Thursday, June 21, 2012
GreenTree and Golden 1 short sale success
Our first short sale success story with Green Tree (GT) and Golden One! The investor was Fannie Mae, so we were working with three of the five hardest agencies to work with; Freddie Mac and US Bank being the other two.
So we lost our first two buyers due to appraisal and BPO conflicts. For those who do not know, GT/Fannie Mae are not real open to price negotiations, especially when their BPO comes back 10% higher than the listing price. We initiated a value dispute, escalated to management and made a lot of phone calls, all for naught as our dispute was denied within a week. It seems they had their minds made up already? Well luckily for us, a third buyer appeared on our doorstep and they were willing to pay the higher price. This pleased GT/Fannie Mae and allowed us to postpone the foreclosure date. Fannie Mae is a GSE and should be obligated to helping US homeowners, but we sadly announce on a regular basis that they are still actively foreclosing on a lot of homes.
So we are happy to announce that we have helped another underwater home owner move on and hopefully start over again with a clean slate!
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