Mike Realtor Team / Max Broock

West Bloomfield MI Short Sale, Escape Your Unmanageable Mortgage: Getting free doesn’t have to mean running away. Mike Sher, Certified Distressed Property Expert, Max Broock, (248) 496-1472

Thu, 03 May 2012 13:30:57 GMT

West Bloomfield MI Short Sale, Escape Your Unmanageable Mortgage: Getting free doesn’t have to mean running away. Mike Sher, Cetrfied Distressed Property Expert, Max Broock, (248) 496-1472

Perhaps you have heard about it.

On the news, a reporter tells a story about how the housing crisis has caused some homeowners to simply walk away from their homes. It sounds crazy, but many people are being led to believe that walking away from their home is a good (or even the best!) option.

It is called Strategic Default. For distressed homeowners who believe that they have no good choices left, the idea of walking away free of consequence may sound like a relief. The reality, however, is that choosing strategic default has serious repercussions on your credit.

THERE ARE BETTER OPTIONS AVAILABLE!

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially-challenged homeowners with options to escape from unmanageable mortgages without running away.

Facing your problems head-on is always the best solution. Let me help. Learn more at www.shortsaleoaklandcounty.com

The Mike Sher Team has assisted homes-owners in over 100 short sale payoffs. We work with all banks and can help homeowners get out from under their loan(s)! Most homeowners do not get a 2nd chance with a short so seek a Realtor with a long track record of success. Request references and ask lots of questions. You do not want to find out too late that they are unable or unqualified to help you.

Mike Sher, Max Broock Realtors (248) 496-1572

About Mike Sher

He has negotiated over100 short pay offs for my clients
He is a Short Sale expert panelist for the Real Estate Investors of Oakland.
He is Real Estate One's and Max Broock's Short Sale consultant and Short Sale Instructor
He is a published Short Sale resource for the Detroit Free Press
He has an over 90% Short Sale success rate (national average is 33%)
He has instructed over 500 agents on how to successfully close short sales.
His weekly http://mikerealtorblog.com/ is used by 1000's of professionals as a Short Sale help site
Realtors know me as a "Short Sale Expert" which attracts more buyers to my listings
He is a Certified Distress Property Expert
He is a Fox2 contributor.
He is a CPA CME instructor for the Michigan Association of Certified Public Accounts regarding Short Sale transactions tax liabilities.

Mike Sher , Max Broock Realtors, Michigan at (248) 644-4700 x 242

Framington Hills Short Sale Realtor Presents; Fast Track to Short Sale Success, May 1st from 9 am - 12 pm By Mike Sher, Certified Distress Property Expert, Max Broock Realtors, Bloomfield Hillls Michigan (

Fri, 27 Apr 2012 09:15:00 GMT

Framington Hills Short Sale Realtor Presents; Fast Track to Short Sale Success, May 1st from 9 am - 12 pm By Mike Sher, Certified Distress Property Expert, Max Broock Realtors, Bloomfield Hillls Michigan (

Please come and Join me as I show how Short Sales are more about effort and less about certifications.

Mike Sher

Is your Bloomfield/Birmingham Michigan Agent, A Bank Of America Short Sale Realtor, by: Mike Sher (248) 496-1572

Thu, 26 Apr 2012 16:18:43 GMT

The Mike Sher Team, Max Broock Realtors, (248) 496-1572 is proud to be a Bank of America Equator Approved Realtor.

Having a Real Estate Licenses is not enough to be a Short Sale professional. What elevates a Realtor to a Short Sale professional?:

How man of short sales that have closed?
Do they negotiate the short sale or pass the file to another company to do it?
Are they educated in short sales?
Do they teach short sales to other realtors, CPA’s or Financial Planners?
Do they keep up to date on the ever changing laws, rules and policies with regards to short sales?
Can they explain the difference between a HAFA NON-GSA Short Sale, HUD-PFS, CO-OP, HAFA-FNMA Short Sale, HAFA-FHLMC Short Sale, RASS form, A-RASS form and a SSA form?
Are they Equator approved for Bank of America, Wells Fargo and GMAC?
Can they offer references?
Can they provide letters from attorneys endorsing their services?

**If you do not like their answers, then keep on looking for the right realtor**

These are just a few of the questions that should be asked before you sign up with any Realtor when it comes to a short sale.

Mike Sher, Max Broock Realtors (248) 496-1572

About Mike Sher

He has negotiated over100 short pay offs for my clients
He is a Short Sale expert panelist for the Real Estate Investors of Oakland.
He is Real Estate One's and Max Broock's Short Sale consultant and Short Sale Instructor
He is a published Short Sale resource for the Detroit Free Press
He has an over 90% Short Sale success rate (national average is 33%)
He has instructed over 500 agents on how to successfully close short sales.
His weekly http://mikerealtorblog.com/ is used by 1000's of professionals as a Short Sale help site
Realtors know me as a "Short Sale Expert" which attracts more buyers to my listings
He is a Certified Distress Property Expert
He is a Fox2 contributor.
He is a CPA CME instructor for the Michigan Association of Certified Public Accounts regarding Short Sale transactions tax liabilities.

