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Beverly Hills Short Sale Realtor, Mike Sher Reports: over 6.32 million homeowners missed their mortgage payments in April 2011. Max Broock Realtors

According to Lender Processing Services (LPS), over 6.32 million homeowners missed their mortgage payments in April 2011. Another four million have missed more than three months of payments and are now considered seriously delinquent. If you or someone you care about is having difficulty making mortgage payments, it's not too late to get help.

I have developed a report filled with information that every homeowner should know. It's a guide on how to avoid foreclosure and how I can help work with lenders to resolve an unaffordable mortgage. You can download the report at the following website:

http://www.shortsaleoaklandcounty.com

There is financial stability on the horizon-I can help put an overwhelmed homeowner on the path to get there. If you or someone you care about needs help, I'm only a phone call away.

Sincerely,

Mike Sher
Max Broock Realtors
248 496-1572

2010 results:  75 units sold, over $10,000,000,00 in sales and 365 days of FOCUS!

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

We recommend consulting an Attorney and/or Tax Professional to discuss your options.

Federal Trade Commission Disclosures

1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services.

2. The above brokerage is not associated with the government, and our service is not approved by the government, and our service is not approved by the government or your lender.

3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Birmingham MI Home Sellers listing Tip#1, "Check The Financing"  Mike Sher, (248) 496-1572, Max Broock

With such a difficult Real Estate environment, seller's and Real Estate agents get so excited when they get an offer they forget the fundamental of financing.   The Agent also needs to but does NOT call the lender to verify the buyer's employment, reserves and credit.  Plus, the agent needs to verify the credibility of the lender itself and if there are concerns, the seller should request the buyer to get a preapproval from a local bank to assure financing is secure.   Also, the agent forgets to require proof of the down payment or inquire if the buyer has a home to sell.   The offer they sign often requires t a 45 to 60 day pending period in the Realtors Multiple Listing System until closing and keys at closing.

You can guess what happens; the buyer's lender does not come through because of incompetence or unfamiliarity of local lending rules.  Perhaps the buyer does not have the money to close after all or was qualified with older employment history.  Sometimes the credit score was so close to the minimum limit which dropped prior to closing and now the buyer does not qualify. 

Now the seller has a vacant home that has been off the market for 45 to 60 days or more.  They paid for movers, bought a new home or signed a rental agreement.   Yes, a NIGHTMARE!!!   All could have been avoided by some Realtor Due Diligence.   Make sure that when you get your next offer, the Realtor is NOT SLEEPING AT THE WHEEL.

Mike Sher is an Associate Broker with Max Broock Realtors of Bloomfield.  The Mike Sher Team  had over 15 years of Residential Real Estate experience in the Bloomfield, Birmingham, Beverly Hills, Franklin, Novi, West Bloomfield, Royal Oak, Huntington Woods, Orchard Lake, Farmington Hills, Northville, Waterford, Troy, Rochester, Oakland Twp and White Lake area.  They average a sale a week and have sold more the 400 homes.  If you have or are looking for a  Oakland County home to sell or purchaser, call us today

Great news!!! Finally Bank of America has changed their Equator rules to allow Realtors to switch buyer's if the first buyer walks away. This will improve the short sale process for Bank of America Serviced loans. This is great for the seller, great for the investor and great for the buyer. By allowing Realtors the option of swapping buyers, the short sale time process will be greatly reduced. If you have any Short Sale questions and live in Oakland County, please give me a call at 248 644-4700 x 242

Now You Can Substitute a New Buyer for One Who Walked Without Restart

Unsubscribe Instructions This is a promotional email from Bank of America. You can unsubscribe from future promotional email, now or anytime in the future, by updating your Email Preferences. Questions / Comments: If you have any questions or comments related to Bank of America's short sale process please contact our Customer Care line at 1-866-880-1232 or visit bankofamerica.com/realestateagent Privacy and Security Keeping your financial information secure is one of our most important responsibilities. For an explanation of how we manage customer information, please read our Privacy Policy. You can also learn how Bank of America keeps your personal information secure and how you can help protect yourself. Bank of America Short Sale 8th Floor, 101 S. Tryon St. Charlotte, NC 28255-0001 Bank of America, N.A. Member FDIC.  Equal Housing Lender © 2011 Bank of America Corporation. All rights reserved.

Everything submitted, BPO ordered but not back yet.  Sale date July 20.  BofA is refusing to postpone the date because my seller is 12 months behind.  Any ideas on how to resolve this?  (Seller willing to contribute.)

