September 1, 2017
- in Short Sales by Minna Reid
East Haven Citibank short sale approved and closed!
Another East Haven Citibank short sale approved and closed!
Another East Haven Citibank short sale approved and closed!HOME SALE CHALLENGE:
After moving out of his small East Haven condo to pursue a life that fit his new life with a larger family, my client rented out his condo to try to make ends meet as he was upside down in his loan and could not sell. Renting proved to be a challenge and he was still taking a loss, making a short sale his only reasonable option to exit the situation.
REID REAL ESTATE GROUP APPROACH:
Citibank (Citimortgage) is a decent lender to work with as far as short sales go and we expected a fairly smooth ride. The challenge was selling a tenant occupied property. Selling a tenant occupied property is always a challenge. Contact me if you want to hear why.
RESULTS:
It took 6 months and 7 price reductions to get this tenant occupied property under contract – as expected. TENANTS ARE TOUGH!!! Once we secured a strong buyer – Citi was easy, breezy as usual. Within 2 months an approval was negotiated and soon after – the property closed!
Last Updated on September 12, 2017 by Minna Reid
