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 Saxon short sales

  

This is not your average approval for a short sale property in Santa Rosa Beach Florida.  Look below at the letter from Saxon Mortgage.  See the amount to the junior lien, Citi Mortgage?

Citi is owed about $99,000 as a junior lien and requested $24,000 to release their security interest. "Ha!" You laugh, "$24,000?" That is insane!  But Saxon Mortgage agrees to pay Citi 10% of their outstanding balance, or $9,946.

Of not happy note, is the statement that any extensions beyond the closing date will result in 1% commission cut.  That is fascinating, as I will try to prevent hurricanes or other acts of G-d that might delay a closing!

Saxon Mortgage approval

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

www.ShortSaleSuperstars.com for agents

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.   Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". 

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Post is included in group: Sharing Information of Short Sales
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Post is included in group: Short Sale Specialists & Pre-Foreclosure Education
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15 Comments on Saxon Approves Short Sale in Santa Rosa Beach Florida

AUG
21
2009
706,799 Points 36 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Wendy... You are a goddess, I can't get Saxon to admit they have everything in a short sale file to consider it complete never mind an actual acceptance of terms...I bow to you...priestess of the short sales realm. Natural disasters not withstanding congrats
9:18am • #1
152,004 Points 1 Featured Post

That is unbelievable beyond belief! We all know that as realtors(c) we cannot use a contract to try to change the offers of compensation. So how can a third party who is not involved in the contract between seller and listing agency try to change it. Surely there is some attorney out there that could address this and determine if it is even legal?

 
9:34am • #2
367,765 Points 38 Featured Posts Outside Blog Hit Router Called Shot Master

Steve - Your comment tickles me!  Thank you!  I am on a high today, for sure!!

Jim - It is insane, no doubt, but it seems they will withdraw their approval unless that term is met....!
9:46am • #3
152,004 Points 1 Featured Post

And what if the delay in closing is due to the fault of Saxon? Does the commision increase 1%
9:50am • #4
2 Featured Posts Attended Rain Camp

I talked to Saxon as well...it looks like they are pushing towards 5% commission only it seems, they told me to get my HUD-1 adjusted...Good Luck on your deal!!!
10:11am • #5
367,765 Points 38 Featured Posts Outside Blog Hit Router Called Shot Master

Jim - Not likely!

Melissa - I got 6, but they think I can control natural disasters and other such mundane things that might delay a closing...
10:43am • #6
3 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Wendy, Fabulous job!   Saxon is a real toughie.  I just went through CDPE earlier this week and was only vaguely aware of commission issues with short sale letters.  The instructor said this is coming up more and more. Your letter is the first example I've seen.  Relevant to the contract they have no authority - but when they hold the marbles - there is not much wiggle room.  Sometimes, it's more about just getting the letter, dance a jig and proceed to close.

Again, congratulations on your transaction.  Well done.
10:54am • #7
177,495 Points 6 Featured Posts Localism Sponsor Hit Router

noaaAs long as you can move hurricanes....
1:55pm • #8
367,765 Points 38 Featured Posts Outside Blog Hit Router Called Shot Master

Cathy - Thank you for the compliments!

Erik - LOL!!
2:03pm • #9
325,065 Points 5 Featured Posts Localism Sponsor Outside Blog

So I have to ask ... do you get and extra 1% if you close early
9:24pm • #10
AUG
22
2009
384,241 Points

Congrats Wendy!!  Didn't realize from some of the comments that Saxon was somewhat difficult.  The deal that I least expected to get closed this year was a Saxon deal that I never thought would fly (offer was 20% below my CMA) yet it was the fastest Short Sale for me this year.  Congrats again!!
5:58am • #11
800,981 Points 35 Featured Posts Outside Blog Called Shot Master

Grrr.....we have few Saxon mortgages here...now I am more grateful than ever ! I think we should work on a plan where for every x no. short sales a realtor completes, their own mortgage is reduced....in addition to the well earned commission, hmmm ...do I hear a second ?
6:56am • #12
367,765 Points 38 Featured Posts Outside Blog Hit Router Called Shot Master

Eric - Right!

Sergio - Wow, awesome for you!  Everyone I know dislikes them :(

Sally & David - Yes, second!
9:09am • #13
510,455 Points 25 Featured Posts Outside Blog Attended Rain Camp

Hi Wendy, It just blows my mind that it is always about OUR performance. And, what if we do have a named storm out in the Gulf and you can't close? This is the time of year we ask our buyers to bind their insurance ahead of time, prior to closing. However, what if closing offices are shut down because of an oncoming storm? We all work our behinds off on these short sales, typically much harder that a traditional closing, yet it is our paychecks that are slashed!
9:18am • #14
AUG
25
2009
367,765 Points 38 Featured Posts Outside Blog Hit Router Called Shot Master

Sandy - I hope I don't have to fight that fight!
6:36pm • #15

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Wendy Rulnick "Its Wendy!" Destin Florida Short Sales

Destin, FL

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Rulnick Realty, Inc.

Address: 12889 Emerald Coast Pkwy West, Ste. 107-A, Destin, FL, 32550

Office Phone: (877) 487-9639 x 204

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