Is Your Family in Distress?
Is Your Family in Distress? Do you or someone you know owe more on their home than it is worth? Are you behind on your mortgage? You are not alone. Did you know 6,058,752 American are in a distressed situation and are behind on their mortgage. 40% of sub prime mortgages are not being paid. These homes are still in 2011’s distressed home makeup yet to hit the market. The Metts Group has been trained by the Distressed Property Institute as a Certified Distressed Property Expert (CDPE). We take care of our clients in northern Pinellas county Florida like they were family....
Read MoreSales May Come and They May Go
Today was a good day. On Monday, I got a call from a buyers agent on one of my short sales. He said the buyers had enough waiting, they wanted out of the contract. Sound familiar? Great offer, financing was great, the bank which will be left unmentioned dragged their feet and took 4 months. I immediately looked for the negotiators phone number so I could get an escalation (the third one) on the file and found an e-mail from the bank approving the short sale. I quickly called the buyers agent telling him our exciting news only to find out that the buyers were no longer moving to Florida. We...
Read MoreGovernment Reaches Out With HAFA Program
The government short sale program (HAFA) came into effect in April 2010. The program was well thought out to make the process a little less painful to all the parties involved. There are improvements to the short sale process with banks that decide to participate. It’s a voluntary program that is full of bureaucracy and red tape, but if it improves the short sale process even a little, it may be worth it. The Metts Group has already closed on a townhome short sale using this program in May 2010. With HAFA, distressed home owners will get $1500 after the sale to help them relocate and move...
Read MoreShort Sale is Long Sale
In 2007-2010, most of our contracts & listings have been short sales. From our perspective, it is 5-10 times harder to get to the closing table then a traditional sale. I’ve seen blogs saying 10% close. The Metts Group has closed 95% of our short sales. A lot of work is involved, gathering needed paperwork from the seller, preparing reports, CMA’s, letters to the bank. Once we have an offer, we fax in the 50-100+ document to the sellers lender. Let the game begin!!!! We follow up daily, most banks take weeks or months before the document has hit the desk of a processor. A...
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