What Greentree is doing is standard practice. I closed one not too long ago with them. BoA had the first, Greentree had the second. Greentree ordered a BPO, it came back higher than BoAs BPO. Greentree pitched a fit demanding more money. BoA said no, the Seller had no choice but to say no, my buyer said no, and I told the list agent I wasn't budging on my commission, since her commission was twice what she offered in the MLS. For almost a month we heard absolutely nothing, and then all of a sudden we received a written clear to close.
Go ahead and take your trip, but unless you have a clause/addendum in your contract that closing will occur within 30 days of bank approval, you should let the seller's side know your plans in the form of an addendum covering your settlement date.
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Originally Posted by Debberly
I am the potential buyer.
Indy Mac has approved the short sale but Greentree wants more money than Indy Mac has offered. Greentree is doing their own BPO. Anyone have any idea how long this will take and what the next step following that will be?
I am going to be out of the country in three weeks, for a week, and I'm concerned. Am I being overly optimistic about how fast this may move now that the first has given approval?
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