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advice approval letter bob lachance chris bowes commission foreclosure hillbridge capital group invest Investment lender mentoring mortgage Preforeclosure saxon mortgage Short Sales
This week’s Preforeclosure “Tip of the Week” from PreforeclosureDailyGrind.com’s Bob Lachance and Chris “The Drummer” Bowes is about the new conditions of a Saxon Mortgage/Hillbridge Capital Group’s short sale approval letter. Will they take your commission away? How much will they allow a 2nd mortgage? Listen in for the answers and much more! Visit www.PreForeclosureDailyGrind.com and www.ShortSaleDailyNews.com for more short sale videos and articles. Please leave your comments and questions so we can address them on future videos!
This is extremely helpful since I am currently working with Saxon! Thanks!
On another note, I currently have a Bank of America file and they are in the second position. I was informed that since March of this year, 5% of the net proceed of the short sale is required to have the lien released. Have you heard of this? Please advise.
Thanks!
Thomas
P.S. I am a subscriber of managemyshortsale.com…Great website!
I showed my Broker the website and he was really impressed. He’s going to have me mitigate his Short Sales. YEA!
I had a Saxon short sale that took just shy of 3 months to get approval. Got it on 7/1/09 and had the agent 1% commission reduction on it. Advised the selling agent and said on their shoulders if their buyer and lender didn’t perform. Ours only had a 30 day validity. I also went back to the negotiator to argue the term (that it was beyond listing agent control how the buyer & their lender performed) and ultimately got her to acknowledge that they sometimes allow for a buyer pre diem for extensions. My mistake is it came in email not a revision of approval term letter. Fast forward to a week before validity expiration. I email the negotiator to advise we may need a couple of days. Her curt answer was will cost 1% of commisson. After that she would not respond to my emails.
Long story short, I had the emails for 2 of her superiors (she had copied them on her email the month before regarding per diem)and escalated. One was out of town and had the name of another to contact in his absence. I emailed her with the email string I had with her negotiator. After a couple of emails back and forth, she advised so long as their net remained unchanged, she would give us a 2 week extension without penalty but if still didn’t close, the 1% would be in effect. Fortunately, closed so didn’t have to test it again. Moral of the story. Don’t give up on your client or commission without a fight and if necessary, escalate.
Rick Stuart
Coldwell Banker