Today’s Mission: To prove to Citi short sale negotiator that real estate values have declined in my area on the Emerald Coast of Florida.
Scenario: Santa Rosa Beach FL home with short sale offer for $225,000.
First Mortgage: Saxon – $258,000
Second Mortgage: Citi – $80,000
What Citi Negotiator Says: “How could value be so low?”
Wendy: “The market”
Citi: “Hmmph… I don’t believe that market c*&p. I’ll do my research”
Wendy: “There is a four year inventory of houses in the Santa Rosa Beach market area”
Citi: “We’re not just taking $1000 or $3000 offer. I’ll just let it go to foreclosure. I’ll make this short and sweet. We’ll just walk away and the first won’t be able to accept the short sale. Get me the hardship letter and HUD and I’ll get back to you. That’s why I got into this business, because I am experienced.” (true rendition)
Wendy, should you choose to accept this mission, and educate a Citi negotiator, you may save a man from foreclosure.