Your Personal Short Sale Experiences

I would like to say that Citi is one of the bank that has most improved in the last few years.

I currently have 9 short sale with them that are moving extremely fast.

Good luck all....

Stephan Sabbah

360 Realty

Stephen,

I currently have an offer on a house that has Citimortgage 1st, Citibank 2nd loan.  It's been about 7 days since I submitted the offer.  The selling agent said at the time we submitted the offer, that we can close in 45 days.  I am assuming that means Citi should approve the sale in 2 weeks, then close a month later?  I don't have any details about the any status of the approval.  I am willing to wait up to a month for an approval before moving on to another house.   In your professional opinion, with the information provided, does it seem possible for me to have an answer within 30 days?  Is there any way (my) buying agent can check on the status via citi?  

I just placed an offer on a shortsale where the lienholder is citi. I submitted a strong offer for the home. I'm only willing to wait a few weeks as i'm trying to meet the tax credit deadline.  The selling parties relator kept calling my realtor to see if i'm interested and to let him know that there were no offers on the property,  I thought this was a good sign, and a good shot to get this property as it really is a steal.  Whats the time limit that you would give Citi for a response??? Just curious as i dont want to spend my wheels with this company

Of course the first two weeks of my offer were lost due to carelessness of the selling agent.  My getting fed up with waiting and prodding my (buyers) agent to keep calling the selling agent got her to admit that she never submitted the offer.  She just "forgot".  So it has been one week since the offer was "really" submitted (supposedly).  I have told my agent that I will not wait longer than 2 weeks without some proof of progress, before moving on to bid on other homes.  I think that the selling agent should have some news by then.  (I hear the negotiator steps in within a week of the offer.)   Please tell me this is not asking too much.  I need to be closed by June 1st, and need to plan for the worst (not getting approved and looking for other homes). 

Can someone tell me when progress in the offer approval is made.. ie, when the negotiator steps in... how can I know what step of the process we are in?  Again, the house has Citimortgage 1st, Citibank 2nd loan.  I am assuming that the loans being from the same lender will work in my favor.

My offer was submitted Feb 1st.  I received my 2 week update in just under 2 weeks... My (buyers) agent placed a call to the Vice President, Regional Mortgage Manager of the first leinholder.  He happened to know her, and she did him a favor by calling the person handling the shortsale and pushing the loan approval through.  The first leinholder has now (Feb 11th) approved the shortsale (verbally, I'm told).  We are just waiting on the second (Chase) for their approval.  What does this involve, and how long should it take, as I am on a limited time frame.  Is that part handled by the first leinholder or the selling agent?   I would like to know who would be responsible for this part of the process, and is there anything my agent can do to speed things up.  Any information is appreciated.

I have a verbal approval from the 1st lender on a short sale, they say we will have it in writing on 2/24.  I am now waiting on the second lender (Chase), who has not given any response yet.  They received the approval info from the 1st lender on 2/12 (over 10 days ago).  I am told that the 2nd lender's response usually takes 7-10 days.  Can someone tell me the turnaround time I can expect from Chase Bank?  I hear that tey are pretty good about short sales.  How long should the 2nd lender take to process their part after the 1st has already approved and accepted my offer.

I entered into a shortsale contract on the 1st of the year and still nothing yet...  The home has 3 lenders, the first 2 will get all of their money and the 3rd will get about half.  The 3rd is Citibank. Reading through this blog I have noticed a trend that people dealing with Citi bank are having a hard time...  The bank told us 45 days then added 50 more at the 30 day mark, then said we would get approval paper work by the 1st week in March and then on the 29th of March but nothing has come of it.  The neweest development was the negociator telling our realator that we wore out our welcome with the bank and that the person who will make the final decision has 400 files on her desk and to basically leave them alone.  I am worried that we are wasting our time waiting for this deal to go through...  Any thoughts?

My recent experience with CitiMortgage has been superb.  I live and work in Southern California and was representing a couple that was divorcing, which ultimately put them into financial hardship.  I was able to complete the short sale of their home unbelievably fast.  Upon submitting the entire short sale package to CitiMortgage, it was approved in 8 business days.  Yes, 8 BUSINESS DAYS!  Both liens were with Citi, not sure who the investor was.  We opened escrow immediately and even were granted an extension to close escrow an extra couple of weeks later (though we only needed a couple of days extra).  My clients ended up only being delinquent on their mortgages for 4 months total, so the "hit" to their credit, while still somewhat severe, wasn't prolonged in terms of missing payments.

I must've been lucky. The three people I ended up working with at CitiMortgage were absolutely awesome, helpful, and quick to respond.  They did most everything over email, so I never had to deal with missed calls or having to fax anything.  I still have a relationship with a couple of the people there that can help me push paperwork through now a bit faster, which is great.

I'm selling my house as a short sale and am approved by my lender. The buyer's lender has postponed the closing date 4 times and going into the 2nd month. As a result, my lender doing the short sale is going to charge me 10% of what I owe if I need to extend the closing date again.

Is this legal? Can my lender doing the short sale charge me a 10% fee to extend the closing date?

They say the computer generates the 10% every 2 weeks i'm guessing. Are they BS'ing me on this and can they reject the short sale, which is already approved, if I refuse to pay?

Thanks.

Thanks Susan... The buyer's and parents of the husband were approved last week by U/W. We close tomorrow but today the buyer's lender or the buyer wants to remove the mother from the loan. Trying to figure out why? If her credit was bad the lender would have known last week and not put her on the loan so why do they want her off? Is it a cover story to delay for another reason? Anyone know why else this is being requested 2 days before closing, I mean they were already APPROVED!!! Ahhhh

It's apparent this lender, a senior loan officer, has no idea of what he's doing. Thursday the buyer's lender said all paperwork was in and that a HUD-1 was needed Friday morning to close. Friday came and went, apparently the lender doesn't have his stuff together and is providing incorrect information. He either had errors or missing paperwork and isn't telling anyone the whole truth. We're demanding a firm closing date on Monday as all we ever had was a conditional commitment signed last tuesday.

I also found out from my lender that they were charging me 10% on the net owed, not the loan amount. A huge difference, $550 rather than $5,540.