Mike Sher , Max Broock Realtors, Michigan at (248) 644-4700 x 242

Oakland County Short Sale Realtor "Strategic Default is not the best option for distressed homeowners in Oakland County " Mike Sher Max Broock Realtors (248) 496-1572

Wed, 25 Apr 2012 16:06:20 GMT

FOR IMMEDIATE RELEASE For more information, please contact: Michael B. Sher 248-496-1572- Team@mikerealrtor.com

Strategic Default is not the best option for distressed homeowners in Oakland County

Bloomfield Hills, Michigan – 04/25/2012 – For homeowners in danger of losing their home, walking away might seem like an attractive solution. “Many distressed homeowners in Oakland County have been getting bad advice when it comes to strategic default,” said Mike Sher, CDPE and Associate Broker of Max Broock Realtors. “It has become fashionable for some so-called experts to recommend defaulting on your mortgage as a method of dealing with pending foreclosure, but this is actually one of the worst options imaginable,” Sher added.

Strategic Default is a method that some homeowners who are in danger of losing their home to foreclosure choose to take. Rather than spending more money trying to save the home, they simply let the bank foreclose, take the credit hit and then walk away. “It is unfortunate,” said Sher, “because there are so many better options available to homeowners under the threat of foreclosure than this.”

While Strategic Default may provide immediate relief to the overwhelming feeling that the threat of foreclosure brings, it can have devastating effects on a homeowner’s future ability to find affordable housing.

As a Certified Distressed Property Expert (CDPE), Mike Sher says that he makes a point to find the best possible options not just for the present, but for the future as well. “There are options for homeowners in South East Michigan that can have a much lighter effect on their credit while also allowing them to walk away from an oppressive mortgage.”

Mike Sher has developed a free report entitled, “Escape your Unmanageable Mortgage” that is accessible from His website, www.ShortSaleOalkandCounty.com

Mike Sher, Max Broock Realtors (248) 496-1572

About Mike Sher

He has negotiated over100 short pay offs for my clients
He is a Short Sale expert panelist for the Real Estate Investors of Oakland.
He is Real Estate One's and Max Broock's Short Sale consultant and Short Sale Instructor
He is a published Short Sale resource for the Detroit Free Press
He has an over 90% Short Sale success rate (national average is 33%)
He has instructed over 500 agents on how to successfully close short sales.
His weekly http://mikerealtorblog.com/ is used by 1000's of professionals as a Short Sale help site
Realtors know me as a "Short Sale Expert" which attracts more buyers to my listings
He is a Certified Distress Property Expert
He is a Fox2 contributor.
He is a CPA CME instructor for the Michigan Association of Certified Public Accounts regarding Short Sale transactions tax liabilities.

Mike Sher , Max Broock Realtors, Michigan at (248) 644-4700 x 242

Mike Sher's Oakland, Wayne and Macomb Counties Michigan 1st Quarter 2012 Real Estate Market Report, Max Broock (248) 496-1572

Wed, 25 Apr 2012 08:28:29 GMT

Oakland, Wayne and Macomb Counties 1st Quarter 2012 Real Estate Market Report

by: Mike Sher (248) 496-1572, Max Broock Realtors

The first quarter County Market Reports are further proof of what we are seeing every day: Sales are picking up and inventory is getting scarce. Seven of the eight markets tracked showed sales unit gains over last year. Declining home inventories are moving all areas closer to a Seller’s Market, with many of the lower priced areas already crossing the Seller’s Market barrier (under three months of inventory). The vast majority of areas are sitting in a neutral market. When we examine those neutral markets, we see about one-third of the market in a solid Seller’s Market with multiple bids and two-thirds still sitting at a Buyer’s Market, typically because of price or condition. Even in the upper-end markets, where we still see inventories in excess of 12 months, the one-third/two-thirds pattern still follows and is even more pronounced since overpricing tends to be more prominent in the over $400,000 price ranges.

Wayne County: MSI improved 14%, sales 4% and inventories fell 11%. Excluding Detroit, Wayne MSI for under $75,000 was actually under three months. For the first time in a while, the City of Detroit did not fare as well as the rest of the county in terms of sales activity.

Oakland County: MSI improved 21%, sales 5% and inventories fell 16%. Under $100,000 moved to a Seller’s market with the balance of the county in neutral territory.

Macomb County: MSI improved 50%, sales 16% and inventories fell 40%. Macomb made the most significant improvement over last year and is the first county to move into a Seller’s Market overall.

We’ll be looking forward to second quarter market reports where the upward trends will possibly grow even stronger. All signs point to a Seller’s Market in the near future.

Below you will find the links to the 1st Quarter, 2012 reports .

