Okay, I have an accepted offer on a short sale listing after only 10 days! YES, less than 2 weeks!
The bank is Citimortgage and I am in a redemption state. Basically, the owners have a 6 month right of recemption period after the sherriff sale. I sent everything the bank asked for, along with a net sheet, and the phone rang today with the usual "out of area" on the caller ID. Citimortgage is faxing me an accepted approval on the offer, which is 45k less than what the owners owe.
Countrywide on the other hand, has taken 10 weeks to make a decision!! The buyers are holding out, waiting patiently, but I never realized that I had that much patience.
Stay persistant with your offers and call back a 2nd time and talk to another customer service rep at the bank if you have to! I have noticed that you will get multiple answers for the same question.
CLOSED ON DEC 2ND. It went very smoothly, and the lender received $12 more than they expected. All the taxes were paid in full, everthing cleared. It's very important to know what fees are going to pop up on the HUD1. That way, you don't fall short at the closing.
FOR YOU SHORT SALE SPECIALISTS OUT THERE, THIS WAS A CITIMORTGAGE LENDER.
ADVICE: GET AN E-MAIL ADDRESS OF THE NEGOTIATOR!
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