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Is anyone familiar with the Save Our Home AZ short sale assistance program offering $4500 in transition asst., 3% of buyer cc , etc.?  What are qualifications?  Any success?

Another successful short sale - this one on Stratton Major in Centreville, VA. Our clients bought in 2006 for $642,000 and we sold it days ago for $450,000. We went back and forth quite a bit with the lender, Chase Mortgage, but they agreed to work with us and they granted our sellers a deficiency waiver on the unpaid balance. Below are pages of the approval letter:

Stratton%20Major%20Chase%20Approval%20Pg%201.jpg 

Stratton%20Major%20Chase%20Approval%20Pg%202.jpg

Any information on how to get started or who to contact on doing BPO s in Wisconsin thanks Dan

As Realtors, we talk about overpricing a lot.  An overpriced house is a lonely house.  It soon becomes stigmatized and ignored by more Realtors.  If it receives low offers that are countered by an insulted seller it will also acquire a reputation as a house that is not worth the trouble.

I had a seller in 2010 that wanted to list his house just slightly too high.  It was about 10% over market, and we had discussed a system of moving it down over a designated time.  That never happened, of course.  It was the last house I ever overpriced.

It was at the time when the market was just starting to experience a new wave of price weakness.  If I had run comps 45 days after list, the list price would have been lower.  Anyway, I received an offer within the first two weeks at 94% of list.  He countered twice and lost the sale.  It was over $500.

Nearly a year later I still had the listing, and it was still overpriced.  The market had fallen even further.  I negotiated with the seller to lower the price, and I committed to drop my commission 1%.  At that point, I just wanted to get rid of it. 

Again, he received an offer within days of the new price, and again he countered with an unrealistic counter.  The buyer walked without a counter.  When the listing came up for renewal, I declined.  It was re-listed 3 months later at $100 less than my previous list. 

It finally received a contract that was below my second lower contract.  The point of this blog is this,if you insist on overpricing your property when good comp information shows that properties are not selling at that price you will ultimately get less.

This seller lost $32,000 by continuing to believe that a buyer was willing to pay 30% more for his house than the current market comps.  An overpriced house that lingers on the market will ultimately cost the seller more than if he had priced it right to begin with. 

It happens everyday in this industry, and yet, good agents still have a hard time convincing a seller that an overpriced house is a lonely house.  The best way to help them, is to not help them.  Walk away and save yourself the frustration of seeing the next agent sell the house for the price you recommended.  An overpriced house often brings less than a well priced house.

We have a lender carrying the 1st & 2nd and the 3rd wants $6,000. or they won't participate!  The 1st and 2nd (same bank) won't allow payment to reflect on the HUD-1 and we want something that shows the 1st & 2nd are aware of the settlement to the 3rd so we can have a well documented file!

Is this deal dead...or is there a way to protect all parties and still close?

 What if you didn't have to fight foreclosure alone?

 Truth is, you don't.  There is a government program, Home Affordable Foreclosure Alternatives (HAFA), which has been put in place to provide you with better solutions, including more efficient short sales or deeds-in-lieu of foreclosure.

 Short sales and deeds-in-lieu can help to settle your mortgage debt, clear your mind of stress, and save you and your family from the financial challenges of foreclosure.  The government also offers a $3000 homeowner incentive to help with getting relocated and moving on with your life.

 So What in the World is HAFA....

This program was made to give homeowners just like you options to Avoid Foreclosure.   To find out if you are eligible for this program or if a Phoenix Short Sale is right for you...Clickhere for your...

If you feel that you are headed toward Foreclosure, and need Foreclosure Solutions, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.  The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale.  The good news is that there are Foreclosure Solutions!

Arthur Wainio

www.shortsalewitharthur.com

The short sale market in Winchester, VA is beginning to show signs of a slight decline.  When the real estate market took a hit in the Fall of 2008, REOs exploded onto the scene as the prominent available listings.  As the the market has shifted back and forth, REOs are declining and short sales are the primary distressed properties. 