Short Sale Bloomfield MI Realtor Mike Sher's "The Art of Negotiating a Short Sale" Mike Sher Certified Distressed Property Expert

Tue, 20 Mar 2012 13:43:14 GMT

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

Birmingham MI Short Sale Realtor Press Release Unmanageable Mortgages Continue to Cloud Family Finances and Real Estate Recovery

Fri, 16 Mar 2012 08:14:05 GMT

Birmingham Short Sale Realtor Press Release Unmanageable Mortgages Continue to Cloud Family Finances and Real Estate Recovery

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

About the instructor -

About the instructor - 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

Birmingham, MI Short Sale Realtor ask "Is Your Mortgage out of Balance with your Budget?" Certified Distressed Property Expert

Mon, 27 Feb 2012 17:59:00 GMT

Birmingham, MI Short Sale Realtor ask "Is Your Mortgage out of Balance with your Budget?" Certified Distressed Property Expert

It can happen quickly.

An expensive car repair, an unexpected hospital visit, a missed week of work – just a few little things and the life you’ve worked so hard to build can feel like it’s tipping dangerously out of balance.

Once the scales turn against you, it can feel like it is impossible to ever tip them back in your favor again. When your financial problems reach the point where they threaten your home, it is difficult to manage the stress. Sometimes it is even difficult to force yourself to seek help.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially-challenged homeowners with options to foreclosure, ensure that they steer clear of scams, and help navigate them through the solution that best meets their needs.

Choose to face the challenge with a professional on your side.

I can help you realign the balance in your financial life and tip the scales back in your favor. Call or email me and schedule your free, confidential consultation. We can work together to make sure you end up ahead.

Mike Sher- Max Broock Realtors - Michigan

(248) 496-1572 - shortsale@mikerealtor.com

Short sale Birmingham Michigan Tip #58, understanding the short sale parties!!!, Mike Sher (248) 644-4700 x 242 Max Broock Certified distressed property expert.

Mon, 14 Nov 2011 06:59:47 GMT

Short sale Birmingham Michigan Tip #58, understanding the short sale parties!!!, Mike Sher (248) 644-4700 x 242 Max Broock Certified distressed property expert.

Often short sale sellers and short sale buyers get confused about “how many cooks are there in the kitchen”.

· A buyer can’t understand how they write a full price offer on a home and yet 60 days later the bank counters above the list price.

· Or, a seller who was told that the short sale was approved by the bank (servicer) and then 30 days later FNMA the “Investor” denies it.

· Sometimes the listing agent tells the buyer’s agent that the short sale was approved with certain terms and after the buyer writes that offer, the bank comes back with completely different terms.

· Another common issue is that the servicer tells the seller that they will get full deficiency release but a week later, the Mortgage insurance company refuses to close without a seller signed promissory note.

· The biggest concern is why are all of these issues taking SO LONG to come to the surface.

As illustrated on this chart. Bank of America, like many servicers are agents to an investor and sometimes to a mortgage insurance company. So the Servicer is not a principal but a middle person. Much like the listing Realtor is a middle person to the seller, the buyer’s agent, buyer’s lender and the buyer.

Step1. The listing agent and the Servicer, like Bank of America, try to broker a deal that all parties can agree to, sometimes even before they have an offer. We do this through negotiations where both agent and servicer present cases on what each of the terms should be and why.

Step2. Once that is agreed upon, the listing agent offers those terms to the buyer’s agent and the seller. If countered, the servicer and listing agent negotiate another settlement. Once agreed by the servicer, seller and buyer.

Step3. Servicer sends the approval to the investor and/or mortgage insurance company

Step 3B. If there is more than one lien/loan on the home, the listing agent will simultaneously negotiate that file as well.

Step 4. Investor will accept, deny or counter the file. Each of these outcomes requires further negotiation. Even an acceptance by the investor may still need negotiation if the terms are unreasonable to the seller. More negotiation is often needed at this phase.

Step 5 once approval is agreed upon, the buyer gets his/her financing and as long as the home appraises, the sale should be fine.

It is critical that the realtor negotiation the short sale has a clear understanding of the process and the parties of the transaction. That realtor has to have a proven track record of closing short sales. Ask for references and proof that the realtor has closed dozens of short sale before listing your home with them or writing an offer on their short sale listing

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!

Novi MI MACPA's Short Sale Guru, Mike Sher to teach at The Michigan Association of Certified Public Accountant's Construction Industry Conference In Novi September 27, 2011

Tue, 27 Sep 2011 08:32:44 GMT

Novi MI MACPA's Short Sale Guru, Mike Sher to teach at The Michigan Association of Certified Public Accountant's Construction Industry Conference In Novi September 27, 2011

Mike Sher will be this years Short Sale Expert Speaker for the MACPA's Michigan Conference September 27th in Novi MI

Mike will be speaking about the Strategies Short of Foreclosure: Real Estate, Short Sales and Beyond. To learn more about Mike Sher check out his blog.

You can contact Mike Sher at his Max Broock Office (248) 644-4700 or email him at ShortSale@mikeRealtor.com

I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.

