Citi and an East Sacramento Short Sale

By
Real Estate Agent with RE/MAX Gold DRE #00697006

east sacramento homesIt seems like every short sale with Citimortgage has been a challenge lately. Maybe it's because most of these are short sales with Citimortgage in second position instead of first position. That makes a difference. They're just battles. After we pass all the hurdles with the first lender, we still need to get past the problems presented by the second lender. This East Sacramento short sale was no exception.

It was a bit of a struggle to find a buyer in the first place because not every buyer for homes in East Sacramento is willing to wait through the short sale process. Not every buyer can wait. Some need to buy a home in East Sacramento immediately. There are few guarantees with a short sale as to the time frame. It can be 2 months or 6 months or a year -- the year timeframe is more likely if it's a Bank of America HAFA. Darn those 3rd party vendors at BAC. Those drag on until people are ready to poke out their eyes with hot pokers.

Read more about how Citi Almost Thrwarts Short Sale Home in East Sacramento.

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Weintraub and Wallace Realtors

 

 

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Topic:
Real Estate Industry
Location:
California Sacramento County Sacramento East Sacramento
Groups:
California Short Sales, REO's, and Foreclosures
Short Sales Specialists
Lyon Realtors
Diary of a Realtor
Legal Aspects of Short Sales, Foreclosures, Loan Mods
Tags:
homes in east sacramento
east sacramento agent
east sacramento home
east sacramento short sale

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Ambassador
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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

How people Elizabeth wait A YEAR to buy a home I don't know unless they already are in Sacramento and just moving cross town to something different and can be patient. Great discussion on Citi.

Aug 30, 2012 04:49 AM #1
Ambassador
3,084,500
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Working with CitiMortgage in a second position of a Short Sale.  They weren't as brutal as the private mortgage insurance company.  What killed me was the negotiatior who declared days she's be out, totaling two weeks, and informing me that no one will be watching her files.  That's how Citi does business....they don't.

Aug 30, 2012 10:20 AM #2
Rainmaker
2,885,239
James Dray
Fathom Realty - Rogers, AR
Exceptional Agents, Outstanding Results

Morning Elizabeth looks like you struck a cord with this one.  Just keep on and maybe someday someone will listen and fix the problem (NOT!)

Aug 30, 2012 08:22 PM #3
Rainmaker
2,189,557
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Hi Gary: I don't think buyers start out believing it will take a year to buy a home as much as they get sucked into a set of circumstances and they can't or don't want to cancel.

Hi Chris Ann: As a first short sale lender, CITI has been pretty good. But I'm astonished that they just let files sit when their employees go on vacation. Guess that shows you how much of a priority short sales are at CITI. Weren't they one of the big 5 sued in the National Mortgage Settlement?

Hi James: Yeah, you're right, this won't get fixed.

Aug 31, 2012 12:26 AM #4
Rainmaker
5,345,840
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I hope you continue to win all of the short sale battles.

Have an outstanding holiday weekend and be sure to have your camera in hand to capture the special moments.


Aug 31, 2012 05:02 AM #5
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