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Tony Simons, Both Buyer and Seller in Virginia Beach, VA

I am trying to buy a short short sale with with CIti as lien holder, how much longer?

Asked by Tony Simons, Virginia Beach, VA Wed Aug 10, 2011

Offer was submitted to Citi on 7/7/2011. A negotiator has been assigned and BPO was done on 7/22/2011. On 8/1/2011 a negotiator (through seller's agent) asked us to change closing cost assistance from 4% to 3% - change was submitted on 8/3/2011. Status update from via seller's update on 8/9/2011 was that offer was "being reviewed by senior managment." How much longer before we can expect an answer/letter?

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4
Thanks you everyone for your responses. We received bank's approval letter on 8/15/2011.
0 votes Thank Flag Link Tue Sep 6, 2011
I agree - it sounds like it's moving along very quickly and smoothly. The bumps happen when there is a 2nd mortgage holder (or a 3rd), or if the seller is asked to contribute cash to close or hold a "note" for one of the liens or the PMI company. If the seller refuses, or needs to negotiate the amount down, it can take quite a bit of time to iron out. But hopefully, you won't have any glitches and all will continue to go smoothly.
0 votes Thank Flag Link Wed Aug 10, 2011
WIth Citi, at this point, you can expect an answer within 7 days. No guarantees, but generally that's how it goes, unless there is an unusual problem, or a rogue investor group behind the loan.... but really, it's almost always 7 days at this point with Citi.
0 votes Thank Flag Link Wed Aug 10, 2011
Hi, There is no set time frame unfortunately and it's hard to predict. Based on the timeline you provided it seems as if things are moving rather quickly. As long as the sellers package is complete and they have everything they need it shouldn't take too much longer. Another delay could be a second lien holder, but not sure if there is one in this case.

Chris
0 votes Thank Flag Link Wed Aug 10, 2011
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