Short Sale pricing is a key..  to a successful closing.  Setting a correct price is a skill that comes with experience.  There is more involved than simply running comps.  With a Short Sale, the Lender(s) involved and the months delinquent on the Seller's part have to be figured in.  The condition of the house, HOA delinquency, repairs required, examination of comps for Short Sale % pricing.  Do I need to establish a Property History?  Is there time?  Who has any extra money here? 

Once the price is set, a Listing Agent cannot simply let it rot.  If that price is too low..too many offers and the Lender will not go for it.  If the price is too high...why?? 

A Short Sale Listing Agent must have Sellers that co-operate and understand the plan of attack when the Listing is accepted.  Everyone agrees where they are in the process. 

When a Buyer's Agent calls and asks for explanation re: pricing, give it to them.  Be detailed.  There should be a method to the Short Sale pricing the List Agent has in place.  There are MANY scenarios for Short Sales..as many as there are types of loans and Lenders. 

Take your time at the start, establish the correct price for your particular Short Sale Sellers and stick with the program.  Get that local BPO and work it wisely...

Article I posted on my site. This will help homeowners understand the urgency of selling their homes asap. 

I am skeptical by nature and I do not believe in anything unless there exists substantial supporting evidence. At the end of the year 2010, I read and watched Peter Schiff discuss the housing market. Peter is the president of Euro Pacific Capital and the author of “How an economy grows and why it crashes.” Despite his outstanding critics, he predicted the housing market’s downfall long before the sharp decline in 2008 and his article posted in December 30, 2010 on wall street journal was #1 at the time.

I am not advocating that Peter Schiff is correct in all his thoughts but his beliefs cannot be devoid of merit as he has been accurate in many of his theories such as an exponential increase in the price of gold and of course the housing slump that we are in today. His bold statement about the housing market was that, “they would have to decline another 20% just to get back to the historical trend line.” Schiff says prices will have to fall as they are still much too high for a market where there is a shortage of demand and an excess of supply. Why won’t demand increase? Inflation and the down economy (less jobs, utility costs are increasing, maintenance, taxes and etc.). He says, “Real estate prices will not keep pace with inflation.” Although Schiff is known to make audacious statements, he has been accurate in his assumptions and many experts beliefs are now parallel with his projections that the worst is yet to come and recovery may happen much later than previously expected.

So how does this affect you as a homeowner? It’s very simple. If you know you will be struggling to keep up with your mortgage payments, then making a decision for your home should be made in a timely manner because if the market value of your home decreases, the difficulty of selling your home via short sale will increase. Even if your property is foreclosed on (unless you are in an anti-deficiency state and have only 1 lien holder), your deficiency amount may be increasing as they may still pursue you for the difference between the auction price and the amount owed.

The housing market will get better eventually. However, will you be able to survive until it does? I believe it is optimal and a much safer option to rent until house prices hit rock bottom which is projected to be around 2014. If you short sale, you will be able to purchase another home later at prices that are unheard of. Buyers, currently the interests rates are excellent but unless you are absolutely certain that you’re able to afford purchasing a new home with enough savings in the bank and are looking long term, continue to rent. This is my honest opinion.

Dayton Realty Inc is one of the fastest growing real estate offices in Queens. We have hundreds of listings in all three boroughs, which include new construction, foreclosures, 1, 2 and 3 families.

Our goal is to make sure that you and your family get the best deal with the least effort. "Leave the work to us." Buying a home is a huge commitment and we want to ensure that you have the best tools to enter into such a deal. Our company has years of experience, and at any given time We can assist you. http://www.daytonrealtyinc.com/

Hello SuperStars! Has anyone had a situation where their buyer wants to cancel, is past their waiting period, and the seller won't sign the cancellation form? Seems the Buyer should be able to get out of the contract but I've heard they need the Seller to cooperate. Your experience? --Sue

Are you considering short sale, but torn thinking it may be the most ruinous personal and financial decision you will ever make?  You are not alone.  As more families are confronted by upside-down real estate values, jobless or with limited income, the short sale question is daunting.  To many, it is a moral choice. 

I am not discussing “strategic short sales”, meaning those who can afford to pay their mortgages but choose to dispose of their property due to negative equity.  I am talking about homeowners or investors who have spent most of their savings or drained their retirement accounts to keep their payments current.  Homeowners in Florida are some of the most affected in the United States. According to the Mortage Bankers Association:   “Twenty-four percent of all mortgages in the country that are in foreclosure are in Florida and 23 percent of the loans in Florida are anywhere from one payment past due to in foreclosure.”

