I have a strange one!
Got an offer on a property, BofA was first, Citi Second.
Citi is short, BofA is not.
Loan is for $67,000 with Citi
Net to Citi is $6750
I get a call from a Citi loan officer locally asking me to send her the contract and HUD-1, I sent it.
She informed me that Citi needs to net $25,000 or they will not approve the short sale.
I call Citi loss mitigation and was told that they did not have a borrower at this address or loan number. I call the citi loan officer again and she confirms that the borrower does have a loan with Citi.
Why would a local loan officer be involved with this?
Could she be telling me what she thinks Citi needs to net because she does not handle short sales normally?
I have always been able to get them approved for 10% of the balance with Citi.
Very weird situation to me..
Tags:
Most likely another negotiator bluff so they can get a bonus. Stay firm on your 10%, you are right, they should accept.
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