needed answers pls....

Asked by Ca, Fontana, CA Tue Dec 4, 2012

08/24/12- Property was originally listed 199k, according to listing agent got his VERBAL ShortSale APPROVAL on 10/19/12 which the first buyer had backed out, then price increase to 208k. As a 2nd buyer, the listing agent and I put an offer on 11/12/12 which seller accepted and 3 weeks now CITI FINANCIAL BANK said they are still reviewing our offer. Do u have any idea how citi financial work?and when they can give us final approval?how long?are they gonna accept our offer of 215k asking seller to pay 7k closing cost?thanks so much

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Ken Dorfman, Agent, Los Angeles, CA
Wed Dec 5, 2012
The chances of the bank paying your closing costs are close to nil. If the sellers had the money, they wouldn't be pushed into a position of needing a short sale. Friend, this hound won't hunt.

Ken Dorfman,
Broker Owner
Kenneth B Dorfman RE
DRE # 675912
Phone: 888 846 0688
Email: Ken@TheRealEstateOffice.Biz
0 votes
Ron Thomas, Agent, Fresno, CA
Tue Dec 4, 2012
What does YOUR Agent say; or are you relying on the Listing Agent to represent you?
Remember that a VERBAL contract isn't worth the paper it is printed on!
And the Seller/Homeowner, in a Shortsale, is, at best, a "rubber stamp"; they have no authority.

CITI will play their cards close to the vest, no one has any idea how long, or if it will happen.
This is the nature of Shortsales; I'm sure you've been told this.
The Banks are very uppity lately; they are just as likely to refuse your Closing Cost.

Good luck and may God bless
0 votes
Ron Tomas- I am relying to the listing agent and represent me as a buyer.But usually How many weeks is verbal approved short sale usuallt takes?
Thanks for your answer.
Flag Tue Dec 4, 2012
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