Now, short sales in Winchester, VA have declined slightly, but they still make up 10% of the overall available listings. Between Winchester City and Frederick County, VA, distressed properties make up 17% of overall available listings in this third week of March.  The overall distressed listings in the Winchester/Frederick County are have declined 1.2% in the past week.  That's a good sign.

There are still opportunities available to buy a short sale or an REO at a great price, but they are slowly becoming a minor part of the local market.  Don't wait too long.  You might miss a great opportunity.  If you've been planning to take advantage of the high number of distressed listings in the Winchester, VA real estate market, you may want to call your Cornerstone Business Group, Inc., agent soon.  The tide is shifting, and before you know it, it will be a seller's market again.

Short Sales in Winchester, VA - March 2012

I've mentioned numerous times that I have two companies.  One is an electrical contracting company, and the other one is a real estate brokerage.  They overlap more often than not, and my clients in one company end up being clients in the other company.  It's a nice relationship.

The overlap of the two give me a great opportunity to use either company to help my clients.  When I sell a house, I send an electrician in to check the electric system before the clients move in.  If there are issues, he will fix them up to a certain point.  I'll also make a list of other electrical issues that the client may chose to have repaired at a later time. 

How does that pertain to Realtors who don't own two companies?  One way I've found to stay involved in the lives of my clients is to do a couple things.  For instance, this past week, our contracting company did a project for another local business.  During that process, the owner and I took a ride to his second business location.  During the ride, I realized that his auto air conditioner wasn't working. 

He mentioned that he gets it charged every Spring, but he hadn't had time to do it so far.  A couple days later, I was in his area again and I dropped by his shop and charged his car AC.  It took me five minutes and it costs me about $5.  I was thrilled that I knew how to do it, and what did I gain?  A great faithful client, referrals and some of his wares.  

You don't have to be the one doing a service for your clients, but you can give your clients the names of great contractors, lawn-care companies, tailors, painters, auto repair shops, hair salons, restaurants, discount stores nearby, doctors, dog groomers, etc.  You can give information, which is free, or you can do something simple like mow their grass before they move in.  We  do that when we sell a house that is our listing.  Your clients will love you for it.  Dropping back into a client's life briefly keeps your relationship warm and comfortable.

When they need something, they will call you.  You become a trusted resource.  I received three listings this week.  Two of those listings came from clients our contracting company had done electrical projects for.  I almost always find a way to work information about my real estate brokerage and local market conditions into a conversation when meeting electrical clients.  I actually had a client become a Realtor because she got so excited during one of those comments. 

Be the go to person, and people will seek you out. Use your blog as a resource to help others find what they need, and in the process they will find you.  Share your talents, your knowledge and wisdom and you will always have repeat clients and customers.

Renewed trust for tough times

Does it feel like trustis one of the major casualties of the economic meltdown of 2008 – followed by the “Great Recession,” the “Jobless Recovery” and now the threat of a “Double Dip Recession?”

Weren’t we assured that home values were destined to go up and up and up?

There have been lots of promises that help is on the way—and lots of warnings of scams and schemes that have only served to confuse the matter. So where’s a homeowner who’s underwater or overleveraged to turn?

Here’s the bottom line: the choices that homeowners make when they feel they are at the end of their rope will have ramifications for years to come on their ability to qualify for credit, their job prospects, their security clearance and their overall finances. When a family’s financial trajectory is rapidly heading in a negative direction, there’s no substitute for the helping hand of a knowledgeable expert who has the integrity, the experience and the training to reverse the course—someone who is tapped into regulatory initiatives and can separate fact from fiction.

It is my mission to serve as a credible source of information and perspective to homeowners who have found themselves in a tough situation and need help sorting through their options. That’s why I sought out the Certified Distressed Property (CDPE) designation—the most renowned and recognized credential in the distressed property field, and it’s why I continue to stay on top of regulatory and industry developments that impact options available to homeowners who are struggling with their current financial situations.

My message to homeowners who do not know where to turn: there is hope. Foreclosure is not inevitable and you can Avoid Foreclosure.  Neither the government nor your bank wants to see that happen. No one expected to find themselves on the brink of foreclosure, but I have worked with countless clients who have managed to turn their financial trajectory around and get on a path of financial recovery. 