The Mike Sher Team has assisted homes-owners in over 100 short sale payoffs. We work with all banks and can help homeowners get out from under their loan(s)! Most homeowners do not get a 2nd chance with a short so seek a Realtor with a long track record of succes. Request references and ask lots of questions. You do not want to find out too late that they are unable or unqualified to help you.

Mike Sher, Max Broock Realtors (248) 496-1572

"Ask real estate experts about short sales" with Mike Sher, associate broker for Max Broock Realtors in Bloomfield Hills Live chat noon Monday: )

Mon, 25 Jul 2011 08:31:10 GMT

"Ask real estate experts about short sales" with Mike Sher, associate broker for Max Broock Realtors in Bloomfield Hills Live chat noon Monday:

By GRETA GUEST | FILED UNDER - Business / Real Estate | 12:47 AM, Jul. 25, 2011

Are you trying to sell your house on a short sale and running into red tape? Are you trying to buy a house on short sale?

Join our live chat Monday at noon for advice from a panel of real estate experts on how to navigate a short sale.

We’ll talk to:

• Mike Sher, associate broker for Max Broock Realtors in Bloomfield Hills

• Ellen Mahoney, president of Complete Title Services’ loss mitigation division in Birmingham

• Janet Graham, a Realtor with Hall & Hunter in Birmingham

• Jerry McCoy, a loan modification expert at Chase

Link Below

http://www.freep.com/article/20110722/BUSINESS04/110722046/Live-chat-noon-Monday-Ask-real-estate-experts-about-short-sales

Short Sale Tip # 61 Birmingham Michigan: Don't wait to start the short sale process. “You HAFA try!!” Mike Sher (248) 496-1572, Max Broock Realtor

Thu, 21 Jul 2011 14:19:02 GMT

Short Sale Tip # 61 Birmingham, Michigan: Don't wait to start the short sale process. “You HAFA ta try!!” Mike Sher (248) 496-1572, Max Broock Realtor

Often real estate agents wait to start the short sale process until they have an offer. This is a BAD idea and if the seller is not making payments it is a worse idea. In short sales, time is not on your side. So why not try and make some headway with banks before you have an offer. Perhaps the seller can go HAFA (Home Affordable Foreclosure Avoidance) program. This program offers full deficiency release, $3000 seller moving allowance and once approved, the bank is able to make a decision 10 days after they get an offer. Why not try. Sadly, some agents would rather wait to get a buyer before they start the HAFA process. Not sure why they wait, maybe they unaware or inexperienced. Either way, it is a mistake. I would recommend that one day one your realtor or attorney sends in the 3^rd party authorization. Day two a call should be made to investigate different short sale options. Day three an application should be sent into the bank to start the process. After all, “idle hands are the devils tool!”

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!

Certified Distress Property Expert Rochester Hills Michigan, "FTC validates that Realtors play a vital role in Short Sale Success" Mike Sher, Max Broock, 248 644-4700x242

Mon, 18 Jul 2011 15:10:22 GMT

Certified Distress Property Expert Rochester Hills Michigan, "FTC validates that Realtors play a vital role in Short Sale Success" Mike Sher, Max Broock, 248 644-4700x242

On July 15^th the FTC (Federal Trade Commission) statement admitted that their December 1^st 2010 MARS (Mortgage Assistance Relief Service) Rule, which created penalties and limitations for parties (including Realtors) who offer mortgage assistance for homeowners, had"...unintended consequences that might result from applications of the advance fee ban, in the context of a real estate professional assisting a consumer in negotiating or obtaining a short sale " For that reason, the FTC will place "a forbearance of enforcement that applies ONLY to REAL ESTATE BROKERS...who assist consumers in negotiating or obtaining short sale...:

This ruling proves that Real Estate Agents play a fundamental role in the short sale process. If you are or someone you know needs to sell their home and has a loan that is greater than the value, I urge you to find a local realtor who specializes in short sale or call me and I can help or refer you to a qualified agent in your area.

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 www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher

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

Fri, 15 Jul 2011 12:44:11 GMT

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!

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

Fri, 15 Jul 2011 12:16:22 GMT

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

Bloomfield Hills MI Short Sale Tip #60, "It's Not Too Late" to stop a Foreclosure! Mike Sher, Max Broock (248) 644-4700 x 242

Wed, 13 Jul 2011 09:48:29 GMT

Bloomfield Hills MI Short Sale Tip #60, "It's Not Too Late" to stop a Foreclosure! Mike Sher, Max Broock (248) 644-4700 x 242

Missing Mortgage Payments?

It's Not Too Late

Wondering what a homeowner should expect when payments are missed? The most important thing to know is that no matter what stage of default a homeowner is in, there is almost always a way to avoid foreclosure. That being said, the quicker a homeowner does something about the situation, the less challenging it will be to resolve.

