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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 three-year state income tax credit of up to $10,000 per applicant.

The Franchise Tax Board announced this week that it officially stopped taking applications as of midnight Sunday from home buyers of qualified principal residences purchased after April 30.

"We have received more than enough to fully allocation the $100 million," according to a statement issued on the FTB's tax-credit information website. "We needed to accept additional First-Time Buyer applications since we have received so many duplicate, revised, and late applications. However, we will only issue approved certificates of allocation until the $100 million is exhausted."

The tax credits equal 5 percent of the purchase price, up to a home value of $200,000, split equally over 3 successive tax years. More than 33,000 homeowners were able to participate in the program, the FTB said, indicating that many of the applicants purchased a home at less than $200,000.

The state is continuing to accept applications for a similar tax credit from buyers of new homes in California. That additional allocated $100 million has not been fully reserved, though nearly 80 percent of that money has been spoken for by more than 12,000 buyers, according to the FTB.

"We will continue to accept New Home reservation requests and applications until further notice," the FTB announced on the website. "We will provide weekly updates on the number of certificates that have been mailed and the amount of credits that have been allocated starting Aug. 19."

For more information about the tax credit: http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

Dream Big Real Estatethis week launched its state-of-the-art website, featuring the newest tools for home buyers and sellers.

The site, which has been undergoing a major re-engineering, is feature-packed now but promises several additional tools in the coming weeks.

“We wanted to get the main site up and rolling immediately,” said Brian Bean, the broker and owner of Dream Big, which is based in the Inland Empire region of Southern California. “Our website has always been very popular because it is easy to use and has the most up-to-date information about homes on the market. Now, it’s even better. We wanted to get the most fundamental pieces out there in peoples’ hands as quickly as possible.”

The site offers Internet users the ability to set up their own property searches and to receive immediate alerts when homes that match their criteria come on the market. The site also includes new mobile tools, including an iPhone application, immediate and direct agent communication, appointment setting and the latest multimedia to view homes from the comfort of their office.

The Dream Big Team is most excited about the new sites’ search engine optimization, social media linking and partnerships with hundreds of other real estate websites, giving home sellers immediate global marketing coverage to sell their homes.

“The best way to get the highest possible price in the shortest period of time is marketing,” Bean said. “The more people who see the home, the better.”

Dream Big Real Estate’s website also includes newly updated special reports for buyers andsellers, as well as information about the distressed-property market.

(Brian Bean is a real estate broker and ambassador for Helping A Million Homeowners, a nationwide organization that is committed to helping alleviate the financial stress that so many homeowners face today. He can be reached directly atBrian@DreamBigRealEstate.com.)

Brian Bean
Real Estate Professional
www.DreamBigRealEstate.com
www.IEShortSalePros.com
www.HelpingAMillionHomeowners.com

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If one advances confidently in the direction of his dreams,
and endeavors to live the life which he has imagined,
he will meet with a success unexpected in common hours.

Henry David Thoreau

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

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, right?

Most short sale lenders don’t authorize a list price in advance. This presents a quandary to the short sale listing agent. Instead of watching the market and keeping an eye toward what the lender might approve, they send in a low-ball offer. One that will likely NOT be approved. This method may even be encouraged by the seller to find out what the bank really wants.

Let’s say the home is worth $350,000, but the buyer offered $250,000. "Send it in! Let the bank decide! Then at least we’ll have a value!” is the common mantra. Why is this a problem?

Your short sale seller probably has to take his home off the market while the lender processes the low offer. At least that is required by my Emerald Coast Associaton of Realtors MLS. Your seller is losing marketing time while the lender analyzes the offer you know won’t be accepted. One month, two months, three months off the market? All the while, your seller is getting ever closer to foreclosure.

After ordering a Broker Price Opinion or appraisal and establishing a value, the short sale lender will probably deny the short sale or counter offer, since the buyer’s price was far too low. If there is a counter offer, the buyer, never intending to pay market value, walks.

