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