citi
closed on a Citi, short sale yesterday. At first it was a pleasant experience. However, on the day of closing final Hud came in at $1385.00 more than earlier estimated Hud, Citi"s, negiotator (S.C), when asked to work with us in adjusting the figures: per her conversation, the agents, title co, seller and buyer's should make up the difference.
This seller has no money, has both been unemployed for about 5 months and was asked to make up the difference.
"Shame...Shame...for a company accepting tax payers bailout funds...now treating it's clients like beggers.
End result, negiotator gets credit for closing the deal meeting goals, sellers has to borrow money, agents had to futher reduce commission, title company reduce fees, Citi.. who knows.
Thanks (S.C)
Replies to This Discussion
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Permalink Reply by Ben Benita on
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Can NOT emphasize this enough...JUST SAY NO!!!!
Not sure who ultimately came out of pocket on that, BUT, it should NEVER happen
Also above, I would STRONGLY suggest you NEVER close with that title company again (obviously assuming they did not make you aware of the shortage).
The Negotiator - -true, "he got ya", but, always remember, he gets paid to do that...they do call them "negotiators" for a reason.... -
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Permalink Reply by Oma S Hoffman on
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thanks, it was either that or let the deal fall apart at the table.
Few minutes ago, she sent me an email with an "immediate demand".
Requesting wiring confirmation from me, "agent's don't fund files." -
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the person who sent the "immediate demand"....who was it that sent you that? is Citi looking for that extra $1300 AFTER closing?
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the negiotator at citi, she wanted to close her file and wanted a track of the wire, instead of asking the title company, she immediately wanted me to track it down for her.
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hard to come in here mid-stream, but, the "right" thing to do, forward the e-mail to the title company and tell them to handle it, if it were me, from wha tyou ahve written, I would NEVEr deal with that title cpmany again.
one of the keys to success with short sales is dealing with a title copmany that gets short sales so you need not deal with shortages, wire info. not getting sent, etc.
I would suggest you call around and see what title company is handling the most short sales in your area, then, DEMAND any Seller you work with close here, even if it means a split settlement so you can avoid all this non-sense in the future.
We went through a number of title copmanies when we got started a few years ago, now, we are all good, VERY RARE for us to have an issue with the title coompany on a short sale......lesson learned :-) -
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title was great to work with. My problem was with the Negiotator, she had all the info, it just wasn't her job to talk to them. It was my job, because I got paid a commission.
Doing short sales for about 4 yrs, now instead of applying "kis", they are out of control. -
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Oma, they are REALLY working you....start telling them "NO"!!!
it is not at all your job to handle wire info. Every acceptance letter I have ever seen has wiring instructions thereon and it is the job of the title company to handle this portion of the short sale.....you get paid to find Buyers and Sellers, title companies get paid to handle closings.... -
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