Citi/Fannie short sale
First, I'd trade BofA for Citi any day based on the phone call I just made to their short sale dept. What a breath of fresh air!
My question: Citi/Fannie loan. This is an investment property, seller has never lived there, now vacant.
Should we expect issues with Fannie due to vacancy/investment property? I already have lots of experience with Fannie's bloated valuations.....
Thanks!
Replies to This Discussion
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Permalink Reply by Smitty on
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My experience with Fannie AND Freddie lately is they will dig their heels in and wait for more money, even if there isn't any more $$ in the deal.
I'd love to start tracking how many deals in the last two years throughout the country went o FC and then were relisted for under the amount the prior short sale submission was for. I'd love to see homeowners file thousands of civil suits and tie up Fannie's time.
I'm in THAT kind of mood today with Fannie.
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Permalink Reply by Kevin - Greenville, SC on
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Q10. If a borrower voluntarily elects to move out of state and purchase a new home, is he or she
eligible for a Short Sale?
The borrower is eligible if he or she obtained a new mortgage as a result of new employment, a
Permanent Change of Station (PCS) order, or a transfer of current employment, providing the
new property is located more than 50 miles one way from the subject property.
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