Short Sale Telephone: 877-816-9125 | Short Sale Fax: 877-612-2422
Document Submission Email: firstname.lastname@example.org
Note: Send documents to both fax and email.
Note: Assigned parties (Processors, Negotiators, Closers) have specific email addresses they can provide, if pressed.
Required for Initiation
All documents must be emailed and/or faxed directly to the lender.
To initiate the process, fax:
- Buyer Pre-Approval/Buyer Proof of Funds
- Borrower financial information (see Doc Pac)
- Listing Agreement
- 4506T Form
- MLS Sheet
Green Tree negotiates with three structure phases: Processing, Negotiation and Closing; however, first the file needs to be referred for a short sale.
Before your file is assigned to a Processor, it will be with a Customer Relationship Manager. Call daily to have the CRM “refer for a short sale.”
Processors: Collect additional documents, request document corrections, order appraisal, complete the file
Negotiators: Respond to the offer, respond to investor fee caps, determine relocation incentive eligibility, request investor-specific requirements, determine cash contribution requirements
Closers: Issue final HUD approval at the close of the transaction
Timeline for Approval
- Manually fax short sale package, push your Customer Relationship Manager to refer for a short sale (4-7 days)
- Note: Frequent calls help the file move
- Relationship Manager assigns a Processor, Processor reviews for corrections/additional document requests, orders BPO (7-14 days)
- Note: Frequent calls help the file move
- Complete file (with BPO) forwarded to negotiator for review (3-7 days)
- Negotiator reviews and responds to offer (2-5 days)
- Negotiator submits offer for approval to investor (2-3 days)
- Investor reviews and issues approval (5-10 days)
Four Lender Specific Tips
- Ask how to send documents: Each party assigned varying preferences for how they prefer to receive documents.
- As soon as you speak to your assigned party, ask: “How would you like to receive documents?”
- Use the phrase “refer for short sale” after you initially submit: Files not pushed to the short sale department can remain untouched. After you fax the documents:
- Call daily to ask for your relationship manager to refer over.
- Any party can refer for a short sale, so if you can’t reach your assigned party, ask anyone to help you.
- Include an MLS Sheet in all submissions: Typically, Green Tree will request an MLS sheet to complete a package. Include this initially to save time.
- Speak to your assigned party/don’t waste time leaving Voicemails: Unlike other servicers, your assigned party will answer the phone, if called regularly. They have access to more information than other customer service reps:
- Call repeatedly to get to your assigned party.
- Don’t leave a voicemail; just call every few hours until your party answers.
Value Dispute Procedure:
Lender counters the offer higher than the parties believe the property is worth.
- Respond to lender's counter with the buyer's highest and best
- Provide an independent appraisal or full agent MLS sheets for three comparable sales (providing all characteristics), and if available, three active comparable property MLS sheets
- Provide a CMA report
- Comparable requirements:
- Closed sales no more than six months old
- Similar in size, age, condition and characteristics
- Within one mile proximity of the subject property; OR
- If there are Repair/Hazard Issues:
- Provide a line item repair estimate from a licensed contractor or engineer on business letterhead with the costs to cure the damage
- Provide photos of the damage
- Note: Excessive photos will be rejected
- Place photos in a zip file if sending more than three
- Time given to provide documents for value dispute: 24-48 hours
- Potential wait time for value dispute results: 2-4 weeks
- Note: This time can be expedited if you provide a complete dispute package and follow-up every 2-3 days.
Lender Specific Documents
Lender Escalation Procedure
Compared to other lenders, escalations will likely not be necessary with Green Tree.
If a file hasn’t been notated or moved in 10-days:
- Request the name and phone number of your assigned party’s supervisor
- Leave a voicemail for the supervisor asking for movement
- If no response from the supervisor in 3 days, fax a written request to the main fax line
Best way to receive a response: Call your assigned party regularly.
- Send final HUD for approval: Green Tree reviews the HUD-1 Settlement Statement for final approval 48 hours prior to closing.
- In second position, Green Tree does not require final approval.
- Note: Notice of HUD approval will typically be received via fax from Green Tree.
- Sign and Return Final Closing Materials: Green Tree’s approval letter provides closing instructions and final closing docs should be emailed to: email@example.com (sometimes firstname.lastname@example.org) and/or faxed to 855-854-5146 (per the approval letter).
- E.g. Short Sale Arms Length Affidavit, HAFA Affidavit, Approval Letter, Insurance paperwork etc.
- Send the documents to the Negotiator (Typically: email@example.com or firstname.lastname@example.org)
- Processing Tips:
- Include loan number in the subject line of all email correspondence
- Include a forwarding address for the seller
To request an extension of an approval:
- Reach out to your contact listed on the approval letter via email to make request
- Call and email to follow-up daily (Negotiator’s typically very friendly and easy to work with)
- Approval extension will be received via fax