I’ve spoken to Destin Florida investment property owners who are devastated that they might have to stop paying their mortgage, or have already, to save their family’s ability to keep their primary shelter, health and sustenance.  Especially for an older borrower, with even more remote job prospects, the emotional turmoil is great. 

I can understand why the majority of homeowners are emotionally affected by deciding to do a short sale.  Many have stellar credit, and have been stable workers their entire lives. They question their self-image when challenging a core tenet of their being.  They feel there is a social stigma to short sale.  It is hard.  The only words of comfort I can give are for them to understand:

1.       You are not alone.

2.       You must decide whether you can continue paying your mortgage and still be able to protect your family’s primary needs.

3.       You must try to think of a short sale as a business decision, not a personal decision.

The most difficult, but helpful hurdle to overcome is removing “personal” from short sale.  Did you know that businesses short sale real estate all the time to keep afloat? Consider this, even the Mortgage Bankers Association, which touts home ownership, sold its own commercial property as a short sale.  And recovery from a short sale can be quick if there is a settlement and credit is good in other respects.

If you are about to fall behind on your mortgage, or already have, take action now and stop the pain.  Call your lender and try to work it out.  Consult with a Florida attorney.  Consider your options.  If you decide to pursue short sale, it may be the solution that allows you to move forward with dignity.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy's Destin Real Estate Blog

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. 

I am still amazed at the number of REALTORS® that continue to list short sales and either attempt to process the short sale themselves and/or turn the file over to a third party title company. In many of these instances I have noticed the title company charging “short-sale processing fees” at closing in direct violation of the law. In fact, such a charge may be considered a felony as it violates Florida Chapter 494.

Federal and Florida laws involving short sales and their processing have continued to evolve over the past 2 years. Attorneys are now a most necessary and intricate player in the short sale process.

Florida Sellers be aware that it is unlawful for anyone other than a Florida admitted attorney to charge a fee in order to process a short sale. Real estate professionals and/or title companies are NOT permitted to charge any additional fees relating to the short sale and/or its’ processing. Only standard commissions and/or fees are deemed permitted.

Many title companies are attorney owned. However, such ownership does not make it lawful for that title company to charge a short sale processing fee. Title companies do not provide legal representation. Most typically, the title company’s attorney owner also does not provide legal representation to either the Seller or Buyer; their representation is typically considered transactional.

In the typical short sale all Sellers should consult with a competent attorney familiar with the short sale process and possible long term financial consequences. The short sale negotiations with the lender(s) should be handled exclusively by the attorney providing the Seller with legal representation. Such representation will typically be detailed in a representation agreement between the Seller and their attorney.

Our company routinely requires any and all short sale Sellers to consult with an attorney. Typically, we introduce the Sellers with a specific attorney that processes almost 100% of our short sale listings. This attorney has extensive short sale experience along with substantial real estate, litigation and bankruptcy experience. This provides for the best combination of professionalism and compliance with the law. Furthermore, our short sales are processed much more efficiently and to the benefit of all concerned parties.

I am not an attorney and this blog is not intended to provide legal advice. Quite to the contrary, my advice as a real estate professional and recognized expert is that all Short Sale Sellers should engage the services of an attorney to process their short sale negotiations. Do not reply on the REALTOR® and/or a title company to provide such important legal representation.

Top 5 Mistakes Short Sale Sellers Make

As a Santa Maria Short Sale Agent, I see short sale sellers make critical mistakes time and time again.  Here is my list of the top 5 mistakes I see:

1)   They wait too long to put the home on the market.Many times sellers believe that they will work out terms with the bank and their loan modification will be approved.  However, if your back up plan is a short sale, you need to leave enough time for an agent to get an offer and present it to the bank.  Less than a week is generally not enough time to get a lender to stop a foreclosure sale -- it can be done -- but you are taking a big risk.  If you want a short sale, you need to give your agent enough time to present a short sale application to the bank.  There are routine delays with short sales; banks lose documents and packages have to be re-faxed.  Don't wait until it is down to the wire.

2)  They let the house fall apart. You should do all you can to make sure that your home does not fall into disrepair.  A house with uncut grass and full of deferred maintenance is generally not appealing to buyers.  And you still have to sell your home to a buyer.  You can lower the price to compensate and attract a bargain hunting buyer, but ultimately the lender has to approve that price.  And in my experience, a short sale lender’s estimation of value tends to assume that your home is in above average condition.   Indeed, one of the most common reasons a short sale will fail is “the bank wants too much for it.”  Now there could be other reasons that the bank wants too much (including the existence of mortgage insurance) but often the short sale lender will not want to take a hit on the price just because you decided not to repair that roof leak.

