We got an offer on a condo and sent file to Citi. Seller then received a letter from Citi to list this condo for $69,000 she has received this letter over 8 times. We had an offer for 70,000 on the condo. Thought no problem we should be ok. OH no they came back with a counter of $96700 on this condo. I explained that there is 4 units on the market right now. Yes this is the lowest. But it has some condition issues. The other units have been on the market for a while. Only 1 unit has sold in a year. 84,000. So we are sitting with 5 units on the market nothing as high as the counter. I explained that this buyer is getting a loan and it needed to appraise for that high of a price. Buyer will walk and put an offer on any other unit they are vacate and ready to close. What is Citi thinking on this deal.

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don't think there is any thinking, unfortunately.  Did you provide the comps w/pictures and history of days on market in writing?  Sometimes it helps to give them all the stats in writing so they can see the big picture..hopefully.

I did send all that information to her along with the number of times this unit was shown before we received an offer. She asked for buyer to get best and final offer. Buyer counter back at the same price. We even sent the letters from Citi telling the seller to list this unit at $69,000. She would not move on this either.

Email me - [email protected] and we will call some of the higher ups.

LOTS to get into, but:

1)  As Patricia notes below - find out who the Investor is and contact THEM directly

and

2)  See if there is mortgage insurance - could play into it

and

3)  Get a copy of the BPO/valuation - YES this IS possible, email me and I will tell you how

and

4)  You likely just need to do a few negotiation tricks to get this done

Email me - Ben Benita, [email protected]

Ben this is a Fannie Mae loan. It does not have PMI on this loan. I asked for a copy of the BPO and they said no. I have disputed this value and amount.

If you send in a QWR - Qualified Written Request, MOST banks have to honor this as it affects the Seller and the outcome of the property (email me for a copy of ours [email protected])

When does the current BPO/value expire?

and

Have you tried reaching out to Fannie directly?

and

Who did you send the BPO challenge to, was it a "higher up" or the lower level negotiator?

let us know on the above.....

Ok I had Fannie Mae give me an new value on this condo. They came up with $88,000 but Citi still tells me they want 96700 to do the short sale. I asked them how they thought the people would get a loan if the are paying over value. Would they give them the loan on this condo. Then they said the seller would have to come in with the difference. I would say that Citi has not plans on working with this short sale. They just keep saying the investor wants this much. Not sure the investor Fannie Mae would give the buyer a loan on this either.

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