Can any one help me. I'm having a problem with Saxon. Ready to close out with BOA but now Saxon wants more money. I need to speak with someone that has more authority than my negotiator. Does any one happen to have a telephone number that might get me to the person I need to speak with.Thanks for you help......
I believe you mean Saxon. Usually they are pretty good, they are one of my favorites when they are in 1st position. Like many smaller ones, they can be difficult if working the 2nd position. I think I have a contact or two I can email over to you real quick. Done over use them! And remember, many times, there will be no flexibility. Unfortunately in alot of cases like these our only options are to try to get the buyer to contribute the difference, the seller to contribute, or to give us some commission and move on to the next deal.
Thanks Mike, Yes I mean Saxon. I've had this property ready to close out twice and the buyer walked. Each time Saxon agreeded to take the $3000. Now that I've got it ready to close again, they are asking for $8000. Send me those contact numbers if you don't mind. I'm not going down with out a fight!!!!
Have a good Holiday
I had the same thing happen to me with Saxon. I had worked on this case file for over one year. Even after Saxon came back with a counter offer and the buyer accepted, Saxon came back wanting $10K more on top of that. The buyer of course walked and I didn't blame them. I would have walked off too as this was totally unfair. I relisted the property and started it over again. Got another buyer. This time around Saxon approved the deal rather quickly, the second lender wanted the seller to take a note. He has no money and has a wife with a rare cancer. I decided I had spent enough time on this file and decided to just quit. I sent the negotiator at Saxon a letter stating how unfair the whole thing had been. Next thing I knew, Saxon went back to FNMA to get them to handle the second lender. We are waiting to hear the end results. I have done hundreds of short sales but this is the first one that ever went in this direction. Good luck and keep on fighting...there is power in the written word so send them some letters telling them what has occurred and how unfair it is to the buyer.
Saxon has a third party work on their short sales and they have told me they expect at least 10% of the outstanding loan. I have never talked with the negotiator but I did have one approved and if you don't close on time they want 1% back? If your talking with the third party I would call saxon and let them know or vs versa.
I run into this a lot with seconds. Remind them no deal, no money at all. I have resent banking statements to a 2nd lender to further push no money. Added to hardship letters as most folks situations aren't getting better as this process keeps going. Be firm, non emotional and continue to plead your case. Suggest a small prom note see where it goes ( talk to your sellers first ) with Saxon? If they want 8k offer 1k over 24 mo. no interest. Its better to dismantle the greater debt of a home going into foreclose and get the major part off the books. I have coached sellers that possibly accepting a small porm note and closing the home is good. And then a few months up the road when the pron note starts ,position it to tax time. Pay it a few months and then further offer a 2nd a reduced offer from income tax refund? All at once? Make sure they ( sellers) get a payoff letter and send a reduced amount promptly!! Some of my clients have washed 5 to 10k down to 2 to 4k after the home closed months earlier.
Coldwell Banker Honig Bell
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