Realtor Short Sales Training and Resources
Citi Bank short sale approval expiration date
I received an short sale approval expiration date of dated May 28th (Memorial day observed). When I asked for an extention until the end of the month, my negotiator told me it would cause a "10% increase" and she told us to close on 5/25 (Friday). Are they bluffing? Has anyone had experience with this and if so, any tips? Also, our approval letter states that one of the criteria to recieve a mortgage settlement is that the seller "make all payments until the sale of the property". -is this normal?
Any insights would be appreciated. -Rob
Replies to This Discussion
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Permalink Reply by Tracey Kandell on
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i have had them tell me this in the past, go to upper management, especially since it falls on a holiday. As far as keeping payments current i have noticed once a short sale on a 2nd goes past 180 days late you run the risk of the loan being sold to a collections co, but i would obtain further clarification on that.
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Permalink Reply by TOP END Properties on
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I've had a Citi extension without any increase in price.. of course there are always factors like who the investor is ..
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