Result? Your seller is now stuck with a 90 day valuation or even a six month valuation, if it’s a VA compromise sale. "Yea!" -- You have a price the bank will accept. "Boo!"-- Your real estate market is still declining. You are now STUCK with this price you "helped” generate for months to come.

What is the key to getting a short sale approved ?Watch your market. Scan the comparable listings. Price accordingly. Get a strong offer for fair market value, a buyer willing to wait and an earnest money deposit. And get your short sale approved!

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (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.

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 Bank of America was the 2nd lien holder. The lien was a HELOC (home equity line of credit) for $65,000. For those of us that work Short Sales we know that these HELOCs can be very unforgiving. The reason is that these loans are normally taken out after the property was purchased. In many cases the funds from the HELOC were used to purchase "toys", e.g., furnishings, cars, vacations and other goodies that having nothing to with real estate. The holder of the HELOC, in this case Bank of America, are not too anxious to take a loss while the borrower is driving around in a free and clear Hummer.

When it came time to negotiate the HELOC on the property the best we could do was get them the $6,500 allowed from the 1st lien holder, GMAC. Bank of America accepted this amount.

However, Bank of America's Short Sale approval letter specifically stated that the deficiency of $59,500 was to be charged off as a COLLECTIBLE balance and that they would be in contact with the borrower to make arrangements to pay this balance. Bank of America would not forgive the "Short".

The seller was however being forgiven almost $300,000 from GMAC on the 1st lien In fact, GMAC was stating that the 1st would be satisfied in full. Being that this was the case the seller decided to accept the terms from Bank of America, close the transaction and deal with the shortage later.

The transaction closed and all was well.

About 90 days after closing Bank of America contacted the seller to make arrangements for the money he still owed. The Seller negotiated with them for a couple of weeks and was able to get Bank of America to accept $2,500 as payment in full!

So in the end it all turned out very well. For a total payment of $2,500 the seller was able to be unencumbered from a combined debt of more than $350,000!! And he avoided having a foreclosure on his credit. I would say he did very well. What say you?

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 Opinon, or property valuation, done prior to listing. They suggested a list price, although I was free to reduce the price based on market conditions.

2. There was a negotiator assigned at the start of the process.

3. We got a strong offer for fair market value, minimal closing costs and a buyer who put down earnest money.

4. We uploaded the seller's financial and hardship information into GMAC's online short sale platform, Equator.

Although we got a very speedy approval from GMAC, their system needs improvement. They provide a seller financial questionnaire at time of short sale. The responses on the form do not correspond to data entry fields in the Equator online system. For example, "What is the date the seller hardship started?", etc. There were several questions where we had to call the seller for clarification.

Further, GMAC's system has internal deadlines that could not be extended, requiring short turn-around for entry. When we told the GMAC negotiator some of the financial information did not correspond to their forms, we were told to "do the best" we could with the system.

And we did. Approved in nine days!

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Crestview Florida FL Real Estate

Crestview Short Sales & Pre Foreclosure and HAP Help.

Read Wendy's Crestview 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.

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 wasowed, so the bank got about 50 cents on the $1. When I first met withthe sellers, they were making an almost $3,000 payment on a home thatwas 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 shortsales.

Mike Sher

To whom this may concern,

Mike Sher helped us short sale our home in Royal Oak recently. He negotiated with the bank and took care of everything. We had someproblems with a buyer that walked away right before closing but Miketold us everything was going to work out. He immediately took thenecessary steps to get us another buyer. We have heard a lot of storiesof people being thrown out of their home by the bank or abandoningtheir home without leaving a forwarding address for fear the creditorwould follow. We did not want to be that person.

Mike not only found us a buyer, but helped us redeem the deed from the bank and we closed without being foreclosed on. When facedwith such uncertainty, it was comforting knowing that we had an honestperson working for us. It was refreshing to have a normal closing withthe buyer's across the table, and us being able to give them keys. Itis never easy being in this situation; however Mike made thisexperience less painful.

