How To Handle A Citimortgage Short Sale

More likely than not, you may be wondering how to get a Citimortgage short sale approved.  To many, a short sale can be A number of people may find a short sale nerve-racking, but if you have an experienced Realtor behind you it does not have to be.  This person will be the eyes and ears for both you and the bank, which is what you want.  All three of you need to approach a short sale with the mind set of getting as much money back to the bank as possible.  In turn, this will lead to less stress on you, the homeowner.  However, and I cannot stress this enough, finding a knowledgeable Realtor who has a history of getting short sales approved an important factor to make this process go much smoother. 

For any questions or possible concerns you may have, check out http://www.businesskahuna.tv/citimortgage-short-sale/ to get field expert advice on anything related to short sales.

Citimortgage is one of the two major banks, the other being Bank of America, and it processes and services more loans than they have in house.  They adhere to certain guidelines, cue cards if you will, as to how to proceed with a Citimortgage short sale.  The first being you have to have, and prove, a serious hardship.  You have to be very specific with what is happening financially that pertains to your short sale. 

The best way to approach this is when sending in your hardship letter handwrite it, and express it well along with making it as accurate as possible.  This  can be used for almost any bank, but Citi in particular.  The second important guideline you should know is that Citi does not handle most of the decision making.  The Loss Litigation Department, the negotiators, do not have much authority when it comes to being able to move things around or make extensions .

Another question that many wonder is, is there a trick that determines how much the bank will approve for a short sale?  The answer is yes, but how much is owed on the property is not where it starts; it has to do with the current market value on the property. 

Many banks are willing to get within 10% of the appraisal value if under 200,000 and between 5%-8% for higher appraisals, in addition to 10% for misc. fees that can include the title and Realtors fees.  A good way to determine what the bank is willing to take for the property is take the BPO, or appraisal, and deduct 15%-18%.  The Realtor should be willing to work extra hard in the beginning to come up with an offer as close to the appraisal as possible.  To do so, the Realtor may obtain their own BPO and pay another Realtor for a BPO that way you can present the bank with all of these forms when starting the process.

For all of these reasons and more is why having an experienced Realtor standing beside you through this process is vital.  It is that experience and knowledge that you want that will get you as close to an approved short sale as possible, especially when dealing with a Citimortgage short sale. 

For more information and some really terrific insider advice check out http://www.businesskahuna.tv/citimortgage-short-sale/ , you will be glad you did!