Short Sale Supervisor Talks to a Real Estate Agent – Recorded Conversation

Short Sale Supervisor Talks to a Real Estate Agent – Recorded Conversation

This goes on every day working with the Banks on these Short Sales.

Right now I have a property in escrow that we have been waiting to close for 8 months. BOA finally gets us the approval letter to sell the property. We receive the approval for the 1st and the 2nd loan, giving the 2nd $2,000. Because BOA is the 2nd loan.
The buyer performs there due diligence pays for all inspections and appraisal, We are finally ready to close, we are 4 days away, after a long 7 months. Then 4days before CLOSE we are informed that the 2nd is requesting $8,900 hundred dollars. That somehow BOA collection dept. sent the 2nd to Green Tree for collection, so Green Tree will only take $8,900, not the $2,000 that BOA was giving BOA. The $2,000 that BOA has give there own BOA 2nd... So THAT makes us short $6,900.

You would think, since Green Tree is collecting for BOA, that BOA could pull that loan, CALL those Dogs off, NOT.. Green Tree Stated that they would let the home go into foreclosure, BOA said they could not pull the 2nd, and Green Tree said the deal is off, unless they get $8,900. The buyers a furious, stunned, dazed right along with us Realtors.

This is crazy, The Property has 2 loans , both are BOA, the 1st BOA loan is approved and the 2nd loan is BOA and approved to receive $2,000 from BOA...........Then BOA hires Green Tree to collect... or Service.. BOA is shooting them self in the foot ...

BOA said they would increase there amount to $4,500 / Buyers will add $3,000 and us Realtors split the rest.. Just to close this deal. We have not closed yet... Green Tree has to review everything... well BOA owns this LOAN!!! Crazy!!!

I think that BOA and Green Tree has held the Buyer hostage on this property. After all we did have 2 approval letters from BOA to go ahead with this purchase. This is a way for the bank to get more money, knowing that most buyers wont walk after dumping $1,000 into the home for inspections. BOA should be sued from the buyer for breach of contract after an acceptance letter from the bank BOA, FULL APPROVAL.. but because of the Short sale addendum.. This may not be possible...

The bank need to be responsible for there actions, many home buyers are being hurt and Realtors also.