First, here's what a distressed homeowner should expect to happen when payments are missed:

30 Days Late: The lender will attempt phone contact or send a notice in the mail.

60 Days Late: The lender will attempt to make contact by phone and follow up with another letter in the mail.

90 Days Late: The lender will send a letter demanding all past due amounts within 30 days and start the foreclosure process.

120 Days or More Late: The lender's attorneys will take over and the homeowner will be responsible for their fees in addition to missed mortgage payments and the loan amount due.

120-480 Days Late: Michigan has a 6 to 12 month redemption period that allows a homeowner to sell their home on a short sale to avoid the lender taking the home by Foreclosure.

Not late yet, but about to be?

Homeowners that are not late but foresee missing payments should communicate this to their lenders as soon as possible. In the past, many banks wouldn't work with homeowners unless they were one or more payments behind. In light of the mortgage crisis, most lenders who would rather take a proactive stance and decrease their loan losses. They are more willing than ever to work with homeowners to avoid being late.

If you visit my website, www.ShortSaleOaklandCounty.com you or someone you care about may be missing mortgage payments now or in the near future. I can help navigate the process and put you back on a path to financial stability. Contact me today and alleviate the stress that comes with unaffordable mortgage payments.

Bloomfield Michigan Short sale Realtor Mike Sher Reports, Bank Of America improves Short Sales's through Equator

Tue, 12 Jul 2011 15:54:53 GMT

Bloomfield Michigan Short sale Realtor Mike Sher Reports, Bank Of America improves Short Sales's through Equator (

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

As an example of our commitment to improving the short sale process, Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale. This means you will no longer have to initiate a new short sale; instead, you can continue with the original transaction in Equator and still work with your same short sale specialist. This change will save you time by not having to repeat a number of process steps.

When a Backup Offer Is Ready

You should send a message to your short sale specialist via Equator when the original buyer is no longer interested in the property. Your short sale specialist will then respond to you within two business days and ask if you have a backup offer ready to submit. If you have another buyer prepared to make an offer, the short sale can proceed without having to repeat the short sale initiation steps. The short sale status in Equator will change to "Marketing," and you will be directed to complete the following tasks within 14 business days:

· Complete the "Listing Data" task.

· Provide the marketing description.

· Review the marketing plan.

· Upload the offer. (To do this in Equator, locate "My Properties," then "Offers" and select "Place New Offer.")

If the "Listing Data" task is not completed and the new offer is not uploaded within 14 business days, the file will be closed.

When No Backup Offer Is Ready

This new process applies only if there's an available backup offer when a buyer walks. If you do not have a backup offer ready to be submitted, the short sale will be declined. In that case, you should return to marketing the property and initiate a new short sale in Equator once you receive another offer.

A new educational guide, How and When to Submit a Short Sale Backup Offer, is available to explain the backup offer process. If you have any questions, please contact your short sale specialist via Equator or call Customer Care at 1.866.880.1232.

Visit the Real Estate Agent Resource Center at bankofamerica.com/realestateagent for additional educational guides, news and resources to help you complete short sales at Bank of America.

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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

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Bank of America Short Sale
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Troy, MI Fast Track to Short Sale Sucess with Mike Sher (FREE Continuing Education For MCAR Member)

Sun, 06 Mar 2011 14:19:17 GMT

Troy, MI Fast Track to Short Sale Sucess with Mike Sher (FREE Continuing Education For MCAR Member)

Mike Sher's Fast Track to Short Sale Successcovers the "What," "Where" and "Why" of the short sale process from three different perspectives. Learn the roles and responsibilities of the REALTOR®, the negotiator and the foreclosure attorney during the short sale process. Understanding the core goals of each party involved in the short sale transaction will lead to smoother interactions and a more positive experience for your clients. Additional topics include:

The REALTOR'S® role in the short sale transaction and fiduciary reasonability in a short sale
Understanding HAMP, HAFA for non-GSEs and the new HAFA for Fannie Mae and Freddie Mac
Issues that may arise after the short sale
What short sale transactions will look like in the future
And MUCH more

Fast Track to Short Sale Success attendees earn three hours of continuing education credit. (Course #L317)

April 12: 9 am - 12 pm (Troy) | FREE for MCAR members Call MCAR: (248) 879-5730 to reserve your seat. Only 6 seats left!!

Mike Sher has been a top producing Realtor since 2000. Prior to Real Estate Mike worked as a Congressional Aide and later as a Grant Writer. Through these experiences, Mike has learned how to navigate through bureaucracies much like those in large banking institutions. Mike’s Political Science background has been valuable in understanding how to work with HUD, Fannie Mae and Freddie Mac.

Mike has assisted and closed hundreds of short sale approvals. Through his brokerage Max Broock, Mike has acted as a Short Sales consultant, Expert Panelist and Short Sales instructor to his company’s franchise offices. Mike has classes at MCAR also.

