We just closed on another short sale. This time the first trust was with OneWest Bank, FSB (formally IndyMac), but the sale had to be approved by Freddie Mac. The second trust was with Citi Mortgage. Due to several reasons, this was one of the most difficult short sales I've ever been a part of. First off - because Freddic Mac was overseeing the first trust, the sale had to meet Freddic Mac guidelines. The second trust, Citi Mortgage, was unwilling to approve anything less than 10% of what was owed. Freddie Mac absolutely wouldn't approve anything more than $3,000 so the seller had to do a principal buy down. This was the first time I have ever had a seller do a principal buy down, but it actually worked out really well and once Citi Mortgage was in receipt of the money, we received full approval within 4 hours and closed later that day.
If you have a similar situation and are concerned because there are two different banks involved, feel free to give us a call. Typically these types of sales take longer, but they can be done. We are always looking for innovative ways to make the banks happy.
# posted by
Chip and Becky Miller @ 11:21 AM
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