Now that the Short Sale is over, we do not have to worry any more about our home or about collectors calling us. Since we have closed onthe home, we have not had a single call or letter from our old mortgagecompany. We would recommend Mike to anyone who is facing aforeclosure or just can't sell their home because they owe more thenwhat it is worth.

Sincerely

Michelle and David

Here is a log for a short sale that I did with FNMA Investor. 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 gotless commission from the bank then what the listing agreement stated.The seller brought me a casher's check for the rest of my commission. Itold her that I needed to get paid and my agreement was with her notthe bank for my commission. So, she would have to pay me for anyshortage or we could not close

04/25/2008 02:28PM by Mike Sher - Got Harry the then got Jamla 949 XXX-XXXX got a supervisor names Shanin,after waiting 30 mins on hold got to speak to Myra. She told me toemail her the signed hud and she will change the letter

04/25/2008 12:20PM by Mike Sher - Called XXX XXX XXXX called loss mitigation, the approval letter was for asale of $90,000. The sale was really for $92,000, because we had toadd some concessions to the purchase to make it work while still givingoption one the payoff they requested. The title company would not closethe sale unless the approval letter state $92,000. So I had to calloption one to get the letter changed.

04/24/2008 03:12PM by Mike Sher - called option one tried to talk to myra but her voice mail was full andhad her message said she was going to be out 4/15 and 4/16. I dialed 0and asked for the loss mitigation dept spoke to Amit of option oneloan mitigation, he transferred me to the team leader Jermal lane andhis voice mail is full

04/14/2008 09:17AM by Mike Sher - called Myra 800 704 0800 x XXXX her mail box was left her a message.She did call me back and said do not have the buyer call her any more.This offer was finale and that is it!!!

04/11/2008 02:38PM by Mike Sher - Seller emailed myra to plead for her help.

04/11/2008 02:37PM by Mike Sher - Myra called back and said the her offer was firm with not other negotiation.

04/11/2008 09:19AM by Mike Sher - called Myra 800 704 0800 x XXXX her mail box was full

04/10/2008 12:27PM by Katherine Green - Fran from John Adams. Mortgage person for Collinson. Faxed and emailedMyra a 4 page document with the changes. lender letter and note frommelder, seller attorney

04/07/2008 03:39PM by Mike Sher - called myra 800 704-0800 x XXXX left her a message and will email her addendum

03/31/2008 10:43AM by Mike Sher - called myra and left a message and let her know that the deal is mostlikely dead since the buyer can only go up to 90K and that the buyerneeded more concessions

03/31/2008 10:42AM by Mike Sher - Pat spoke to me on the phone today and told me that they need theconcessions and can only go up to $90,000

3/26/08 Mike Sher Spoke to Myra and she said the bank got an appraisal at 114,000 and would not take less then91K after all expenses including commissions. She also said they wouldnot allow concessions over 3% I emailed Pat the counter

03/25/2008 01:29PM by Mike Sher - I spoke to Janeen the appraiser and she said she sent it today. I calledMyra and let her know that the appraisal was done.

03/25/2008 01:28PM by Mike Sher - Myra called and told me that the appraisal was not done yet

03/24/2008 04:13PM by Mike Sher - sent a email to Myra

03/24/2008 03:29PM by Mike Sher - called agent back and I told her I was working on this as quick as wecould. Please keep the buyer on this, we will work it out

03/24/2008 02:17PM by Mike Sher - called 800 704-0800 Myra x XXXX lm at her phone

03/19/2008 05:17PM by Mike Sher - Call Janeen. She did not get the email. I emailed it again and she said shethinks she has it

03/19/2008 05:13PM by Mike Sher - Janeen Cope did the appraisal for Option one

03/17/2008 05:13PM by Mike Sher -Emailed the pa XXXX@earthlink.net and faxed to XXX XXX XXXX to the appraiser Janeen Phone XXX XXX XXXX

03/14/2008 02:02PM by Katherine Green - e-mailed - Myra myra.xxxx@xxxc.com (negotiator Mike talked to3/14/08) entire Short Sale package & offer (25 pages total)

03/14/2008 01:17PM by Mike Sher - next 3 business day a full appraisal within two weeks by the 28th then wewill get answer back.

