sale Rochester Hills MI / Oakland Twp Just Sold, Oakland County MI Mike Sher 248 644-4700 x 242 Max Broock Realtors



Short Sale Rochester Hills / Oakland Twp Just Sold, Oakland County MI Mike Sher Max Broock Realtors









The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Huntington Woods, Royal Oak, Northville & Auburn Hills. Call us at (248) 644-4700 X

242 or check us out at…

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Added by Mike Sher on September 8, 2010 at 7:09am — No Comments

Recontrust (BofA) Auctions Home Were Buyer Is Under Chp.13 Bankruptcy

Has this happened before to anyone. Seller is in Chp. 13 bankruptcy with an automatic court ordered stay to legally postpone sale. In addition seller has a short sale offer in with Equator, with the BPO done 2 weeks ago.
How do we remedy and have the forclosure rescindered. Property is in LV, Nev.

Added by Barry Danels on September 8, 2010 at 3:33am — No Comments

Waterford Short Sale MI, Stop Foreclosure and Save Your Credit, Mike Sher (248) 644-4700 x242 Certified Distress Property Expert

Waterford Short Sale MI, Stop Foreclosure and Save Your Credit, Mike Sher (248) 644-4700 x242







Don't be fooled, you are judged on your credit report and score. Your credit is a heavily weighed factor when…

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Added by Mike Sher on September 7, 2010 at 9:18am — No Comments

Wells Fargo Approves Sandestin Florida Short Sale



Wells Fargo, formerly Wachovia, has approved a Magnolia Bay townhome in Sandestin Florida as a short sale. The unusual part of this short sale was that the senior mortgage holder, Bank of America, was not "short".



What does this mean? The sales price of…

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Added by Wendy Rulnick on September 5, 2010 at 5:00am — 1 Comment

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