We had submitted an offer on a ss property. The outstanding loan amount was $428K - the offer was $309K and the BPO was at $355K. Saxon rejected the offer and put IN WRITING (in the denial letter) that they had an appraisal that showed the value of the property at $500K!!!
So we immediately called the main number at Saxon (not loss mitigation, but the loan origination department.) Shows how topsy turvy things are at the lenders these days. If the property appraised at $500, they can REFINANCE the darn thing with the homewoner, right?!?!? We told them we had a letter from Saxon loss mitigator showing and appraisal of $500K and homeowner wanted to re-fi.
That was 1 week ago. They called back and said they could not find the appraisal showing the $500K! We are now escalating the original short sale package pointing to the inaccuracy of the denial letter. I don’t know what will happen. I’ll keep you updated on what they say next.
I guess nothing should surprise me by now.
The influx of foreclosures caught the banks by surprise. I have no idea how they could see this one coming. But none the less they were not prepared for the volume of foreclosed properties. Thus, many of them are walking around with their head stuck up their own A$$!
I just spoke with a homeowner yesterday who had a buyer who was willing to pay full price for the principle loan amount. The lender would have accepted…but they didn’t get to that file before it sold at auction. You would think one might stop and focus on the files with cash on the table for the principle amount over… oh I don’t know… anything else.
This is an interesting aspect with the mysterious appraisal that they can now not account for. I’ll be interested to see what comes of this.
GooD LucK! :beer
these loss mitigation specialists are 9-5ers. they dont give a damn about your file. or anyone else’s. The departments don’t mesh and realize they have a bull**** :flush appraisal on the property. Get a professional negotiator on your team, trust me you will relieve yourself of much stress if you can do that, then all you have to do is just find deals 
Actually, they do ‘give a damn’ or most of them do anyway. They just have so many files that they are simply not able to get to them all. While I was sitting at an asset managers desk a couple of days ago a homeowner called about a property (from saxton) that they were trying to do a short sale of prior to closing. The HO had a buyer who was willing to pay the full principle amount, but the loss mit rep just couldn’t get to the file before it went to auction because of the vast number of other files in front of this one. BUT, they did take the time to help the HO get in touch with the Asset Manager who was assigned the property after auction. That in itself takes time. Only a loss mit rep who cares would have been able to get that HO in direct contact with the asset manager the same day it was assigned.
And the Loss mit reps & asset managers are not really ‘9 to 5ers’. They work 8 to 7 or even later on a 9 to 5 salary. Their assistants and other support department are the ones who are walking out the door at 4:59 every day. No wonder they’re so pissy when we finally do get them on the phone.
GooD LucK! :beer
Ok, so here’s the update. Saxon now says that they will need to order “another” appraisal and the appraiser just called to make an appointment to see the property tomorrow.
Stay tuned.
YAY! Appraised at $350K. Onward to approval of short sale!