Mike Sher- CDPE Associate Broker

He has negotiated over100 short pay offs for my clients
He is a Short Sale expert panelist for the Real Estate Investors of Oakland.
He is Real Estate One's and Max Broock's Short Sale consultant and Short Sale Intructor
He is a published Short Sale resource for the Detroit Free Press
I have an over 90% Short Sale success rate (national average is 33%)
He has instructed over 500 agents on how to successfully close short sales.
His weekly http://mikerealtorblog.com/ is used by 1000's of professionals as a Short Sale help site
Realtors know me as a "Short Sale Expert" which attracts more buyers to my listings
He is a Certified Distress Property Expert
He is a Fox2 contributor.

Mike Sher , Max Broock Realtors, Michigan at (248) 644-4700 x 242

Oakland County Michigan: Mike Sher sold his 50th SHORT SALE Last Year!, That is 50 Foreclosures Stopped and 50 Sellers Taking Control of Their Lives! Certified Distress Property Expert.

Sat, 19 Feb 2011 15:07:21 GMT

Oakland County Michigan: Mike Sher sold his 50^thSHORT SALE Last Year!, That is 50 Foreclosures Stopped and 50 Sellers Taking Control of Their Lives! Certified Distress Property Expert servicing; Bloomfield, Beverly Hills, Birmingham, Farmington Hills, Rochester Hills, Troy, West Bloomfield, Huntington Woods, Franklin, Bingham Farms, Novi, Northville and beyond!

Thank you to all of my Sellers who believed in me, to all of the Buyers who waited patiently and most of all to my Short Sale Team of Katherine, Chad, Lindsey, Heather, Heidi, Barbara and Aric. My Team works tirelessly and they truly care for my clients! We are stopping Foreclosure one Short Sale at a time.

If you or someone you know has to sell and refuses to be a foreclosure statistic, please call me at 248 496-1572 or Email me at ShortSale@MikeRealtor.com

Learn more at www.ShortSaleOaklandCounty.com

Mike Sher

Beverly Hills Michigan Short Sale Expert: Solving Your Mortgage Crisis Just Got Easier, Mike Sher, Max Broock (248)644-4700, Certified Distress Property Expert

Fri, 18 Feb 2011 10:09:32 GMT

Beverly Hills Michigan Short Sale Expert: Solving Your Mortgage Crisis Just Got Easier, Mike Sher, Max Broock (248)644-4700, Certified Distress Property Expert

5 Steps for a Successful Short Sale

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

If you are considering Short Sale your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful transaction.

First, do you qualify?

You must:

Have a verifiable hardship, like unemployment, medical bills, or relocation
Must have a monthly income shortfall
Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency

If you meet these qualifications, follow these five steps to a successful short sale:

Contact me so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale
Gather financial information (i.e., bank statements, pay stubs) from at least the last three months
Keep your house in showcase condition for showings, and make as many repairs as necessary and that you can afford
Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency
Set realistic expectations and work with me, the lender, and the buyer to the satisfaction and benefit of all parties involved

For more information about how the short sale process works, or about any other foreclosure alternatives you may qualify for, call me today at 248 644-4700 x 242. I can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier. Feel free to learn more at www.ShortSaleOaklandCounty.com

Farmington Hills Short Sale Realtor : "Any Realtor can list a short Sale but not every Realtor can close one" Michigan Certified Distress Property Expert, Mike Sher Max Broock (248) 644-4700 x 242

Thu, 17 Feb 2011 17:11:09 GMT

Farmington Hills Short Sale Realtor : Any Realtor can list a short Sale but not every Realtor can close one, Michigan Certified Distress Property Expert, Mike Sher Max Broock (248) 496-1572

I have been spending a lot of time showing homes to buyers recently, which is a nice way to get out of the office! As a Short Sale listing agent, I often spend my days calling, emailing & negotiation with banks and less time out in the field. I was shocked at how many bank owned homes were previously listed as a short sale by " So Called Short Sale Expert Realtors". It reminds me that though any Realtor can list a Short Sale, few are able to close them.

In the past most Realtor would avoid distress sales because they were too much work. They focused on traditional sales that are easier. But now most Realtors will take any listing because they need the business. A Short Sale listing yields sign calls and can get the Realtor more listings, but sadly some Realtors are more focused on getting the business thengetting the short sale approved. I write this not to bad mouth my fellow Realtors but to alarm the public so they wll qualify the agent they trust to Short Sale thier home. Many Realtors will do a fine job for you. But a few just want a their sign in your yard.

First qualify the agent:

The agent needs to prove that have closed at least a dozen short sales in the past.
They should have letters of reference from past Short Sale closings.
Agent needs to demonstrate that they are aware of the changes in the short sale process like:
1. FHA pre-foreclosure program
2. HAFA, Co-Op program
3. other such programs.
4. They must show they have the time to negotiate your short sale.
5. They need to prove they have the tools and process in place to get your Short Sale approved.

