Usually CITI is a fairly smooth short sale, but this deal was not without it's fair share of excitement.
We were able to secure a buyer for the property in right around 60 days. SO we get all of our short sale documentation submitted to CITI, everything moving along smoothly, when all of a sudden the processor drops off the map. No return emails, phone calls nothing. After calling in EVERY day for 2 and a half weeks to try and find out what was going on, I was able to figure out the processor was on medical leave. A few days later, I finally got an auto response from the processors email stating that all her files were being reassigned.
So back in the saddle, we get our new processor and CITI can not locate the BPO. 2 MORE weeks go by, and they were able to locate it. Apparently, the person who the bpo had accidentially gotten sent to was on vacation. Grrrrrr.
File moves onto the negotiator, and the negotiator says that the system is telling her that it is more profitable for them to foreclose than approve the short sale. She doesn't understand why because the valuation is right in line with our sale price, so she sends the file to Freddie Mac for approval anyway, via a manual review, which takes up to 2 weeks.
But wait, THERE'S MORE! While waiting for Freddie approval, the buyer decides he has had enough and walks, despite me telling him it will only be another week or so. So we frantically get the property back on the market, to try and find a new buyer in an expedient fashion. Here comes the approval letter 1 week later! Sigh......
On a whim, I made a call to the buyers agent letting him know I had an approval letter with his buyers name on it..... AND THEY CAME BACK! Finally, we catch a break and successfully put this short sale in the books.
The Numbers:
Sale Price: $225,000
Allowed closing costs:$24,000 ( Citi and Freddie Mac allowed for the buyer to be credited $6,000 in closing costs from the net proceeds)!
Net to lender: $201,000
Principal balance: $270,000
Debt forgiven: $69,000
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