Short Sale Buyer Needs Advice This is crazy
This has to be the longest short sale in history
House was listed at 150,000 I made an offer of 125,000 in April 2013
Listing agent says they already have an accepted offer. Ok no problem. A few weeks later it is back on the market so I make another offer of 128,000.
Listing agent again says there is already an accepted offer but I can be the backup offer.
Ok fine
2 weeks later it pops back up on the market for 125,000. So at this point I am not a happy camper.
What happened to me being the backup offer and why is it now listed for less than my offer. So I have my agent at the time call the listing agent and ask WTH is going on no real answer just again with the "there is already an offer" and I can be the back up offer. Ummm No thanks.
So at that point I give up. Fast forward to Feb. 2013 I have a new agent and this same house comes back on the market for 150,000. I make a full price offer. Do all the paperwork. Finally in April I get a counter from the bank asking for 5000.00 more . I accept and sign the counter offer and sign a HUD statement. Great. So I wait and wait. Finally call my agent who tells me the bank asked for an updated HUD and the listing agent missed the deadline. What?? How is that possible? My agent tells the listing agent fix it.
Then I hear nothing for weeks so I finally call my agent and she says we are just waiting to hear from the bank. So I wait some more.
I hear nothing until yesterday when I contact my agent and she tells me Bank of America sold the loan to Green Tree and my file is being transferred. What?? She tells me we can contact Green Tree on Wednesday and that we need to start the whole process over.
So my question is should I just give up? or should I keep trying? Do I even have a chance?? Can someone please help me? I love the house but....I just want some honesty here.
Here is a little more info:
B of A filed an NOD in March
B of A sold the loan to Green Tree on the 20th of May
House has been empty for a year an a half
Sellers stopped making the payments in Jan.
I live 6 hours away from this house so maybe that is why I am getting jerked around??
Thanks in advance for any advice.
Replies to This Discussion
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Permalink Reply by Wayne Brooks on
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Cindy, I won't speculate on the shenanigans of last year. But, this year it sounds like the listing agent/negotiator dropped the ball, and you'll be starting over with Greentree. Sometimes a being a extra day late with something, can lead to a two month set back.
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Thanks Wayne. I have waited this long so I can handle a setback.
I am just concerned about Green Tree after everything I have read on here about them it sounds like they are impossible to deal with and I have serious doubts about the listing agent. What if she drops the ball again.
The other thing I don't understand is do I now have to make another offer? or does Green Tree pick up where BofA left off?
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Permalink Reply by Wendy Rulnick on
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You are under contract with the seller, Cindy, not Green Tree. Since the package has already been "made" and sent to Bank of America previously, most of the paperwork should be ready to go, except for updated financials from the seller and a new authorization for the agent from the seller with new loan number. Hopefully, Green Tree won't take more than a couple of months, but it could be longer.
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Thank you Wendy. Finally somebody with some answers.
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Update:
Green Tree never responded so now we are dealing with Fannie Mae. Here are the emails from Fannie Mae that were forwarded today from the listing agent to my agent.
After review of the supporting information and other available sources, the value remains
unchanged at $155,000.00. Please ask the buyer to increase their offer to better
reflect the value or remarket the property in an effort to seek
offers that reflect the value of the home. Please submit the new HUD-1 directly
to me. After I’ve received the new HUD-1 with the higher offer, I will request
to have the file brought in-house from the servicer for an internal
review by our short sales teamThis email made no sense to me so I asked my agent to ask the listing agent for clarifacation because I don't understand What they mean by "the value remains unchanged "and "to better reflect the value? "
The following is the response:from the listing agent:
Please have your buyer give us the highest and best offer she can and we will submit it to FannieMae.Can someone please explain to me what is going on?
The value 155,000 they are talking about was the original counter from BofA that I agreed to before it went to Green Tree.
After everything I have read about
Fannie Mae on this site I think I am fighting a losing battle.Can someone please give me some advice on what I should do here?
Do I have any chance of getting this place or should I just give up? I have been trying to buy this same house since April of 2012
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You could perhaps have your agent get an Authorization for your buyer agent to speak to the short sale banks etc. This needs signed by the seller. Then your agent could perhaps try and speak with the negotiators to understand what is happening.
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The listing agent flat out refuses to let my agent talk to the negotiators.
So no help there.
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With the reply from Fannie, it appears that it is still be submitted at $150k. Verify.
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My agent submitted a higher offer with up to date comps today. So we will see what happens.
They have now moved the forclosure date from Sept. to August.
I fully expect Fannie Mae to come back with some ridiculous counter.
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FNMA seems to be saying $155k. If they do come back higher, I did just have success, which surprised me, with a dispute valuation that got the approval at the contract price, after Fannie came back with $150k vs 123K.
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Thanks Wayne!!
I did increase my offer to 161,500.
If they come back higher hopefully the listing agent will be willing to do a dispute valuation.
I don't have much faith in her at this point.
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