Home Buying in 02072>Question Details

John, Home Buyer in Massachusetts

Does anyone have a timeframe for Citigroup to respond to an offer on a short sale in Ma.? been 5 weeks so far.

Asked by John, Massachusetts Wed Mar 4, 2009

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SHORT SALES COULD TAKE UP TO 4 OR 5 MONTHS. I JUST CLOSED ONE ON FRIDAY TOOK 4 MONTHS WITH A 1ST AND SECOND LOAN ON IT. AS FAR AS I KNOW THEY DON'T CUT YOUR COMMISSION NOW. I DO THE SHORTS SALES FOR 6% FOR THE WORK AND TIME IT TAKES.
0 votes Thank Flag Link Mon May 11, 2009
Matt - They usually say 4-6 weeks but if you are persistent and continue dialog about the depreciating market, they will respond. Unfortunately their committees meet about every 2 weeks. I've sent graphs, current market analysis information followed up with phone calls and I got results within 1 week.

It is trying, but good luck
0 votes Thank Flag Link Fri Mar 6, 2009
Hi John:

Your best bet is to get someone who can "work the system". I know that we'd all like to think that getting a short-sale done is like ordering a whopper, but it's not. There's dozens of people involved, and the banks have their own prioritization systems for figuring out how to move the properties off the books. As mentioned, every deal is different, but I recommend getting your attorney or agent to get the paperwork done so your own proxy can get the story straight from the horse's mouth, and call citi directly. It might not speed it up, but at least it removes the layers between who's talking and you. Hopefully, your agent has done this before!

Matt Heisler
Web Reference: http://1timari.info
0 votes Thank Flag Link Thu Mar 5, 2009
Every Short Sale case is unique ... even within the same bank. If it is any consolation, I'm working with a buyer and we're going on our 4th month waiting for the bank to respond.

Short Sales take a lot of patience, but if you can wait, you have an opportunity for a great deal. Just take that into consideration when first making the offer.
Web Reference: http://www.commonmoves.com
0 votes Thank Flag Link Wed Mar 4, 2009
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