03/14/2008 01:07PM by Mike Sher - Myra called me today. She is going to order a appraisal. she is checking tosee what she has from. Email myra.XXXX@oomc.com

03/14/2008 11:42AM by Mike Sher - Spoke to Gayatri. She told me that it takes up 14 business days from theMarch10th to get an answer from the negotiator. We can call theretention dept anytime to get an update

03/14/2008 11:37AM by Mike Sher - Called Myra at x XXXX got her voice mail and did not leave a messagedialed 0 and got Brandon he transferred me to the Home retention dept888 275-2648

03/13/2008 01:59PM by Mike Sher -called myra and got her voice mail again. I did not leave a message

03/13/2008 01:19PM by Mike Sher - Called Jeff at XXXX and got him. He said that this was not his file itis Myra x XXXX and she is back Called her and left a message

03/13/2008 01:03PM by Mike Sher - Jamal at 800 704-0800 x XXXX his voice mail was full.

03/12/2008 10:32AM by Mike Sher - spoke to buyer's agent. the buyer wants to know how much longer.

03/10/2008 01:44PM by Mike Sher - Spoke to Harneet she told me that the shortsale was delayed by seller'sprevious request of loan modification. She also told me that the shortsale file was update on 3/7/08 and we do not have negotiator yet. Shesaid I should call on March 17th. I told that I would like to callsooner. She said that I should call on the 14th.

03/10/2008 01:33PM by Mike Sher 800 704 0800 got receptionist and asked for retention dept

03/10/2008 01:31PM by Mike Sher - Called Jamal 800 704 0800 xXXX lm on his office number

03/07/2008 01:53PM by Mike Sher - called Jeff H. at xXXXX now I was told no negotiator

Is on this. Andy said home retention team, they got the offer 21st and that we should get call back 14 daysafter offer is in. He transferred me to Robyn and I explained the wholething. Told her not to throw away the old offer. We do not want tostart from the beginning

03/07/2008 01:21PM by Mike Sher - Ivan fax 866 452-XXXX walk it over jamal 800 704 0800 xXXXX Re-faxed the offer to Ivar.

03/07/2008 01:03PM by Mike Sher - Bhisheka from dept of home retention dept 888 275-XXX, was transferredto Sayli of the retention dept our new contact is Robyn D. x XXXXpackage is submitted for finale approval.. Spoke to Robyn who said shewas work not on a short sale but a loan modification.. She told methat she did not know there was a short sale on this home. I told herthat we spoke to Manish on the 22nd and said they had the hardship andoffer in. Robyn thinks that Manish was confused and though we ment thehardship package for the loan modification. Robyn told me to faX theoffer to Ivar at 866 452-XXXX and we would get a cal back next week.She said she would walk the file over to Jamal right now who is the headof the dept. Robyn told me to call Jamal at 800 704-0800 x XXXX if Idid not here anything back in the 3 to 4 business days.

03/07/2008 10:06AM by Mike Sher - called jeff H at XXXX and did not leave a message.

03/06/2008 01:48PM by Mike Sher - Called Jeff H. at xxxxx and left a message.

03/06/2008 01:42PM by Mike Sher - Called Myra and she is on a leave of absence and all loans that endwith 0 need to call xxxxx Jeff H.

03/06/2008 01:32PM by Mike Sher - 888 xxx xxxx called. Spoke to Ralph, he said we have a negotiator myragliver 888 xxx xxxx X xxxxx. he has transferred me to her but it didnot go through

03/05/2008 10:31AM by Mike Sher - called 888 xxx.xxxx they were closed will call back

02/22/2008 01:35PM by Katherine Green - Called 888 xxx.xxxx talked to Manish. They received our hardshippackage & offer. A negotiator will be assigned to the loan, the 1stupdate on loan acct, will be available to us on March 7. We need tocall in on that day, will find out who the negotiator is and will getmore information. They will tell us then if/what we need to do next. Ifthey need more info before then, they will contact us or the homeowner. Itold him to please contact us. The process will take 30 - 60 days.