3)    They make the home difficult to be shown. Many short sale home sellers are not happy about selling their home.  Some are angry because efforts at a loan modification with the lender have failed.  However, making the home difficult to be shown will not help the situation -- in fact, if you don’t have an offer on your home, it could put you in a jam down the road.  If the bank determines that you are deliberately delayingthe short sale, and you have not been making payments, often they will simply continue the path toward foreclosure.  Also a listing that is difficult to be shown gains a reputation among agents, so don’t assume that agents will begin eagerly showing your home again after you’ve spent months running them around about showing appointments.

4)   They take too long to present the short sale application to the bank. Short sale sellers must remember that the buyer is waiting for the short sale to be approved as well.  They have to put much of their personal life and their entire financial life on hold to buy a home in today’s lending environment   They have concerns on their end as well, including when they are going to move, interest rate fluctuations, and the cheaper short sale next door that just hit the market.  As a short sale seller, you should do your part and have your hardship letter and financial documents ready.  Ideally, you should have all material for the short sale application ready to go when you put the home on the market.

5) They select the wrong short sale agent. Short sales are different than regular listings.  They generally take twice as long, present unique issues, and require a specialized skill and approach.  Some agents have never successfully closed a short sale, or they simply hate them.  That is understandable because short sales require a certain level of experience, determination and tenacity.  They are not easy listings to close and I believe you must be passionate about short sales to be successful at them.  Accordingly, it is important to select an experienced short sale agent that can make it through the long haul, and is prepared to fight it out with the bank for you.

Before deciding whether to short sell your home, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent.   If you are considering a short sale of your Santa Maria, Orcutt, or Nipomo home and would like ashort sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.

Tni LeBlanc is an independent Real Estate Broker, Attorney, and Short Sale Agent. She is a Certified Distressed Property Expert (CDPE) and Certified HAFA Specialist (CHS) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.

*  Nothing in this article is intended to solicit listings currently under contract with another broker.  This article offers no legal or tax advice.  Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.  Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.

Copyright© 2011 Tni LeBlanc *Top 5 Mistakes Short Sale Sellers Make*

Hi All,

Here's the link to the Fannie Mae live broadcast on the Short Sale Assistance Desk. 

http://Fannie Mae Broadcast - CDPELive - Short Sale and Foreclosure Education

Marcel Bryar, Vice President at Fannie Mae, discusses the benefits of the Assistance Desk and how it can help real estate professionals speed up the process.  

If you want your MLS to offer this service in your area, ask your CEO/President to contact Fannie Mae directly at ssad_information@fanniemae.com  The Assistance Desk is a valuable benefit and it can help Realtors eliminate red tape, resolve issues quickly and gain a single point of contact at Fannie Mae.

Hope this is helpful.

Gail

I have a few short sales that are HAFA and if the second mortgage is not with the same  as the first mortgage and they don't agree to hafa guidelines, then WHAT IS THE POINT OF HAFA?

The government put hafa to help but it seems like the banks are still in control of the process.

Also HAFA is suppose to have a response it 30 days. Haven't seen one yet.

Hello All,

I am looking for a loss severity calculator to help show loss of accepting short sale versus allowing the property to go to foreclosure. If anyone out there has one or knows where to get it can you please let me know.

Have a great day!

Imran

What????  Yes, first time in 5 years of doing loads of Short Sales with different Lenders, different types of Sellers, various emotional situations..pretty much everything I thought....

Retired Broker who was not representing herself, but did insist on showing her property herself.  Yikes..alarm bells should've gone off.  But..she was referred by a friend, and really, how bad could it be???  Primary residence, condo, well kept, only one loan with Chase.  Slam dunk, right???

Buyer #1 withdrew their offer after the BPO came in too high.  Not surprising.  Seller was pretty good about getting me financials and did qualify for hardship.  On to the next Buyer.  Here begins the problem.  No offers come in, I keep reducing, and I also keep getting e-mails stating that the Buyer did not want to deal with the Seller!  Not once, but several times.  I keep pleading.."please let me show it.  I think it might be too close to your heart."  No!

Monday another Realtor showed it with his client.  Realtor calls and says he loves it and is writing an offer.  Then it all went down hill.  What happened?  I'm not sure.  But again, I receive a call saying, "Buyer doesn't want to deal with your Seller." 

 I had tried to fire myself twice before, but got talked into staying as List Agent.  We're at about 8 months with a List Price of $125,000 and this time, I stuck to my guns.  Listing is cancelled. 

I had to throw in the towel, admit that I was just spinning my wheels.  I know it was the right thing to do, but I still feel like a schmuck-a quitter I am not!  Good luck to the next Agent...