Hi Everyone,
Thought we could get a fresh start with some updates on Saxon. Are you ready for my experience?
I had attempted a Short Sale on a house I listed in FL. and the property foreclosed recently with Saxon Mortgage. Now, I presented 2 offers to them while I had the listing. The 1st offer was for $126,000 they said NO, after 7 months of finally getting a negotiator assigned. Buyer walked 3 months before they gave me an answer on that offer. Then I had an offer for Saxon in August for 116,000 - 3% for closing costs. They wanted to counter that at $133,000 because that is what the BPO came in at.... I managed to overturn the BPO just using Active comps to help them realize the $116,000 was actually more in line....They agreed......Financing fell through for buyer due to a Flood Zone issue. Saxon would not allow me to lower my price anymore because the bottom dollar they would take is a 102,000 net for the property.
Here is the best part. Saxon would only pay the Realtor fee of 5% in a Short Sale. While I had the property listed, I had an interested buyer, but could not get the buyer to submit an offer higher than $100,000 which Saxon wanted to net 102,000. Now the REO list price from Saxon is $84,000 and they are paying 6%......my client just made the offer and is saving over "$15,000" compared to the Short Sale I was trying to help them acquire the property through. Keep your fingers crossed!
Can you explain how any of that made sense???? The company who fights with us Realtors all the time on Short Sale values, will go ahead and foreclose, then turn around and settle for 30% less as an REO...not to mention the fees involved with foreclosing. Saxon will not pay an extra 1% to Realtors as a short sale to save them 30% more in further losses. How is that even considered logical?
Thanks, please share your frustrations here.
Michael Brenner
Comments(2)