If you feel that you are headed toward Foreclosure, and need Foreclosure Solutions, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.  The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale.  The good news is that there are Foreclosure Solutions!

To find out if a Phoenix Short Sale is right for you...Clickhere for your...

It CAN be done! And it would be my privilege to help.

Arthur Wainio

www.shortsalewitharthur.com

First off, I'm the Buyer's agent so my hands are tied but I thought maybe someone out there might have something that worked for them with Aurora Bank.  The Listing Agent is Great and likes input and things I find on SuperStars. 

There are two banks on this sale and the two don't seem to be able to coordinate.  We get the approval from one and th the other takes their sweet time until it is just days until the other's approval is expired.  So we are in this See-Saw negoiating libo. 

Any Suggestions?  I have passed the number  for the escalation dept. along to the listing agent and at least he got a live person not a voice mail. 

Need some help if anyone has some constructive suggestions.

Thanks,

Liz

Market reports aren't always exciting or sexy, but they do give you a great snapshot of what's happening in a specific area at a specific time.  When the national news is giving buyers and sellers one view of the real estate market it can skewed very fast. The reality is that all real estate is local.

The available homes for sale in Winchester, VA are increasing.  The current available listings total 563 at week three of March 2012.  Each week in the month of March has seen a change.  This week, inventory is up slightly, distressed properties dropped another 1.2% and prices are starting to stabilize, though not climbing radically.

Winchester City has 115 current available listings.  Of that number, 11 are short sales and 4 are REOs. Frederick County has 448 available listings with 45 short sales and 36 REOs.  The distressed properties in February 2012 were 18.8%.  In the first week of March that number fell to 18.2%.  By week three, the number of distressed properties have fallen to 17%.

The lower number of distressed properties, and the increase in inventory, is a good sign that those who were sitting on the fence waiting for the right time to sell have finally started jumping into the market. 

If you are thinking of selling your property this year, now might be a good time to call your Cornerstone Business Group, Inc., agent.  Things are moving, and you will want to get ahead of the crowd that evolves when the weather gets and stays warm.  Buyers are buying.  Sellers, if you're ready to sell, let's get together and see what we can make happen.

Available Homes in Winchester, VA - March 23, 2012

Hi Superstars,

Did you our recent member Webinars? If so here is the replay.

2012 Short Sale Industry Outlook

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Hi does anyone have a contact to make a complaint to the Dept of the Treasury, or HUD regarding an FHA short sale I have with MIdlands Mortgage?  I had this file with Citi and they were about a week away form approval.. now Midlands ..just keeps delaying..Incompetent!

Wondering if you've had this situation, if so, any suggestions?

Have a young active duty military lady with 3 children that was transferred to England.  We have short sale approvals on her home for 1st lien BOA and 2nd lien Greentree BUT United Guarantee MI is requesting $20,000 from her to be payable in $200 per month payments, interest free.  Owner can barely make ends meet where she is now.  I know the banks/.mortgage companies are regulated as to demanding money when their active duty military being transferred but not sure how to handle the MI on this one.

Any suggestions is greatly appreciated.

Thanks so much.

Paula McGuire

RE/MAX Infinity

3782 Highway 90

Pace, FL  32571

850-572-1754

paula@paulamcguire.com

I have read several news and Blog pieces about 2012 being the bottom of the market and how the best time to purchase a home is now. In good conscious I cannot sit idly by without voicing my opinion.

The news and columnists have based their analysis on the low number of inventory currently on the market for sale and the fact that it is 22% less than this time last year. They further site a 30% increase in property searches on Realtor.com which is one of the top search websites where consumers make purchase decisions. The reporters further substantiate their point by stating that interest rates are the lowest they have been since the great depression. Well folks, I am here to let you in on a few things. I am a distressed property real estate broker and live in the numbers and happenings on the ground. Last year alone I personally closed $17 Million in real estate. More than three quarters of my sales were short sales and bank owned property sales. My job revolves around tracking properties that have defaulted on their mortgage payments and listing the property for sale before it ends up in foreclosure. When properties do end up going to foreclosure the banks also contacts me to sell the properties back into the marketplace as a bank owned property. This is also known as a REO (Real Estate Owned) property.

