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Scope:
CitiMortgage's Short Sale Program is designed to assist families facing foreclosure with a viable alternative, and a more "graceful exit" through a short sale. In support of this Program, the names of three local RE/MAX agents, who have a demonstrated expertise in short sales, will be provided to these homeowners. The homeowners may choose to contact one of those agents.
This program involves thousands of properties in all 50 states, and new properties will be added to the program on a monthly basis.
Participation:
To participate, agents must have either a CDPE designation, SFR certification, or Five Start training, along with a proven high level of experience with short sale transactions. Agents are selected based on the information they provide in their Web Roster profile on Mainstreet. It is important to keep that info up-to-date.
Process:
CitiMortgage has a dedicated team of agents who work with homeowners and realtors to facilitate short sale transactions. This team has the right to accept or reject any offers, and will attempt to provide a response to offers within 72 hours of receiving all requested documentation, including a complete and signed contract offer. A sales commission of 6% will be paid for each closing and there are NO referral fees.
Timeline:
CitiMortgage will begin sending letters to borrowers on February 10.
Documents:
If you are participating in the program, you can download a helpful package of approved Citi forms, including a Letter of Authorization and a Short Sale Package Checklist.
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