Shortsale experiance with citifinancial
I was contacted buy a homeowner to help them their home back in August of 2008. We reviewed the comparable pick the price and started the process. With in 2 weeks we had an offer that would cover all cost to closing this loan. Homeowner and Agent we so happy. We could not have asked for a better blessing. The home inspections were set and we are moving along. Of course the inspections put the offer to a screeching halt. At this point our wonderful contract fell apart and we are starting all over again. My clients were at a point of not being able to maintain the mortgage and now we are facing a short sale. We started calling CitiFinancial on day one. There was the regular run around department after department all saying I’m sorry there is nothing that we can do until you have an offer. More and more calls are made and we get another Dept and they offer to modify the loan, this is not an option for my client so we have to decline. The market price for the home is now being decreased in small increments until we capture another buyer.
Speed up and next offer comes in. This time with 5 k in repairs 5 k in closing cost a 4k in price reduction!!!! ARGH how in the world will I make this work. Not to mention it was a VA offer and there was definite work that would need to be done upfront before the VA would let this pass.
We submitted this to the bank with a prelim HUD and waited 60 days !!!!! Just when we thought all hope was lost and the buyer cold walk away we got the approval letter. Now we had to find a contractor willing to put in new windows, carpet, fix leaks and repairs, and a multitude of other items so we could get an appraisal to stuck. I’m so lucky I had an agent on the other side willing to jump and help. We managed to get it all done and now we are waiting for the closing
READ 2-12-2009 blog for status update