For an example, my qualifications are,

I spend 20+ hours a week reading:
1. Short sale blogs and forums to keep me up to date
2. Government information sites like FNMA's Know you options site, Making Home Affordable and Hamp
3. Plus other information sites to keep up to date on changes in the short sale process.
I attend 3 to 6 Short Sale webnars hosted by CDPE and Bank Of America a month
I attend the Certified Distress Property Expert yearly conference where I meet top Short Sale agents like myself to discuss success strategies.
My Team closed dozens of short sales and have over a 90% closing percentage.
I teach short sale classes for Realtors at my local board of the Metropolitan Association of Realtors
I am a certified Michigan Association of Certified Public Accountants educator on the subject of Distress Property.
I write a weekly blog with 100's of readers including you :).
In 2010, my Team sold 75 units with $10 million in volume
I am a Short Sale consult for several local law firms and brokerages
I am a Fox 2 Detroit guest regarding Short Sales
A feature Short Sale resource for the Detroit Free Press Blog and Birmingham/Bloomfield Eagle

So before you sign on the listing agreement, make sure your Realtor has a track record of Short Sale success.

Birmingham Michigan Short Sale Agent Offers Straightforward Solutions to Avoid Foreclosure

Tue, 08 Feb 2011 18:08:37 GMT

Birmingham Michigan Short Sale Agent Offers Straightforward Solutions to Avoid Foreclosure

Birmingham Short Sale Agent Offers Straightforward Solutions to Avoid Foreclosure

By Mike Sher, Max Broock Realtors

Dated: Feb 08, 2011

Bloomfield Short Sale Realtor Releases New Report Outlining Straightforward Solutions for Homeowners

Seeking to Avoid Foreclosure . www.ShortSaleOaklandCounty.com Services; Bloomfield, Birmingham,

Beverly Hills, Rochester, West Bloomfield and Troy.

Online report outlines lender participation and government programs for homeowners struggling to make

mortgage payments in Oakland County MI

Bloomfield Hills, MI , February 8th, 2011 - Local CDPE-designated agent, Mike Sher of Max Broock

Realtors, has developed a website report providing information regarding the availability of lender and

government programs to avoid foreclosure, including the Home Affordable Foreclosure Alternative

Program, or "HAFA."

This community resource is available at www.ShortSaleOaklandCounty.com and explains the benefits short sales, or selling a property for less than the current mortgage amount owed. Benefits include

decreased damage to credit, protection of security clearance and the potentially harmful affects of

foreclosure on employment. Some programs offer cash incentives for homeowners who are struggling mortgage payments and successfully complete a short sale or deed-in-lieu of foreclosure.

"Lenders and the federal government have recently updated and enhanced their foreclosure avoidance

programs, making more members of our community eligible for assistance." Sher said. "With this report,

I'm showing homeowners the benefits of short sales to their financial futures, and to the stability of our

community."

In late December 2010, the Department of the Treasury updated and improved eligibility standards for HAFA program. They also enhanced efficiency guidelines for lenders, streamlining the process and making

it a more effective solution for homeowners to avoid foreclosure.

Outline of government programs, loan modifications and short sales have been showing vast

improvements," Sher said. "Lenders are ramping up their resources and putting systems in place to make

their foreclosure alternative programs more efficient."

The CDPE Designation Sher has acquired provides a specific understanding of the complex issues

confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated

agents are able to provide solutions for homeowners facing financial hardship in today's market.

To learn more, visit www.ShortSaleOaklandCounty.com

For more information about the CDPE Designation, visit www. CDPE.com.

###

2010 Results, 70 Units Sold, 26 Short Sales and 365 days of Focus!

For 10 years we have sold homes in the Metro Detroit/Oakland County through both Short Sales and

Traditional sales in Bloomfield, Birmingham, Troy, West Bloomfield and Etc.

Bloomfield Michigan Short Sale Expert Press Release "Struggling Homeowners Seeking to Work With Lenders to Find Solution" Mike Sher (248) 644-4700x242, Max Broock

Tue, 25 Jan 2011 16:00:43 GMT

Bloomfield Michigan Short Sale Expert Press Release "Struggling Homeowners Seeking to Work With Lenders to Find Solution" Mike Sher (248) 644-4700x242, Max Broock

FOR IMMEDIATE RELEASE

For more information, please contact: Mike Sher, Max Broock Realtors ,248 496-1572, mike@mikerealtor.com

Local Agent Releases New Report for Struggling Homeowners Seeking to Work With Lenders to Find Solution

Online report outlines foreclosure alternatives for homeowners struggling to make mortgage payments in Oakland, Macomb and Wayne/Detroit Metro Area.

Bloomfield Hills, Michigan- 1/25/2011 - Local CDPE-designated agent, Mike Sher of Max Broock Realtors has developed a website providing information describing several opportunities for homeowners to avoid the negative financial impact of foreclosure.

This community resource is available at www.ShortSaleOaklandCounty.com and defines foreclosure alternatives, including short sales, loan modifications and deeds-in-lieu of foreclosure.

