Northern Michigan-Real Estate

Friday I was fortunate enough to have 2 closings, one of which I saved a homeowner of going to foreclosure on June 16th. This deal seemed to drag on and have multiple issues, but with the right people involved, we were able to make it happen.

The basics of this deal was the seller owed more than 325K on this large home on Traverse City's west side. The problem here was the home was built in the mid 90's and hadn't had any updates since it was put in. It also had a small water issue do to a toilet freezing in the fall, and the last tenant seemed to not care and left the carpets a mess.

4 offers and 5 1/2 months later and a buyer that wasn't afraid of some work, got a great deal. Persistance pays when dealing with most things. The deal, as I said, had issues, but with a great buyers agent, Cookie Shugart, a wonderful Title Company, Corporate Title, and Orlans PC worked diligently to pull this off.

SEV 165,000           Owed appx. 330,000            Listed 249,000           SOLD 220,000

Matt Hodges

I would like to personaly wish a Happy Memorial Day to all the Veterans as well as those currently serving in our Military today. Please take a moment tomorrow to remember all of our fallen heroes from this conflict as well as all past battles.

As I sat through today's service at my church a few tears were shed as Taps was played as all of the branches were remembered. As a current member of the United States Navy Reserve I was pleased to stand this morning among some great people.

Take a minute tomorrow to thank a friend, family member or someone on the street that may have served this country. A thank you can go a long way...

Happy Memorial Day! 

Matt Hodges   AKA "BM3 Hodges"

Today I was contacted by a homeowner that is going through foreclosure and is just looking for any advice/options. I have done many short sales with many variable before but I have yet to come across one that has a Federal Tax Lien on it. I have heard mixed reviews on hopw to do this so, stay tuned some un charted waters on this topic(for me at least) and If you have any input or a good contact for this I would greatly appreciate it.

Have a great week!

Matt Hodges  --  231 624 1650

EXIT Realty Paramount

www.MattHodges.net

After 5 weeks of having our 1st offer (Total of 4 offers on this one) we got a favorable response from them. Today I was asked to revise the HUD on how the second(Chase) was going to be paid off. 

As slow as the banks have become on approving short sales, if we can hang on for 2-4 months to get paid it is worth it :)

Thank you to all the Agents who offered on this property, I know it can be frusterating at times, but again, at the end of the day, we do get a pretty handsom paycheck.

Anyone looking for a good contact at Chase Home Finance please let me know. This was a good experience with Chase and I will look forward to working with them once again very soon.

Matt Hodges 231 624 1650

EXIT Realty Paramount

www.MattHodges.net

What a great deal! This home is price 10K less than the neighborhood. 3br 1ba hoem on TC's West side. Look at the comps and check out this home at www.MattHodges.net You will not be disappointed.

Where can you find a home that is this new in a sub that like-kind homes are listed/selling for 130K+? As always, a short sale home is really just looking for offers. Lets take a look, if you like it, write it up for what you thin kit is worth!  

Thanks Matt Hodges

EXIT Realty Paramount

231/624 1650

(Home is under contact, so no numbers will be used)I have had this one short sale listed since November with great success of getting offers, but with no luck of getting one accepted by Option One. This home is quite large in a very nice sub, but needed some updating and other cosmetic issues.

There were supporting comps for many of the offers that I submitted to the bank, however, the bank flat rejected 3 offers and countered to one. The counter was significantly higher than what I had it listed for. They did say, however, that if we were to get an appraisal they would consider a lower number. So that's what we did...a few weeks ago I ordered an appraisal and walked through the home with the appraiser pointing out all the "issues" we had in hopes to get a better number. Note* I didn't give the P/A to the appraiser so we could give the bank a good valid look at this home.

The appraisal actually came in below our offer! The bank after saying to to 4 other offers finally said yes to an offer that was les than there intial offer and more importantly over 40K less than what they countered to in our last offer.

After all the work that has been put into this deal, the approval came exactly 30 days from the end of the redemption. So, in looks like wwe will close quite easily, but if we have a delay, all of this work will be for nothing :)

I will say, the reason why I do all of this work is for the homeowner. I try to put myself in there shoes and empathize with them. What a great feeling I got yesterday when I told the homeowner that we got the approval from the bank to close on the home. The money is always good and I need it to support my family, but what I get out of this the most is an appeciative seller. The word "Thank you" means a lot in my book.

To my seller, "Your welcome...it was my pleasure.

Have all my deals been this long? No, not at all. I have had them last as little as 3 weeks and as long 6 months, but as a athlete, I want to win them all, I will never give up on a seller that needs my help.

Thanks to Option One and Orlans P.C for a job well done.

Matt Hodges

EXIT Realty Parampount

231 624 1650       www.MattHodges.net

Here it is, My newest Short Sale listing. This one will not last long. Attached is the listing, however, I will tell you a bit about it.

This placeis marketed below $1,000 per lake front ft...Enjoy watching the water or the stars from the beautiful deck. Come take atvantage of the "up-north" feel while being only 10 minutes from town. Don't wait, call me today....231/ 624 1650 or email MHodges@TCExit.com

Click Here to View Listings 

Or go to www.MattHodges.net to search all of my listings.

Thanks,

Matt Hodges

231 624 1650

EXIT Realty Paramount

Today I recieved an appraisal on one of my short sale properties. I was expecting a good number, but was blown away with the number that we got. This will support the offer and should be a slam dunk.

Why did it come in so low? Well, I have to assume it was due to me telling the appraiser the story of the seller as well as being there for the appraisal and helping him with supporting comps.

This appraiser was well versed in Short Sales and Foreclosures so I was comfortable in decision.

This deal is with Option One as well as Orlans P.C as the foreclosing attorney. The experience has been a good one.

Take care,

Matt Hodges

231 624 1650

mhodges@tcexit.com

www.MattHodges.net   www.EXITShortSales.com  

This will be my first post of many and hopefully become a weekly and potentially daily habit for me.

I have been doing short sales now for about a year and quickly have made a name for myself as maybe Traverse City's leading expert on this topic. As you may know, short sales can be a very lucritive business, but it can also be a bust.

I would like let everyone know who I have worked with and what I thought about them.

A few are,

Ocwen, Wells Fargo, Countrywide, JP Morgan Chase, Huntington, and Option One.

I have had great success with Ocwen, but they have called it quits in this short sale dept. A few difficult ones were Countrywide, simply because of there size, and Huntington. The good thing about Huntington is if your a stock holder, you will be happy for there resistance on taking much less.

As far as smaller or local banks, I love working with them because the decisions are typically sooner than other, however, there ability, in my experience, to tkae a bigger loss is reduced.

 I encourage questions regarding short sales or the foreclosure proccess.  I will be hosting a Foreclosure Seminar on May 29th at the Traverse City Chamber building from 3-5pm. I am asking for RSVP due to seating.

Please RSVP to my email MHodges@TCExit.com

Thank you

Matt Hodges

231 624 1650

www.MattHodges.net