Citi Loan


Sheriffs sale 3/16/12 with 5 week redemption

I am the buyers agent for a short sale property 
We wrote an offer on this property on October 25, 2011 ($220,000).  Seller
signed PA and the file was being worked on.
started communicating in January 2012.  One story after another, weeks of
promised approval etc.  I kept telling them the Sheriffs sale was coming
due.   Sheriffs sale was 3/16/12 we were once again promised approval and
not to worry we have a 6 month redemption.  Turns out the redemption is 5
weeks from the 3/16/12.  Things got kicked in to high gear. 
countered our offer at 237,800 we accepted.  Than they said they made a
mistake and it is 250,000, we accepted and right after we accepted 
contacted me and said the file is closed they now need 270,000 and are done working with this file.  They are just going to
foreclose and that there is nothing I can do.

This literally all happened in 30 minutes.  We went from negotiating and worked it off the Hud to Bam file is closed.  All contact stopped with the law firm...can I get to citi to expidite?

This has been a dog and pony show (suprise suprise) the whole way.  I am
not trusting or any of their information at this point.
Citi 1st with US Bank 2nd.

I am wondering if there are any steps that can be taken to see what
exactly is going on with this file.  HELP!!!!  TIME IS OF THE ESSENCE

Views: 401

Replies to This Discussion

Have you contacted Freddie MAC directly?

Yes, I have a contact that can help you.  I will message you the information in a little while.

And, you're right.  Not every agent should be allowed to list a short sale.

I am in the process of a Short Sale with Citi.  Offer was submitted in April.  Back and forth with questions from FHA and my seller is nearing foreclosure.  Any advice?


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