ED Magedson – Founder
green tree servicing345 St. Peter Street St., St. Paul, MN 55102 Phoenix, Arizona USA
green tree servicing green-tree-servicing lost deed St. Paul MN
I saw a foreclosed house for sale, which sort of small, but nice. It turned out it was owned by Green Tree Services. No big deal it seemed.
I had heard that Green Tree had some customer service problems, but so what if I'm just buying a house from them? I'll finance it through my credit union anyway. So what's the matter that they're selling the property? Well, it hasn't been so good.
Firstly, the realtor representing them continued to insist that there were 2 other offers on the table, each cash offers. And that the only way my offer would even be considered by them was if it were a cash offer as well. This made little sense to me, since my loan would be through my credit union, they would be getting the same large check written to them whether from me or my credit union.
Anyway, it's probably a little bit my fault, because the house seemed like a really good deal, I was pretty sure I could rent it out for about what my mortgage payment would otherwise be. And I had the cash, in this case just shy of $140,000. So I paid cash, and everything seemed like it was going how I thought it's supposed to. Although everything seemed to take so long.
Well it turned out they didn't actually have the deed to sell the house. That is just dumb. Why even put it on the MLS? So release escrow and give me my money back. That should be simple. but it's been four months now. Now in fairness, my realtor got a letter from their guys saying this issue will be resolved soon in a few weeks. I won't get the house, but I'll get my money back. But 4+ months! How can my funds be tied up in escrow that long? I wish I had them in hand. I would have had them invested in the market, or if I saw another property I liked better I could have invested in that instead. How can this happen?
This report was posted on Ripoff Report on 12/08/2013 02:01 PM and is a permanent record located here: http://www.ripoffreport.com/reports/green-tree-servicing/phoenix-arizona-85032/green-tree-servicing-green-tree-servicing-lost-deed-st-paul-mn-1105371. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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