Metro Mortgage Consulting is your Short Sale Experts.
When you are considering a short sale we know there are lot of questions you need answered. We are here to answer those questions and help you successfully negotiate a short sale with your lender.
Metro Mortgage Consulting is a third-party Loss Negotiator. We work as a facilitator between the Bank and the seller to help successfully negotiate a Short Sale. Recent national surveys performed by the National Association of Realtors revealed that approximately 80% of all short sales fail to close.
We enjoy a successful closing rate of over 90%.
We have a proven program that gets short sales closed. Simply stated, we get the job done because we work hard, are detail oriented, we have a thorough understanding of the process, we start early, and we communicate our progress with all parties involved throughout the process.
We can work with your Realtor or refer you to one of our Real-estate partners who we know is trained in the short sale process. Like the Realtor, we are only paid if the transaction closes, and like your Realtor, we are paid out of the proceeds of the transaction (typically not you as the seller).
A Tale Of Two Short Sales –
Both of these homeowners worked at the same company, had the same banks involved, lived blocks away from each other, and ended up with drastically different results when comparing stories after the fact
The Banks involved with both homeowners
- B of A First Mortgage
- CITI Second Mortgage
Metro Mortgage as negotiator – SUCCESS
- We discussed with the seller what the current tendencies of the banks that were involved, and then established reasonable expectations for the process
- Developed a plan based on these banks for a favorable outcome
- Worked with a realtor to put the house on the market at the current fair market value
- Reduced the price at small increments based on upon our plan in order to get a written offer
- Secured an offer and negotiated it’s term to maximize potential for receiving bank approval
- Received approvals from both banks
- Negotiated a deficiency release from the first mortgage and a settlement of debt on the second mortgage.
- Re-negotiated a deficiency release for the second mortgage (critical step!).
- $25,000 deficiency release from first
- $175,000 deficiency release from second
- Out of pocket to client $0.00
The “other” Short Sale with Realtor as negotiator – FAILURE
- Property was put on the market above fair market value
- No overall plan
- No price reductions occurred
- CITI sued for a judgement on the second mortgage
- Seller contacted Metro Mortgage for consultation, however….
- Seller changed Realtor who wanted to negotiate the short sale herself
- Second lien holder was awarded a judgment for full amount owed
- First lien holder foreclosed on the property
- Seller had to go into Bankruptcy to protect ensuing judgements for deficiencies