Replies to This Discussion

Permalink Reply by Ben Benita on August 31, 2010 at 10:36am

we got an approval on Friday from CITI, they were excellent and very easy to work with

Permalink Reply by Cheri Smith on September 29, 2010 at 9:39am

I'm currently working on a short sale with Wells Fargo in 1st position and Citi in 2nd. Wells has agreed to pay Citi $3000 but Citi is demanding $5000. Citi says the extra $2000 can come from the buyer, seller, or commission reduction but Wells is saying if the HUD shows Citi receiving more than $3000 they will deny the short sale. Wells requires any extra funds go to them.

Citi said the $5000 is not negotiable because the investor reviewed the seller's financial statement and credit and determined that the seller is able to make a contribution. I explained to Citi that if Wells denies the short sale they get nothing so it's in their best interest to accept the $3000 but the negotiator says it's not negotiable!

Citi gave me an approval letter very quickly, I'll give them that, but they are not being very flexible in their demands.