Saxon Approves Short Sale in Santa Rosa Beach Florida

Real Estate Broker/Owner with Rulnick Realty, Inc.

 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 cutThat 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. for agents

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

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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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"It's Wendy... It's Sold!"

Wendy Rulnick, Broker/Owner Rulnick Realty, Inc.

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Comments (15)

Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

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

Aug 21, 2009 02:18 AM
Jim Palmer
Chipola Realty - Chipley Office (850) 638-2777 - Sunny Hills, FL
Washington County, Florida

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?


Aug 21, 2009 02:34 AM
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

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....!

Aug 21, 2009 02:46 AM
Jim Palmer
Chipola Realty - Chipley Office (850) 638-2777 - Sunny Hills, FL
Washington County, Florida

And what if the delay in closing is due to the fault of Saxon? Does the commision increase 1%

Aug 21, 2009 02:50 AM
Melissa Polce
ERA, Wilkinson Real Estate Charlotte - Huntersville, NC
Lake to Land, I've Got It Covered!

I talked to Saxon as 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!!!

Aug 21, 2009 03:11 AM
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

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...

Aug 21, 2009 03:43 AM
Cathy McAlister
Cathy Ashley McAlister, GRI CDPE - Broker / Sacramento - Sacramento, CA
Sacramento DRE#00648507

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.

Aug 21, 2009 03:54 AM
Erik Hitzelberger
RE/MAX Alliance - Louisville REALTOR-Luxury Homes - Louisville, KY
Louisville - Middletown Real Estate

noaaAs long as you can move hurricanes....

Aug 21, 2009 06:55 AM
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Cathy - Thank you for the compliments!

Erik - LOL!!

Aug 21, 2009 07:03 AM
Eric Reid
Renaissance Realty Group of Keller Williams Atlanta Partners - Lawrenceville, GA

So I have to ask ... do you get and extra 1% if you close early

Aug 21, 2009 02:24 PM
Sergio Rebollo Jr.
Real Estate TeamMates - Miami, FL

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!!

Aug 21, 2009 10:58 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Grrr.....we have few Saxon mortgages 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 addition to the well earned commission, hmmm I hear a second ?

Aug 21, 2009 11:56 PM
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Eric - Right!

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

Sally & David - Yes, second!

Aug 22, 2009 02:09 AM
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

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!

Aug 22, 2009 02:18 AM
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Sandy - I hope I don't have to fight that fight!

Aug 25, 2009 11:36 AM