"The New Year is when most Americans set goals to increase their financial stability, but for many in Detroiters, financial stability seems unattainable," Sher said. "With this report, I'm showing homeowners that they have options and that lenders are now more than ever willing to work with them."

According to Fitch Ratings, lenders are projected to lose 45-85% of the initial loan amount in foreclosure sales in 2011. In a short sale transaction, homeowners avoid foreclosure by working with their lenders and selling their property for less than the mortgage amount owed. Although lenders accept less, the financial loss is far less severe than a foreclosure.

"In the New Year, we all want to look forward to a prosperous future and it's frustrating when stability seems out of reach," Sher said. "What struggling homeowners need to understand is that there are alternatives to foreclosure. All they need to do is ask for help."

The CDPE Designation Sher has acquired provides a specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today's market.

To learn more, visit www.ShortSaleOaklandCounty.com

Birmingham MI Short sale tip #59, "What do you mean I still owe money?"Mike Sher (248) 644-4700 x242 Max Broock Realtors Certified Distress Property Expert

Thu, 20 Jan 2011 09:43:20 GMT

Birmingham MI Short sale tip #59, "What do you mean I still owe money?"Mike Sher (248) 644-4700 x242 Max Broock Realtors Certified Distress Property Expert

Often Short Sale sellers are told that in a Short Sale you will not have to pay the bank back any money. Some times that is true and sometimes it is not. Remember when you got the loan you signed both a mortgage and a note. The MORTGAGE is a lien on the home so if you default on the note, the bank has the right to seize the home as collateral. While the NOTE; is a promise to pay the full amount of the loan no matter what.

A Short Sale is when the lender releases the lien/mortgage and the borrower/seller then can sell the home for less than the note value. BUT, your lender does not always release the amount owed. The borrower might have to sign a promissory note or renegotiate the terms of the deficiency post short sale closing.

Many borrowers/sellers are unaware of the fact that they might still be on the hook for the remainder of the loan until the day of closing or worse months after. The borrowers/sellers post closing obligation is often determined by his/her future collectability and whether MI (Mortgage Insurance) chooses to be difficult. Collectability is determined by factors like age, income, credit, employment and future income potential. If the bank thinks the borrower is doing a short sale by choice and less by economic necessity, that borrower should expect to contribute in some way or this short sale is DIA. As for the loans with MI, you should expect a fight from them no matter what the borrowers reasons are for the Short Sale.

Many borrowers/sellers become angry and decided to give up once they are aware of their need to contribute to the short sale. They stop making payments and force the bank to foreclose on the home in hopes that doing so would hurt the bank. Sadly that is not true and the fact that CITI bank had record profits in 2010 shows that banks are just fine. Plus in MICHIGAN it is important to understand that in Foreclosure the borrower will often owe more money and do great damage to their credit then if they completed the short sale. That is why a Short Sale is often the better route even if you owe some money post closing then a MICHIGAN foreclosure. My next blog will be on the ramifications of Foreclosure. And like always seek legal and financial advice from an attorney and/or CPA before acting.

Mike Sher, Associate Broker,Max Broock/ Real Estate One, 248 644-4700 x242 ***Please be advised that Mike Sher, Katherine Green and Max Broock Realtors are not attorneys nor tax professionals. Our correspondence should NOT BE interpreted as that of the advice of legal counsel or tax professionals. We recommend seeking the advice of a tax and or legal professional with matters pertaining to Short Sales and other related questions. ***

2010 Oakland County Michigan Short Sale, Bank Owned and Traditional Sale Market Share by Mike Sher, (248) 644-4700x242, Max Broock

Thu, 13 Jan 2011 11:42:13 GMT

2010 Oakland County Michigan Short Sale, Bank Owned and Traditional Sale Market Share by Mike Sher, (248) 644-4700x242, Max Broock

So, what is the break down of the Oakland County Michigan housing market anyways? We have all read the articles, watched our CNBC and local media outlets. We have heard speeches from Bush and Obama, Granholm and John/Jayne Q Taxpayer; now here are the numbers.
As the chart shows, the distress Market is a major part of the Oakland County housing market. Distressed sales made up 54% of sales in 2010, (of that 39% Bank Owed and 15% Short Sale.) The traditional sales market is now only 45%.

So what does that mean to the consumer; if you are buying or selling a home in Oakland County, you NEED a Realtor with distressed property experience. The traditional realtor is a dieing breed. The new Realtor knows about Foreclosures and Short Sales. He or She is well read and up to date on how this new real estate market works, acts and looks like. Even if you are selling or buying a NON-distressed home, your agent must understand the fundamentals of the distressed market. No home owner is an island and when 54% of the market is distressed, today's agent needs to be well equipped to get you the results you deserve.

To find out more on how the Mike Sher Team can help you, please contact me today. Mike Sher (248) 496-1572, mike@mikerealtror.com Max Broock Realtors

2010 Results, 65 Units Sold, $10,000,000 in volume and 26 Short Sales Sold