Greentree denied buyer's closing costs
I have a FNMA short sale with Greentree as the first and Bank of America as the second. The homeowner is not qualify for a seller incentive. I received a call from my Greentree negotiator yesterday stating that FNMA was denying the buyer's 3% of purchase price to go towards his closing costs. She said that FNMA always does this. I have closed a lot of short sales and have never had FNMA deny closing costs to a buyer if they are reasonable.
I have started an escalation through homepath, but that takes up to three days for someone to contact me.
When I told my negotiator that the buyer needed these closing costs she told me she was going to close my file. An hour later she called me and told me she was sending me an approval letter without the closing costs.
She is not giving me time to get the answer from FNMA and it makes me wonder if the closing costs were really denied or if Greentree is keeping them for themselves.
Has anyone else had this experience and if so what happened?
Thank you
Nicole Graham
RE/MAX Results
Replies to This Discussion
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Permalink Reply by Michael Hayley on
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My impression is that when the market started heating back up in 2012, lenders started denying all seller contributions. I don't put them into any of my contracts anymore. Im interested if anyone else is getting shorts approved with seller contributions?
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Permalink Reply by Ben Benita on
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As always, YELL AT THE RIGHT PERSON and you will get it covered.
Also, to EVERYONE:
For ANY FNMA short sale, you should ALWAYS start it with Homepath at the same time you start the short sale with the servicer!!!
If we can help, contact me - [email protected]
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Permalink Reply by Tracie Norman on
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Funny - same thing happened on one of our Short Sale Shop files just today. . .are we gonna just take that answer "NOPE"! Sending back to FNMA!
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Permalink Reply by Jeff Payne on
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From the lenders perspective, why would it be their issue if the buyer can not afford closing costs. I might upset some people by saying this but if a buyer can not afford closing costs, they may not be qualified to purchase a home
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Permalink Reply by Fred Bauscus on
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It could be that GreenTree doesn't have the delagted authority to approve the closing costs. You might want to ask if the offer was sent to FNMA for approval with the closing costs.
FNMA servicing guidelines are public documents. Ask them to show you chapter and verse where the guidelines state closing costs aren't approved. I've had some good success with this tactic. -
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