Firstly Im the buyer. My realtor is not very experienced with short sales. Im trying to help with info from theses boards. We have an approval from Ocwen and they state we MUST close on or before 5/5/13. That fine but they are they SECOND. The first is Greentree and they have agreed to nothing. She called Greentree they told her to call back in a few weeks but they have looked at anything yet. I have two questions #1 why did we bother working everything through Ocwen they are the 2nd? The arms length  and every was submitted to them first. #2 theres no way I can get a loan finished and close by 5/5/13 waiting for Greentree to decide to do what ever. So should I just move on?

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Hi Mike,

 

First, an aproval (whether 1st or 2nd) is a step in the right direction.  Given this is the 1st approval letter from the 2nd- that date can likely be extended. 2 extensions are not uncommon. Terms may change though.

Second, if you are relying only upon what you were asked for to know when packages were submitted, that is misleading.  With GreenTree it will be awhile before they ask for anything or well, look at anything.  They won't do anything without an offer either.  GreenTree has 2 clear distinct divisions, their debt recovery and their short sale.  It takes awhile to get them to send the file over to their short sale division, no matter how persuasive the agent is.  It is a brutal process with them.

I also don't recally being asked for anything from the buyer until we had approval- there may have been affidavits, don't remember.  I pledged never to touch anything through GreenTree again.

I don't think it's dead...if you really want it, hang in there.  The listing agent (for the seller) is the one who needs to be experienced and the burden is on him/her.

****Reread- you said your realtor called GreenTree.  Is your agent the same one who listed the property?? The seller's agent is typically the one who works the file and has seller's authorization.

Oh wow,, Im about to give up. Firstly Ocwen is a pretty bad deal and we got lucky. Now Greentree.. Am I wrong but once 5/5/13 passes Ocwen will not extend? Thats what Ive read on these boards that Ocwen is unforgiving. Im SURE my realtor just started dealing with Greentree. I know for a fact they thought this was all going through Ocwen.

I wouldn't say never on anything...sometimes it's more challenging than other times to get an extension.  As they are 2nd - and first request it should be possible.  Worst case Ocwen closes the short sale file to prove a point, and it is just resubmitted.   As a 2nd there is no reason for them not to....if it goes to collections the agent can just negotiate with them .

HOWEVER, as you said the package was just submitted...GreenTree is horribly resistant to short sales.  I wouldn't expect less than 60 days to get approval and more like 3 months.  They are really slow and try to keep it going to collect the payments and not move it toward a short sale.

I'm more concerned about your time of a wait for GreenTree and less for Ocwen. 

 

 

Also how can two different lenders demand different closing dates on the same property? Ocwen saying 5/5/13. I would think that Ocwen as the 2nd would have no say as to what the closing date would be.

Mike, They easily can demand their terms for the approval to expire by that date.  In fact, you need to close a few days earlier in order to get wire confirmations, etc.  Usually the approval letters will give 30-45 days to close.  Keep in mind they can pull that letter at any time prior to closing, and you can not close if they withdraw their approval.

You must have Ocwen's approval (with a valid expiration date) to close. 

The agent (representing the seller) just needs to ask for an extension as GreenTree has not approved it yet.

To also answer your last question- incredibly doubtful you could close by 5/5 if GreenTree hasn't even looked at it yet.

Thanks for all your help. Im going to surrender my earnest money to the realtor as compensation and move on. I spent 60 days  with Ocwen and Im not willing to spend another 60/90 with Greentree. It would be different if the lenders were good lenders to work with. We did get conformation that Greentree is NOT working with Ocwen on this. This has to be the worst possible combo for a short sale Greentree/Ocwen. Thanks for all your help. I know now to ask who the lien holders are now

No problem Mike. You will be very educated for the next offer!  Are you sure you need to surrender your earnest money?  Check your contract.  Did you do a short sale addendum giving you an out at a certain time or only a closing date in the purchase agreement?  If Green Tree hasn't even started perhaps and your contract expiration date is close- perhaps you can just let it expire and keep your deposit. 

What are this realtors chances of closing this deal? I really want this house . Ive decided to stick with it but think this realtor is lost. Are there any contacts I could give him to help this process? I think I know what is happening. He calls he gets voice mail and thats the end of it.

Hi Mike, I am just now seeing your post.  There is always a chance any sale can be closed. I'm still unclear when you say your realtor. Is he the listing agent (representing the seller) and you?  Do you have a buyer agreement with him or did he just submit the offer for you (in which case he is not really your agent but works for the seller).  He will only have contact with the lender if he represents the seller and not you alone.

As he has just started with GreenTree there are no further contacts to give him, no reason to escalate.  It is a long process and requires proper channels.  If he has faxed in the package (is the seller's representative) he just needs to call to check on it weekly to see if anything else is needed.  He likely knows how to do this as he got Ocwen's approval...GreenTree is just among the worst.

Getting voicemail without calls back from the assigned representative is not unusual.  Just b/c you have 2nd approval gives no urgency to Green Tree's review process.

If you really want the house (and can afford to wait, don't have to be out of your place) then patiently wait.  Expect it could go on for months.

In the interim don't be afraid to have your realtor send you listings of what else hits the market that you may like better.  Often people lose the first deal to find something even better!

Just a update. After 61 days the BPO came in. Still no negotiator. And I have 9 days before the Ocwen approval expires..

Sounds typical for GreenTree. I'd say you have at least another 30 days.  

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