Our RE agent and the seller's agent did not do a think to help this problem to be resolved, and if we did not take matters in our hands, we would have lost this place, that we waited for 7 months.
With all respect to the people that are working hard to help buyers and sellers with real estate - don't trust that the RE agent will do the work.
P. S. Because some of the fees and delinquent HOA payments were not disclosed properly till the last moment, the escrow people and negotiators decided that these money has to come out from the agents commissions ~$2200 each - seller's and buyer's. We still get calls from "our" ex-agent asking us to reimburse her the money.
Good Luck and Good Night!
Prudential California Realty
Having the second take less is more likely as the Bank Of America lien is probably an investor loan and investors are not as smart about the Short Sale process and tend to be more willing to go to foreclosure.
If your agent needs more insights please have them contact me.
Short Sale Expert - Over 20 Years Experience
11999 San Vicente Blvd 100
Los Angeles CA 90049
How you do it is very important... you have to make sure your cash is protected in case something goes wrong with the deal... again having you buyer's agent look up for your best interest is paramount.
Ron Escobar, MBA
(310) 557 2100
What you need to ask yourself is: Can I afford this? Is the purchase price of the home an awesome deal even with the $20K I need to pay to Green Tree & do I still want to move forward?
I always prep buyers up front if I know Green Tree is involved & it is only in this situation I don't offer the home for sale to FHA buyers, I'm only looking for larger down or cash buyers when Green Tree is involved because I know what's coming.
I would be curious to know, in your situation, what $20K represents? Is this 20% of the 2nd lien balance or does it represent 5% of the purchase price? Luckily I haven't had to deal with Green Tree for a long time, but they used to demand 5% of the purchase price no matter what was owed to them.
Shoot me an email directly if you'd like to talk to me some more. I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors
Short Sale Expert - And I can Prove it! -