BofA won't extend without 2nd approval, have verbal approval, but HUD will be 2 days too late - Help?

I'm a buyer thats been working on a short sale since the beginning of August. The property went up in the beginning of June, we submitted an offer but lost it to another buyer. That buyer fell through after verbal short sale price approval from the 1st (BofA) to pursue a different property at the end of july. The broker immediately called me up and I locked it up.

 

We received the approval letter from BofA, and went to work on the second lien (green tree). They came at us with a price (35,500) so we tried negotiating. after Negotiations, and an HUD submitted at 28k, today we finally heard back that the price is final, the investor wont budge, but have no approval letter yet.

 

Meanwhile, our approval letter from BofA expires on monday the 24th, and BofA says they won't extend the approval without an approval letter from Green Tree. We submitted the HUD today, but green tree takes 2 days to get it, and 24 hours to process. We'll miss that deadline by at least 2 days.

 

As a buyer, I am set on closing this deal, as long as this deal will happen without having to spend an additional 3 months going through the same thing we just did. 

 

Is there anything we can do to keep BofA from pulling the approval on monday, and giving us an extension? If we can keep BofA at the table, we'll be in escrow by the end of the week.

 

Anyone have any other thoughts or ideas?

 

Thanks so much!

 

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Permalink Reply by Smitty on October 22, 2011 at 1:29am

I've had approvals expire and notihng in writing for another 2-3 weeks.  Just submit the Greentree approval as soon as you get it with everything BOA wants and explain your hands are tied.  I have a hard timee believing that they won't issue another approval for you.

Permalink Reply by Lila Lopez on October 23, 2011 at 2:57am

Good Morning Ebin,

 

I have worked with Greentree on a prior transaction and they are by far the most difficult people to work with. and they are really a very small operation. When I was dealing with them, I was treated as if I were the borrower and spoken to in a very unprofessional and rude manner. Unfortunately, they do understand they can hold up a sale in order to get paid, and they basically will play "russian roulette" when negotiating.

 

In the transaction we were working on, we were off by about the same amount you appear to be at and , all parties involved agreed to pay a share of the difference needed to provide Greentree with what they wanted and we were able to get the deal done.

 

As for your short sale expiring with Bank of America, so long as the listing agent has maintained the negotiator informed of the status, they will usually extend the approval, with much trouble at all. The key of course is to advise the negotiator of what is going on, via Equator and believe me, they want to close out these fies just as much as sellers and buyers wish to do. Good luck , I am certain that you will see this come to a conclusion very shortly.

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