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!
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
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".
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
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?
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....!
And what if the delay in closing is due to the fault of Saxon? Does the commision increase 1%
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!!!
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...
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.
Cathy - Thank you for the compliments!
Erik - LOL!!
So I have to ask ... do you get and extra 1% if you close early
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!!
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 ?
Eric - Right!
Sergio - Wow, awesome for you! Everyone I know dislikes them :(
Sally & David - Yes, second!
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!
Sandy - I hope I don't have to fight that fight!