I am a buyer who put an offer into a short sale. Th...

Submitted by kendog66 from CT - 05/04/2009 - 8:00am

I am a buyer who put an offer into a short sale. The lender is CITI Bank - anyone with any experience in dealing them ? If so, were you able to get the deal done in a "timely" fashion?

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Comments

Submitted by bob_1 - 05/07/2009 - 9:21am

There is nothing "timely" about short sales - The only thing that is "short" is what the bank gets paid.Otherwise the process is rather unpredictable and take a long time. Typical short sale process from start to finish is 2-4 months. Sometimes longer for the Seller if additional buyers are needed.
 
However, there is light in this tunnel if you are patient and persistant - Just last night we found a short sale that we'll open escrow today and close in 30 days. The previous buyer cancelled and we stepping into their position. Short sales can be somewhat frustrating, yet, with the right appoach you can find are really good home at a good price.
 
Bob - Certified Distressed Property Expert (CDPE)
bob@inspiragroup.com
 

Submitted by CrewRO - 05/13/2009 - 4:24am

Kendog,  I'm in the same situation.  I have an offer in on a short sale here in Michigan.  Citimortgage holds the loan and we have heard nothing from them.  In the mean time, we've sold our house and are now need to find a month-to-month lease until we hear from Citi or find another property.  It's almost impossible finding a month-to-month lease especially this time of year.  It's very frustrating.

Submitted by boulder mortgage - 08/06/2009 - 10:08am

this is a very quick process compared to a foreclosure. A short sale does not take long at all.

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