I have a short sale in Santa Cruz that was approved by the second lender in December, and they are willing to accept $1000 and eat the rest of the lost. The first lender which is saxon mortgage would not approve the same purchase price because they feel the first bpo that was done is accurate even though the second bpo was an interior bpo which I beleive was more accurate. To make a long story short I the investors behind saxon mortgage approved the price of $480,000 even though there are current listings and sold comparables at $450k and less. What am I supposed to do in this situation? Your honest opinions will help. Thank you.

 

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3 Comments on Short Sale approved in Santa Cruz California

Hi Mike,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

02/06/2008 03:21 AM by Keith Elliott Jr -"Prince William County Real Estate Expert" (RE/MAX Olympic Realty)

Mike - I had the same situation, where CMS (carrington) would not approve, after fighting with them and calling their office everyday the property foreclosed and is on the market for 80k less. If i were you, prepare a BPO yourself, call saxon's manager and send them all the information. Also you might ask them to order another bpo.

good luck

http://www.agentbrokerforum.com

02/06/2008 10:33 AM by Matthew

I did demand a second bpo and saxon mortgage said they approved of the sale but they needed investors approval on this one and their investors came back higher. It sounds like they want to foreclose which does not make any sense. Thanks for your insight.

02/06/2008 11:25 AM by Mike Jackson (Realty World Global)

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