Profile picture for jorge33165

Short Sale process started 30 days ago with CITI Mortgage. What should I expect?

They said that the lost is well beyond the underwritting approval range. They complete preliminary underwritting review but they will need between 6-8 days for a final underwriting review. What should I expect? Thanks!

  • September 17 2011 - Miami
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Answers (5)

Best Answer

Profile picture for Nayna Bawa
That basically means that your offer was not within their range of approval.  So, the lender will take a final look at the offer and see if the numbers work for them.  They will then get back to you.  At this point, your offer has not been accepted.  The lender will try to recoup some of its loss from other sources including  the homeowner.  After figuring out their bottom line number, they will determine if your offer fits the bill.  Good Luck!
  • September 18 2011
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Hi There,

Citi Mortgage has a great new feature to their short sale process. The feature requires the short sale negotiator to make a decision on a complete file within a certain amount of time or they get in trouble by their Internal Audit Team. There's a great article on [Promotion and hotlink removed by Zillow moderator. Please see our Good Neighbor Policy.]

Their's a great ebook available too called [Promotion and hotlink removed by Zillow moderator. Please see our Good Neighbor Policy.]
which explains the process from determining short sale options to the decision phase with the lender. 

Hope this helps. Let me know if you have any other questions.
  • April 24
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Should have approval in 15-20 days total and close within 45 days. If it goes much longer call and I will set you up with someone that can close quick.
  • September 19 2011
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Good Afternoon Jorge,

In the last few years I have been working a great deal on short sales, and while they can be rather taxing on the patience, they do turn out to be opportunities so long as you are willing to wait. I have found that in the past year the banks have been moving at a faster pace so long at the parties involved in the transaction provide them with the information that they seek in a timely fashion. The key is that the person(s) directly involved in communicating with be in constant contact with the negotiator to ensure that documentation submitted is received and properly attached to the file. On average the shorts sales I have worked on this year, once the bank has the complete short sale package it has moved through the process to an approval within a 45 day period. Good luck with your purchase. You may wish to ensure that your agent is actively involved with the listing agent to sensure things are moving forward and updates are periodically provided.

Lila Lopez
RE/MAX Advance Realty
  • September 18 2011
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Profile picture for craigfial
Expect long delays and lack of communication.  The lender will likely counter offer at a much higher price and may ask the seller to contribute either with cash or a promissory note.

Hold on, it's going to be a bumpy ride.

Craig Fialkowski GRI,CDPE
Realty Elite - The Palm Beaches
  • September 18 2011
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