Home Buying in 94207>Question Details

Ca, Home Buyer in Fontana, CA

what do you guys think?

Asked by Ca, Fontana, CA Tue Jan 22, 2013

We have put an offer with the listing agent as my realtor on nov 12 2012 with citi financial bank. it's been 2 months 2 weeks since we put the offer but today bank ask for sellers updated 2012 taxes, paystub, bank statement. Where are we now in this case? Should you think how many more weeks/month to wait before they give us any final answer? And do you think negotiator has been assigned to the file already?thanks a lot

Help the community by answering this question:


Your agent should be communicating with you/keeping you updated.


Brian Gorban
Real Estate Broker-Associate
Equator Short Sale, REO, and Platform Platinum Certification 2011
Tel:(858) 652-9647
DRE #01901473
Exquisite Real Estate, DRE #01921952, 9290 W. Stockton Blvd. #105, Elk
Grove, Ca 95758 T:858.652.9647
0 votes Thank Flag Link Thu Jan 24, 2013
You have an Agent,
you should be letting him earn his keep.
and, how the heck would we know about your negotiator?
you're welcome a lot.
0 votes Thank Flag Link Tue Jan 22, 2013
Since the listing agent is also representing you at least you should be able to get status updates from them.

2 1/2 months is not too long for a short sale as it seemed just about everyone ground to a halt over the last 2 weeks of December, now that we are in a new year, yes they want the Sellers updated info. At least when the bank starts asking for things you know someone is working on the file.

If it is "your perfect house" be patient, but also be ready to hit the ground running once the lender approves the short sale.

In times past all sales took 90-120 days.
0 votes Thank Flag Link Tue Jan 22, 2013
The respondents have all given you good answers. Everyone is at the mercy of the short sale processor and its the luck of the draw if you get a good one. That is assuming your listing agent is experienced on doing short sales and knows how to submit a complete package, tracking it closely.

The short sale process takes persistence and perserverance. But a couple of questions still--is there a foreclosure pending on this property and do you know that schedule stands? Are you still looking at other properties just as a back up? While I want my buyers fully committed to their offer, it's also reasonable to believe that there are short sales that don't get approved.
0 votes Thank Flag Link Tue Jan 22, 2013
It's not unusual for them to ask for updated fnancial documents. Citi can be slow and I usually just supply them with updated seller docs monthly without even being asked. It can happen that they ask for tax returns before the seller has filed the taxes. Usually they don't ask for the prior year's tax return in January, but you never know. I hope the sellers are ready to file and don't plan on waiting till the last minute. Check with your agent about that as that could become an issue. It's easier to file the tax return early than trying to convince Citi that they should not ask for the 2012 return now. Since the listing agent is also your agent it should be easy to find out about the status of the seller's 2012 tax return.
0 votes Thank Flag Link Tue Jan 22, 2013
Ute Ferdig -…, Real Estate Pro in ,

The process of a short sale can take anywhere from three to six months. If you were informed of the sort sale process (start to finish), are being updated at least weekly, and everything is moving forward according to the short sale process, then you are doing well.

Citibank is hit and miss when it comes to their files. The file starts with a Homewoner Support Specialist who is responsible for collecting all of the documentation.This process, if you have a good specialist, can move quickly (30-45 days), or can drag out if the specialist is not on top of their files.

After the specialist, it then moves to a negotiator who (in my experience) zips through the processing even though they tell you they have 30 days to process the file. I've seen approvals as fast as one week once it reaches the negotiator.

If you have not been informed about the short sale process and what to expect, a short summary is below:

1. Short Sale Package received
2. Negotiator Assigned
3. BPO/Appraisal Ordered
4. File in Valuations/Assessment
5. Sent to Investor for Approval
6. Approval Received (Approval sent to buyer for start of contractual timeframes)
7. Buyer's contractual timeframes begin
8. Escrow Closes

Overall, in a short sale, patience and knowledge of the process will be your best friends, and you will gain a wonderful home at the end of your journey.

Hope that helps.

Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
"The Short Sale Lady"
Century 21 Landmark Network
(916) 370-1803 cell/direct
(916) 405-3886 fax
lic#: 01439130
0 votes Thank Flag Link Tue Jan 22, 2013

That's funny... You know the correct tax forms for 2012 aren't even out yet from what I heard... the bank statements are typical because the file is getting stale dated..

But a couple of months is not out of line really... you are probably close to getting the approval. When they start asking for stuff like this at the end, you're probably getting down to the wire.

Let's hope they don't ask for a new BPO because prices are going up and these folks aren't stupid either. I think that is the next ball to drop by the way.

Let us know what happens

I hope this helps...

Make it a great day...
0 votes Thank Flag Link Tue Jan 22, 2013
Citi is also pronounced "slow". Lol. Normal for this time of year, that a lien holder would wait until the calender turns, and ask for updated financials at the start of the new year. Good sign though, that at least they are communicating. It means that somebody is working on your file! Hang in there, Citi is slow.
0 votes Thank Flag Link Tue Jan 22, 2013
Elizabeth's post is spot on. Also if there is a 2nd, this is usually where the hiccup and delays start. Citi can be great but alot depends on who owns the loan as well. We submitted a complete package the Friday before New Years and received approval two weeks ago (then sometimes takes another few weeks to get the actual letter). Citi's process usually starts with the negotiator and once they have approved an offer, it usually goes to an Underwriter who processes the actual approval. Of course portfolio loans (loans owned by the bank and not by outside investors) go much better.

Lately their values are coming in sometimes much higher than agents are pulling from the MLS, this is because they are instructing the providers who perform their values to not use REO or Short Sales as their comparables so be prepared for a counter if your offer was based on lower comps.

Best of luck

Bruce Slaton
Realty World eCurb REALTORS
0 votes Thank Flag Link Tue Jan 22, 2013
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