This Saxon short sale approval was on a wonderful home in Walden Chase in the Jacksonville Florida area.
Saxon issued this Jacksonville short sale approval on a Freddie Mac loan in only 2 days after we went under contract with this buyer!!! But that's not the whole story (if only it had been that easy!). This home had been under contract previously with another buyer. We had explained the Jacksonville short sale process to the prior agent at length. We had gotten assurances from her that she was not taking the buyers to other homes to look. We had been highly suspicious because we figured out she was "cancelling" another short sale contract to buy this Jacksonville short sale listing. We spent time explaining to this agent that the Jacksonville short sale contract is a binding contract with a CONTINGENCY for lienholder short sale approval. She promised she understood and that her buyers were committed to this property.
One day when we called her to update her, we found out that they had put down a contract on a neighboring Walden Chase home at some point and that this home was now their number two??? To make a long story short, this agent had gotten her buyer into two legally binding contracts for a short sale (maybe more?). Had both approvals come in at the same time, her buyer could have been left having to purchase both homes or having to forfeit her binder deposit for the home they chose not to buy. We ended up with a short sale approval, but no short sale buyer! This could have forced the seller into foreclosure, but we worked hard to make sure this didn't happen.
Luckily in the 11th (maybe 11th and 3/4) hour we were able to pull in a buyer for the same price and same terms as our prior approval.
We were able to submit the new deal to Saxon / Freddie Mac for approval and got our short sale approval letter issued two days later!
Details of Approval on this Walden Chase short sale:
- Original Purchase Price of this Walden Chase home - $343,000
- Loan Balance of first lien at time of Jacksonville short sale - $272,000 approximate
- Short Sale approval sales price - $220,000
- Payoff to Saxon / Freddie Mac - $198,961 (roughly 70% of loan balance)
To See a Sample of an approval letter for Jacksonville short sales from Saxon mortgage:
Jacksonville short sales - Saxon approval letter Walden Chase
