HELP with Green Tree!!!

We were in the process of buying a short sale home from Green Tree. They are the only loan on the home. The house was listed at $124,900. We offered 120,000 with us paying closing costs. The seller accepted but Green Tree came back to us at $150,000. The home is in terrible condition. The comparables are also all around $125,000. A home has not sold in the neighborhood for over $130,000. Does anyone know who we can contact at GT to discuss this issue? I'm sure they've only seen photos of the home (which do no show all the damage) You almost can't even walk into the home because of the smell. Please let me know the best thing to do as far as dealing with GT. Or a boss I can contact that might tell these people how crazy they are. I do have video and pictures of all the damage that the listing photos don't show. Thanks so much for all your help. The home is in Myrtle Beach, SC if that matters.

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Permalink Reply by Shannon Noble on August 30, 2012 at 2:56pm

Greentree will look at an "appraisal"  and not comps.  It is the banks job to counter and get as much as they possibly can.  Now it's your agent's job to do their work and counter the bank's offer with an appraisal.  You may have to pay for this out of your pocket - but it works.  On all short sale listing, I pay for an appraisal at the beginning because I know the bank will counter my offer and I'm ready with my appraisal - send it in, and I get my approval.

Permalink Reply by Susan on August 30, 2012 at 3:24pm
Thanks so much for the suggestion. We will try that and see how it goes. I've only read horrible things about Green Tree.
Permalink Reply by Susan on August 30, 2012 at 3:33pm
Just talked to my agent. He said he has tried that before and it didn't work. He said banks go by what their asset managers tell them to. =( I'm not sure what else to do.
Permalink Reply by Smitty on August 30, 2012 at 3:42pm

Shannon, you wrote they won't LOOK at an appraisal, and then suggested to counter with an appraisal??? Can you clarify?

Permalink Reply by Shannon Noble on August 30, 2012 at 5:45pm

sorry, typing too fast - the banks do look at appraisal and not the comps.  Not true about your agent comment that the lenders listen to their asset managers.  I close 20 to 25 short sales a month - and every one has an appraisal done so when the bank counters - I'm ready.  Yes, presenting an appraisal to counter the banks counter to your offer --  works!

Permalink Reply by Steven Angelil on August 31, 2012 at 6:07am

Hello I am a listing agent with a homeowner that has a first mortgage w/ Chase and a 2nd w/ GreenTree.  I have a lender that assists me with processing short sales but it is odd that GreenTree has been very easy to deal with.  I'm sorry it's not that way with you.  My suggestion to for your agent (I'm assuming a buyer agent, not the listing agent) to print the MLS history of how long the property has been marketed and at what prices.  Then if your offer is the highest and best and maybe the only offer on the property then maybe they will re-consider.  Also I would make sure they are not using the sales price as a smokescreen for another issue.  There could be a million issues.  Remember the short sale is not just about the property but about the seller!  Good luck.

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