02/20/2008 03:03PM by Katherine Green - Faxed ENTIRE packet again, with all of this enclosed...Fax Cover saidthis along with address, loan #, & Seller's name, and Mike's # tocontact: Enclosed you will find: Purchase Agreement and buyer/sellersigned disclosures, buyer FHA addendums, buyer pre-approval letter &copy of Ernest Money deposit check, hardship letter,, Estimated HUD 1,Most Recent W-2, last 2 months of pay stubs, last 2 months of bankstatements.

02/20/2008 01:57PM by Katherine Green - Jamilla XXXXXX said she may be submitting an offer in the next day or two.

02/20/2008 12:14PM by Katherine Green - Called to confirm best fax # to send offer to, spoke with Bear id#BH5. He said Authorizations go to this # 949.xxx.xxxx. Offers are faxedto this # 866- xxx.xxxx . Faxing over offer from Pat Wolgost. Iasked Baer if we could call tomorrow to confirm they received the offer,he said no wait 72 hours. Said Mr. Sher would have to call though.

Fax Cover said this along with address, loan #, & Maria's name: Enclosed you will find: Purchase Agreementand buyer/seller signed disclosures, buyer FHA addendums, buyerpre-approval letter & copy of Ernest Money deposit check, hardshipletter,, Estimated HUD 1, Most Recent W-2, last 2 months of pay stubs,last 2 months of bank statements.

02/18/2008 11:27AM by Mike Sher - gave offer info to Jan for Capital to make me a HUD

02/18/2008 11:18AM by Mike Sher - offer terms 85,000, credit $4,700 for FHA, Dwp $4,300 April 20th, 100repairs, $300, water escrow

02/18/2008 10:49AM by Mike Sher - called 888 xxx.xxxx. No one was able to talk at that time.

02/18/2008 10:47AM by Mike Sher -Here is a email that i Sent to the seller: Hope all is well. We hopefullywill be getting an offer soon on your home. In the mean time I wantedto forward you a few comments that the buyer's agent gave me. Her buyeris buying FHA and she told me that in the basement under the porchthere is a bucket and some towels that make it look like there is aleak. She recommends removing the bucket and towels. Also in thebasement a vent near the furnace has been blocked off in a way thatcould be a fire hazard. Lastly she wanted to know if the basement waterproofing has a transferable home warranty.

02/4/2008 10:40AM by Mike Sher - got a fax showing that I have auth with option one.

01/30/2008 12:54PM by Mike Sher - 2 month pay stubs and 2 month bank statements, most recent w2, sign pa,and estimated HUD 1, pre approval letter from buyer, Listing agreement,hardship letter, phone number to call for questions(888) xxx-xxxxRetention dept. spoke Ashish

01/30/2008 12:48PM by Mike Sher - they still do not have the auth!! all offers faxed to 866-497-1265 att: retention

01/30/2008 12:39PM by Mike Sher - bank phone hours 8:30-5:30 pacific

01/28/2008 02:11PM by Mike Sher - spoke to rep at the bank. They still do not have the auth. they told me to call Tuesday

01/28/2008 12:18PM by Katherine Green - Status on MLS - Active

01/25/2008 12:19PM by Mike Sher - spoke to a Customer rep. they did not get the authorization. I will fax it again now.

01/18/2008 04:14PM by Katherine Green - kg Called (800) xxx.xxxx Attn: Customer Resolution Dept: Loan # onAuthorization, Fax: 949.xxx.xxxx. Fax over, allow 5 - 7 Days toprocess. Faxed over Auth Letter 1.18.08. Call Friday 1.25.08 &see if they've received it.

