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 !

Bzibee Real Estate News , Alison Creamer : Short Sale

Citimortgage shortsale