All Forum Posts by: Larry Moore

In the past, when I used an option contract to market a property, I always stressed (in writing) to the property owner that I was marketing the property on "my" behalf, or, for my benefit to realize a profit, and that I was not representing the owner in any fashion. But then, I subscribed to the opinion that an option contract provides equitable interest. Now I am not so sure. I think most investors who use the option contract are succesful with it because if all parties are happy with the outcome and no waves are made, no authority is brought into the picture to determine if something was improper. What that determination would be would probably vary from location to location.

Quick update. After more than 2 months of trying to get my package accepted, I gave up. Worst I have worked with and slow as hell. I would rather work with Courtrywide again. Forget waterboarding; make terrorists work a short sale with Saxon!

Advanta raised my rate 2 or 3 months ago from 7.99% to 16.99% due to the "economic climate". My credit is excellent and my payment history always on-time and more than the required payment with Advanta. Now I am waiting for the other shoe to drop before I pay off the entire balance.

I would add "cracked the code" and "Blueprint". Seems every guru is offering free Blueprints, which also provides a 30 day free trial of what they are really trying to sell. You must use your credit card to pay for shipping of the Blueprint, and then of course, they now have your cc# to continue billing you for their program after the free trial period.

Most "experts" or "gurus" say it is OK to provide something a little more nominal in cash to the seller, say $1,000 for moving expenses or a lease deposit, but pay it as a purchase for some item such as an appliance, or a service, such as a clean out of the property, paid on an invoice separate from the HUD. As Scott mentioned, you probably would never have seen the $25K anyway as the numbers would not have worked out at the last minute; just enough room for them to buy the house with no cash to you right before the auction.

I have this address for overnight/certified mail:

Saxon Mortgage
4708 Mercantile Dr. N
Ft. Worth, TX 76137

Thanks for the feedback. The responses are in line with what I expected. Found out that my authorization letter entered their system 13 days after I faxed it. They could not tell me after 2 weeks if they received the package I faxed directly to loss mitigation, so I re-faxed. I'm looking at this one as similar to buying lottery tickets: maybe it will pay off some day, but probably not!

Yes, the banks do want to see proof of funds submitted with your package. If you are using transactional funding for a double close, then your lending source will provide your proof of funds. Same if you use a hard money lender, bank or a private lender. If you are using your own funds, then some type of account statement will generally do. When the bank approves the short sale, they will issue a demand letter that sets the terms of of their acceptance, and it will usually give you 30 days to close on the purchase. You are not actually going to "pay" until you close with the seller of the property, the person in foreclosure.

Has anyone worked a short sale with Saxon recently? My first time, and so far they seem to be a lot slower than average. Just getting my authorization letter in their system took over a week! Now I just found out that it takes at least 2 weeks until they can verify that they have received the package I faxed. If they lost it, it will take at least another 2 weeks. Hoping someone has some posititive feedback. I just completed one with Litton, and have to say they get top marks for speed of processing: less than 30 days from faxing package to receiving demand letter.

Thanks. Worked it out with Litton and closing on Monday.