I am trying to buy a short sale. I offered full asking price and seller accepted. Two months have gone by and I am wondering if the sellers bank (green tree service)has even received or reviewed the offer. Any way to get info?

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Yes, call your agent. 

thanks for your response. my realtor and  i both  reached out to gree tree service on separate occasions and were told that they were not allowed to give out that information.when i called, a person from the call center actually gave me the first name of the person in charge of the account by using the property address. i had no luck reaching him. my realtor got him on the phone but was redirected almost immediately without a response.

your realtor should be communicating with the person on the listing side that is working the short sale and your realtor should already know that greentree wont talk without authorization.  Is your realtor experienced in short sales? Is the listing agent experienced in short sales?

You understand the listing agent sends your contract and all supporting documentation to Green Tree on behalf of their seller, correct?  They then follow up on the file by making weekly contact with Green Tree.  The listing agent should have a status on the file for you.  Have your agent inquire with the listing agent if a BPO has been completed.  That may give you some idea as to how the file is progressing.  Seems strange your agent would even reach out to Green Tree versus the listing agent.

Thank you all for responding! Diane, thank you, I just reached out to my my agent about the BPO and left him a message.as far as the listing agent's responsibility on weekly contact with green tree, is that the standard? And is there a file that must be legally kept?

No - there are no "rules" and nothing is really standard and I am making an assumption that the listing agent is working the file.  I check all my files at least weekly for an update, because if "whom ever" is working the file does not constantly follow up, it will get lost in the wood work. An experienced negotiator will turn in all the paperwork and then follow up to confirm they have received it.  Next step is to start requesting a BPO.  Obviously if you are constantly pushing the bank for the next step, it can only help.  If the BPO is complete and all the documents are turned in, generally the next step is the bank will counter the contract or accept it. This becomes the crazy part because the bank will not reveal their BPO value and may counter offers that are already "good" offers.  At this point loads of time can be wasted because the listing agent may have to relist the property at a higher price (based on the hidden BPO value). 

Good luck with your deal and have your agent be as proactive as possible.  The buyer side can only do so much. 

Thanks again Diane.
My agent told me through text that the LA only represents the the seller and that the bank will be negotiating with seller's attorneys office.he told me he reached out to LA but only to see if she had heard something but not necessarily about BPO. Does this sound right to you? I feel as if there is more he could do but not sure what and as a business owner myself I know that the squeaky wheel gets the oil.

I agree with Wayne - in my experience when an attorneys' office handles short sales...they do not get priority.  I also do not understand why your agent would tell YOU to contact the listing agent.  I would instruct my buyer agent to contact the listing agent and specifically inquire from the listing agent if a BPO has been completed on the property.  The listing agent should then find out the answer and get back to your agent...period.   It is not rocket science. If the listing agent does not have an answer, the attorney's office should KNOW the answer.  If the answer is "we don't know" then you have problems.  If the attorneys office is experienced with short sales, they would know enough to have already inquired on the BPO status.

You have two simple questions for the listing agent.  Are all the required documents turned in and what is the status of the BPO.  I don't want to be negative but your deal sounds like it could be a long wait to go no where.

Well generally, the seller's attorney is the worst and slowest at processing short sales. The LA needs to be talking directly to the attorney's assistant who is handling the file. Hopefully the LA knows what they're doing, and doesn't just hand the file over with "call me if you need something".
Thanks again for your time. I received a call the other day from my agent telling me that the bpo was going to be scheduled for sometime this coming week. Since then I have read a few articles suggesting that I get my own list of comps and my own list of repairs for the bpo.I asked agent and he said that is a practice that is borderline illegal. Is that true?
Some BPO agents will look at these, some won't. They know we're trying to justify the price offered. Major repairs are more important than comps, but we send these in with the original contract. Submit Contractor quoted for major repairs. Cosmetic, paint, etc. will be ignored. The BPO will do their own comps, and some banks/investors have them exclude short sale/REO comps. Your comps will be more important of you get to a value dispute later. Do you know who owns the loan-Fannie, Freddie, FHA, etc?



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