Saturday, August 30, 2008

Citi Residential-You Want WHAT?

Citi Residential is supposedly one of the few lenders who works with the seller at the beginning of the Short Sale process. At least, they used to. In my case, a house listed in Navarre, Florida, where Citi Residential (not Citi Mortgage) was contacted by the seller at inception of the process, had a pro-active appraisal done, and bi-weekly check-in calls by the company to find out how the Short Sale was going. The second was GMAC (worthy of another blog or three). Anyway, I thought "Great! This will make the whole process easy". Not so. We received an offer in May. The Citi Residential negotiator was receptive to an emailed contract, HUD, etc. He wasn't easy to reach, but that's not unusual in Short Sales. After a few weeks, he required more detailed information, and I faxed him a 42-page package. A few weeks later, he said the price wasn't high enough. I sent him proof that the offer was actually slightly over-market. A few weeks later, still no actual "counter", so I continued my phone calls and emails. The rep was on "vacation". The substitute rep asked for the proof of market value to be re-sent. I did so.

A couple weeks later... Phone call from Citi... The rep is "no longer with the company. We have to start at the beginning. We need your letter of authorization and listing agreement, then we'll tell you what we need to do the Short Sale." "You are KIDDING?" I ask in polite and incredulous terms. They are serious. This is ridiculous. So, yesterday I faxed in the listing agreement and letter of authorization-AGAIN. Today they fax back they want all the standard Short Sale items, PLUS Preliminary Title Work and a Termite Report. And, the rep called me on the phone to say they also want the "written approval from GMAC" before proceeding. (Of course, GMAC won't give written approval until they have approval from Citi.) And who is going to pay for the termite inspection and preliminary title work? Bottom line is their new requirements are going to lose many opportunities for sellers to do Short Sales.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.
Read my Blog.

Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Citi Residential-You Want WHAT?* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

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