In dealing with the lenders on a daily basis I have the ability to see how many mortgages are current or behind in any part of California. The numbers are staggering! One in three properties in San Diego County is currently underwater (owe more than what the property is worth).
Many of you may have heard of the “Mortgage Debt Relief Act of 2007” which is set to expire at the end of 2012. This means that anyone wanting to do a short sale has until the end of this year to get it done to avoid the enormous tax and deficiency implications. As homeowners scramble to do short sales, the banks are absolutely inundated with files. Banks have increased their loss mitigation departments to handle the amount of short sale requests as the deadline draws near.

So to shed further light on the subject of a “recovery,” I would have to say that the reason there is a 22% decrease in inventory on the market for sale is due to the “Robo-signing” debacle which simply held up the foreclosure process for a few months. Furthermore, the lenders have started issuing three month extensions to foreclosure sale dates rather than the standard 30 day extensions. The numbers are artificially adjusted to modify the supply and demand ratio. Also, the news columnists have stated that the average nationwide sales price has started increasing and the market is recovering. This is not quite correct because the number of higher end distressed sales has dramatically increased. In other words, if 100 homes sell at $200K and 900 homes sell at $500K, the average home price may have increased.  However, what they are not saying is that the home that is currently selling at $500K was purchased in 2005 for $900K.  See how they are messing with the numbers. Just because the average nationwide sales price has increased, does not mean we are recovering.

So I would maybe agree that the lower end has reached the bottom whereas the middle and higher end have room to fall.  Far be it from me to state that 2012 is the “Big Housing Recovery.” New young families or recent college graduates will also add to the lower end recovery as they will need to purchase in this range.

The number of Baby Boomers now wanting to downsize will further hamper the prices of the middle and higher end as they add to the supply. There are currently 30 million Americans in this segment of the market.

The FED made an error in judgment a month ago when they stated interest rates would remain low through the end of 2014, which took away the immediate driving force to purchase now. If interest rates would remain low for an extended period of time, why would anyone be in a hurry to purchase when they know how much shadow inventory the lenders are sitting on?

As the world has become a global economy, few have shed light on the fact that China has begun their housing crisis with more than half the cities reporting huge decreases in home prices. This may have an influence on our economy further down the road as this may affect the cost of consumer goods locally.

Gas prices are at an all-time high and could further contribute to inflation and gyrations in the consumer price index.

Unemployment is still stubbornly above 8% and steam rises from the printing presses at the Fed.

I don’t know folks. Recovery 2012?  I am not so sure. And over the years I have learned that in the long run it pays to be honest rather than bending a situation for personal gain. There is a reason I am renting right now. Though the rents are higher, cash will soon be back on the thrown to be crowned King. Don’t be in any hurry to purchase unless you find a great deal.

This is my honest humble opinion.

Short Sale Bloomfield Realtor Mike Sher's "The Art of Negotiating a Short Sale"

About Mike Sher - Mike Sher- CDPE Associate Broker (248) 496-1572, mike@mikerealtor.com · He has negotiated over100’s short payoffs for his clients. · He is a Short Sale expert panelist for the Real EstateInvestors of Oakland. · He is Real Estate One's and Max Broock's ShortSale consultant and Short Sale Instructor · He is a published Short Sale resource for the DetroitFree Press, Detroit News and the C & G NewsPapers. · He has a over 90% Short Sale success rate (nationalaverage is 44%) · He has instructed over 800 agents on how tosuccessfully close short sales. · His weekly http://mikerealtorblog.com/ is used by1000's of professionals as a Short Sale help site · He is a Certified Distress Property Expert · He is a Fox2 contributor · He is a CPA CME instructor for the MichiganAssociation of Certified Public Accounts regardingShort Sale transactions tax liabilities. Mike Sher Max Broock Realtors 248 496-1572 2011results: 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

I teamed up with Jerry Morrissey at RE/MAX Premier Properties at the end of January, 2012.  We both have over 30 years of experience and work on Short Sales, REO and Traditional real estate sales.