01/18/2008 04:06PM by Katherine Green - Option One Mortgage - Loan # xxxxxxxxxx

01/18/2008 04:02PM by Katherine Green - ss# xxx-xx-xxxx

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

Mike Sher

June 12th

Earlier this year, I found myself in a dire financial situation from which it seemed there was no hope. I had missed a mortgage payment and other bills were piling up. I knew that if I were to catch up,
within a few months, I would be facing a higher payment as my rate
adjusted up. At that point, I realized that in order to make my
mortgage payment, I would barely afford to pay for the gas and
electricity, much less the gas to get to work!

I tried contacting my mortgage company multiple times to let them know that I was soon facing my second month without enough money to pay my mortgage, but after faxing over all my financial documents,
communication came to a standstill.

I even contacted a lawyer to file bankruptcy. Thankfully, he recognized that the crux of my financial burden was my mortgage and he referred me to Mike Sher.

When I met with Mike for the first time, I was distraught and overwhelmed. He listened to me with compassion. What I appreciate from that first visit was the calm but thorough way he explained my
options. He was very informative about the short sale process. I never
felt pressured to make a decision on the spot or at any time throughout
the selling process.

Although I agreed to sell my house, I admit, I was skeptical it would be sold. Mike answered all of my questions and allayed my fears with great patience.

He was very aggressive in marketing my house both in the traditional ways and on just about every internet site available. Each viewing and agents' comments were listed on a website where I could log
in and get feedback.

Once we got an offer, Mike continued the hard work in communicating with the buyer's agent and my mortgage company. Many times, the process seemed confusing and long, but Mike explained
everything in an understandable way. I never felt out of touch with
what was happening. I felt secure that Mike was being my advocate.

Selling a house is no easy task in any economy. I truly appreciate Mik's knowledge and hard work in helping me get back on my feet financially and getting my house sold.

Thank you!

Sincerely,

Maria G.

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 X242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher

The Mike Realtor Team is proud to announce that our Oakland Twp Home has recently SOLD. With our 90% Short Sale success rate, the Mike SherTeam is has saved another home from Foreclosure. If you are looking tosell your home or looking to buy a great home for a great price, theMike Sher Team is here to help. Call us at (248) 644-4700 X 242 or checkus out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher

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 buying a car, renting a home, getting ajob, applying for a loan, determining the cost of insurance and muchmore. Sadly, most people don't realize the importance of their credituntil after foreclosure.

Foreclosure is one of, if not the biggest bombshell on your score. Alex Charfen, CEO of the Distressed Property Institute states "I havepersonally seen a short sale only lower credit scores by as little as 50points, as opposed to the 250 to 300 point drop from a foreclosure.Additionally, the credit effects of a short sale can be as brief as 12 to 18 months, whereas a foreclosure will typically impact your credit score for more then three years".

Many lenders are open to a short sale to avoid a foreclosure even when the borrowers are still current. Often homeowners ignore theearly warning signs of foreclosure until they are in deep default.Acting before missing your first payment truly mitigates the devastatingdamage of foreclosure on your credit.

[Whether the bank forecloses on your house or you walk away, the impact is the same, says Craig Watts, senior national publicrelations manager with FICO, the creator of the FICO credit score. "Aperson's credit report doesn't include information about assets, incomeor the ability to pay," he says. So a person or scoring formula thatsees ‘foreclosure' on the credit report doesn't know why the borrowerstopped paying, only that she or he did."] Amy E. Buttell, CyberhomesContributor Published: January 21, 2010 reported

Another important tip to know is that presently a short sale is not specifically reported on a credit report. A foreclosure is reported forat least 10 years, so those looking for employment, seeking a securitylicense or working in the finance field may find road blocks toward abetter future when your credit report comes back to haunt you. There isa big difference between Short Sale vs a Foreclosure.

