Sherry Young Maryland

Hi Sherry, I have successfully closed one short sale with Saxon. They would only allow the buyer 1% for closing costs. That approval just at a time when they were changing their policy to no longer give any closing costs. I have a second short sale with Saxon on which we had submitted a great offer from a solid buyer asking for 3% closing costs. We hadn't received the "no closing costs" news yet. We were able to get the sale approved but Saxon would allow no closing costs nor would they allow seller to pay for termite work (about $1600) so the buyer walked. In the meantime, the values declined so we had to reduce the price $25,000. We got a buyer who can pay her closing costs and will pay for the termite work. She saves $25,000 on the price, and Saxon nets $10,000 less!! Is it any wonder with these kind of folks in charge why the banks need bailouts? Prepare the buyers to have their own costs covered on a Saxon purchase, and make up the difference in price. If you need a termite clearance, I would have the inspection done now so buyers are aware of this cost also likely being their expense. You can then help the buyer's agent prepare an offer that will be approved and stick.