The home was listed on the MLS with 5-10% drops every 2-4 weeks, and no offers for a total of 100 days.  Plenty of lookers but no offers.

The first offer was received and accepted after 104 days on market, at 9% less than the last list price, which had been dropped most recently 19 days before the offer.

Short sale package has been received, and the bank has ordered a BPO.   The bank is IMB.

Question:

Does the listing history and offer have any bearing on how the bank sees the fair market value?  It seems logical that this would be one of the most directly relevant ways to assess FMV of a home, as it is showing what the market thinks of this particular home, regardless of the BPO, however I realize the short sale process is anything but logical.

Would it be common for the bank to counteroffer above the last list price, even though it did not get any offers when on the market?  This would seem counterintuitive.

I am sure it has happened, but I would love to hear the thoughts from some of you who have experience closing a number of short sales as to if the DOM and listing prices prior to the first offer has a significant bearing on the acceptance of the SS offer.

Thanks

This is my first blog.  I need to know if anyone has information on who to contact in Golden1 CU.  I have a 1st CitiMortgage approving a Short Sale with the 2nd, Golden1 Credit Union, accepts 10% of the balance due as pay off.  What's my next step if 2nd lien refuses the amount, and requesting a higher amount? First Lien will contribute $2,154, Golden1 CU requesting $4,000.  No contributions from any other parties are accepted.    Can anyone help me save this file?

  FOR IMMEDIATE RELEASE                    For more information, please   contact: 

                                                                                                                                      Mike Sher  248-496-1572

                                                                                                                                     ShortSale@MikeRealor.com

Unmanageable Mortgages Continue to Cloud Family Finances and  Real Estate Recovery

Birmingham, MI – March 15^th 2012 – “The stress of an unmanageable mortgage can cloud everything,” said Mike Sher, CDPE Max Broock Realtors. “With nearly one-fourth of all homeowners owing more on their mortgage than their home is worth, the nation’s overall stress level is in the stratosphere,” Sher added.

Connected to a network of professional committed to solving the nation’s foreclosure crisis one homeowner at a time, Mike’s message to financially strapped homeowners: “more help is available than every before. Since 2007, 7.9 million homes in the United States have been lost to foreclosure, and my mission is to stem the tide of foreclosures within Oakland County.

A Certified Distressed Property Expert (CDPE), Sher is knowledgeable of the entire landscape of foreclosure avoidance options and is distinctly qualified to negotiate with banks and help financially strapped homeowners to regain peace of mind and a sense of stability for the future.

Mike Sher has developed a free report entitled, “Are You Living Under the Cloud of an Unmanageable Mortgage?” that is accessible from his website, www.ShortSaleOaklandCounty.com

The report provides an overview of qualification criteria for the most common foreclosure alternatives, cites red flags for scams, and reminds homeowners why avoiding foreclosure needs to be a top priority.

Upheaval on Wall Street has gotten a lot of attention, but until recently, homeowners have been left to their own devices. Sher is on a mission to change that.

About Mike Sher- CDPE Associate Broker (248) 496-1572, mike@mikerealtor.com

• He has negotiated over100’s short payoffs for his clients.
• He is a Short Sale expert panelist for the Real EstateInvestors of Oakland.
• He is Real Estate One's and Max Broock's ShortSale consultant and Short Sale Instructor
• He is a published Short Sale resource for the DetroitFree Press, Detroit News and the C & G NewsPapers.
• He has a over 90% Short Sale success rate (nationalaverage is 44%)
• He has instructed over 800 agents on how tosuccessfully close short sales.
• His weekly http://mikerealtorblog.com/ is used by1000's of professionals as a Short Sale help site
• He is a Certified Distress Property Expert
• He is a Fox2 contributor
• He is a CPA CME instructor for the MichiganAssociation of Certified Public Accounts regardingShort Sale transactions tax liabilities.

Mike Sher Max Broock Realtors 248 496-1572

2011results: 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 Mik