Mike Sher of Max Broock Realtors Bloomfield Hills is offering free foreclosure avoidance with Short Sales seminars at 6pm on , 8/17/10, 8/23/10 9/14/10 and 9/28/10 Call him at 248-644-4700 x242, email: team@MikeRealtor.com. Also learn more at www.ShortSaleOaklandCounty.com

Mike Sher

The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Novi, HuntingtonWoods, Royal Oak & Auburn Hills. Call us at (248) 644-4700 X 242 orcheck us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher

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 the property was more than enough to pay the balance on the Bank of America mortgage. That is an unusual situation in Sandestin Florida and vicinity. Most short sales in the market area are "upside down" on both mortgages. Usually, the senior lien holder will pay a paltry sum to the junior lien holder to "entice" them to release their lien and allow the sale. In this case, Wells Fargo was satisfied with about one-third of its balance, and approved the short sale.

Hint: If you are negotiating with a junior lien, consider offering a cash contribution. They may then approve your short sale as "settled". It will be reflected on your credit report, but you will be done with them.

As always, consult an attorney and an experienced Sandestin short sale agent.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Sandestin Florida Real Estate

Sandestin 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.

1254 Ego Drive, Crestview Florida just sold as a short sale. It was a Bank of America VA Compromise Sale. The Countryview Estates home had serene landscaping with a Japanese maple tree, asian benches, St. Augustine grass and enormous patio. Inside, wide open spaces in the dramatic living room open to dining. Kitchen was bright and big with center isle. The soothing master bedroom was separate from secondary bedrooms. The Countryview Estates home was 1688 square feet. The sale price was $132,246.

Bank of America approved this VA Compromise short sale in about four weeks. How so quickly? There was an existing VA appraisal. VA appraisals for compromise sales are good for six months. I knew the required net and ensured the purchase price, closing costs and terms would be acceptable in advance. And the negotiator said I was good to work with.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

If you need to do a short sale, VA Compromise sale or HAP sale, be sure to contacted an experienced Crestview real estate agent.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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The military's Homeowner Assistance Program is getting speedier all the time! I just had another HAP contract approved, this time for a Crestview Florida home sale in the Redstone subdivision. The sellers were PCSing from Eglin Air Force Base more than 50 miles away. They purchased their home prior to July 2006, their property value had declined at least 10% and they met other HAP requirements. Primarily, they owed more on their mortgage than the property was worth.

That's where HAP comes in to help our military service members. HAP will pay the mortgage shortfall at closing to assist the service member relocate to a new base.

For this Crestview Florida HAP sale, the airman sent in a complete application along with the real estate contract and market analysis which I provided. HAP approved the sale in about four weeks.

Here are some quick hints for Eglin Air Force Base or Hurlburt Field HAP sellers:

HAP will normally contribute 3% of the purchase price for closing costs on conventional sales.

HAP will pay the Realtor fee.

You must keep your mortgage current, pay any liens, judgments and prorated property taxes.

To speed your approval process, always send in a complete application, and hire an experienced HAP real estate agent.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

The National Association of Realtors has reported that pending home sales have increased 5.2%, which was mostly unexpected by some due to the dramatic drop of home sales in July....

Was it that unexpected????

Not really, in my honest opinion. In our local market, we saw a gigantic increase in pending home sales during the month of March. No big surprise since buyers in most markets took advantage of the tax credit - especially at the last minute. Simply stated, those who were able to purchase sapped up our existing inventory and those who weren't...didn't. However, they did go home and work on those issues needed to increase their score, saved a little more money....and 5 to 6 months later.... VOILA!!!

I know that there's chatter about another homebuyer tax credit, but the peaks and valleys brought on by the first one is just too much for my skittish nature. I think that it's time for us to allow the market to correct itself.

This spaciously beautiful 4 bdrm/ 2 bth brick ranch with a finished partial basement was originally purchased with an FHA mortgage for $131,000 in 2006. We were able to get the sellers into the FHA Pre-Foreclosure Sales Program and successfully sold the home for $49,900. The sellers received $900.00 back at closing to assist in moving expenses AND A FULL WAIVER OF DEFICIENCY. The buyer received 3% in closing costs. The seller now owes their mortgage company NOTHING!!!!