Short Sale Telephone: 866-520-5499 | Short Sale Fax: 866-641-4350 | Short Sale Email: email@example.com
Note: All assigned parties at Citi can provide an email address for quick document collection
Required for Initiation
Manually fax and email a complete short sale package to Citi.
To initiate the process, submit:
- Buyer Pre-Approval/Buyer Proof of Funds
- Borrower financial information (see Doc Pac)
- Listing Agreement
- 4506T Form
- MLS Sheet
- Citi Mortgage Short Sale Financial Package
Citi negotiates with three structure phases: Processing, Negotiation and Closing.
Processors: Collect additional documents, request document corrections, order appraisal, complete the file
Negotiators: Respond to the offer, respond to investor fee caps, determine relocation incentive eligibility, request investor-specific requirements, determine cash contribution requirements
Closers: Issue final HUD approval at the close of the transaction
Citi also assigns Customer Relationship Managers who stay with the file through closing.
Timeline for Approval
- Manually fax and email the short sale package, wait for the lender to upload the documents (3-5 days)
- Note: Call after 48 hours to confirm receipt
- Processor is assigned and reviews for corrections/additional document requests, orders BPO (7-10 days)
- Negotiator reviews and responds to offer (5-15 days)
- Negotiator submits offer for approval to investor (5-7 days)
- Investor reviews and issues approval (5-7 days)
Four Lender Specific Tips
- Communicate primarily via email with your assigned parties: Unlike other lenders, all assigned parties communicate through email; request an email address initially for faster communication.
- Submit a complete Citi financial package with every submission: Citi requires a complete lender-specific financial package. Form 710 will be rejected. Submit the correct financial document at the outset of the process to save time.
- Provide the BPO Contact information to the Customer Relationship Manager: As soon as a CRM is assigned, provide them the correct BPO contact information so they can order the BPO as fast as possible.
- Leave voicemails: Assigned parties will call you back if you leave a voicemail.
Value Dispute Procedure:
Lender counters the offer higher than the parties believe the property is worth.
- Respond to lender's counter with the buyer's highest and best
- Provide an independent appraisal or full agent MLS sheets for three comparable sales (providing all characteristics), and if available, three active comparable property MLS sheets
- Provide a CMA report
- Comparable requirements:
- Closed sales no more than six months old
- Similar in size, age, condition and characteristics
- Within one mile proximity of the subject property; OR
- If there are Repair/Hazard Issues:
- Provide a line item repair estimate from a licensed contractor or engineer on business letterhead with the costs to cure the damage
- Provide photos of the damage
- Note: Excessive photos will be rejected
- Place photos in a zip file if sending more than three
- Time given to provide documents for value dispute: 24-48 hours
- Potential wait time for value dispute results: 2-4 weeks
- Note: This time can be expedited if you provide a complete dispute package and follow-up every 2-3 days.
Lender Specific Documents
Lender Escalation Procedure
Compared to other lenders, escalations will likely not be necessary with Citi.
If a file hasn’t been notated or moved in 10-days:
- Send one email to your Processor, Negotiator and CRM asking for an update
- Use asterisks in the subject line: ***Need Status Update***
- Wait 48 hours
- If no response, call and request to speak to a supervisor
- Call every other day until you receive a response
- Send final HUD for approval: Citi Mortgage requires the HUD-1 Settlement Statement be submitted for approval 48 hours prior to closing.
- Send the HUD via email to the negotiator listed on the approval letter.
- Sign and Return Final Closing Materials: Citi Mortgage provides closing instructions and additional documents for signature with the approval letter.
- E.g. Short Sale Arms Length Affidavit, HAFA Affidavit, Approval Letter, Insurance paperwork etc.
- Send documents via email to the negotiator listed on the approval letter.
- Processing Tips:
- Include loan number and seller in the subject line of all email correspondence
- Include a forwarding address for the seller
To request an extension of an approval:
- Reach out to your contact listed on the approval letter via phone to make request
- Fax request in writing to: 866-641-4350
- Call and email to follow-up daily
- Citi only issues approval letter extensions via regular mail, you can receive verbal confirmation of the approval extension date, but it typically takes a week.