Have you hear/deal with the short sale like this?! Need HELP!
This is a short sale file with B of A (1st) and Citi (it went to collection dept). The Citi Collection Dept
said they will NOT release the lien until my sellers finish paying off
the promissory note. This is insane! No buyer will buy a home with a lien on it. Aren't
they crazy?!
How would you handle this situation? I told them when the house foreclose, they will not get anything. They said they will go
after my clients then. Right now, B of A is giving $3K and buyer's
contributing $6K. So they are getting $9K at COE. My seller is doing
$7K promissory note. They mentioned me contributing my commission. I
told them I already am because I'm paying off the utility liens and
other closing cost B of A is not paying...
Replies to This Discussion
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Permalink Reply by The Trent on
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I would find an AVP or SVP contact at CITI and escalate to them, nicely but firmly. Unfortunately I do not have a good contact with CITI or I would give it to you. If that fails, try to escalate to the CEO. It should at least get someone to see the light!
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Permalink Reply by Tina Kang Yee on
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Thanks Trent! I will try them =)
The Trent said:I would find an AVP or SVP contact at CITI and escalate to them, nicely but firmly. Unfortunately I do not have a good contact with CITI or I would give it to you. If that fails, try to escalate to the CEO. It should at least get someone to see the light! -
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Permalink Reply by Ben Benita on
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try telling them "no", keep in mind they are called "negotiators" for a reason, they get paid to negotiatie with you (some even get in trouble if they do not).
if it were me, I would go back and tell CITI NO DICE, escalate the file up the food chain and tell them your broker said you could NOT contribute your commission.....
Tell them your broker told you to advise the current Buyer to withdraw and that you will rer-list the property noting that the new BUyer will need to bring LOTS OF CASH to closing.
If this is escalated properly, you should not have to pay any commission and you should be able to get lower and/or better terms on that prom note, particularly if there is a true financial hardship.
Some lines to use (taken from my short sale book)
"We have closing set for __XX__ (where XX is 10-14 days from today), are we really going to have to re-schedule closing"
or
“Can the Buyer contribute the cash”
or
"Since there is no cash to contribute, how long do I have to find a new Buyer before you guys decide to foreclose"
or
"Seller needs cash for moving expenses, or, to pre-pay rent or pay a high security deposit for his new home b/c his credit is now ruined b/c of the short sale"
Try the above, play "nice" or be the "middle guy" (blame things on your broker), and watch how CIT does a TOTAL 180 for you....... -
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