Citimortgage shortsale

Alison Creamer — Thu, 12 Feb 2009 16:17:00 GMT

I have been working a short sale with citimortgage for the past few months. It has been an experience I will never forget. We are to go to closing Friday 2-13-2009 and I cannot express how happy I and my seller will be when this is all done. I have learned some lessons on this topic.

1. Be very patient

2. Make sure you have a flexible buyer

3. Make sure all parties are reasonable

4.Read everything the bank gives you

We received a letter approving the short sale 60 days after submitting the offer. I was calling daily to try to get loss mit on the phone and I think of I had just been a bit more patient I would not have driven my self insane with worry. Once we got the letter there was a number that the bank wanted to net. No on not the buyers agent nor the title company re ran the numbers to ensure base don the contract terms that the bank would net this amount. So we are 48 hours to closing and we get the new finial HUD and it has the seller bringing 7600 to closing to see this home!!!! I was in a panic !!!! After more reading it appears that we should have been more diligent in the pay off and terms before this stage. Today I'm burning up the phones trying to get loss mit on the phone and see that we can do. Now I understand why agents say they will negotiate the listing fee at the last minute. The fact that we over look certain details that might actually have reduced this panic at the end and made all parties aware of “shaving” at the end is a fact of this process.

Stay tuned for 2-13-2009 blog to see if we got it all done and if we closed !

Shortsale experiance with citifinancial

Alison Creamer — Sun, 11 Jan 2009 12:26:00 GMT

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

Bzibee Real Estate News , Alison Creamer : Citimortgage

Citimortgage shortsale

Shortsale experiance with citifinancial