I just reviewed a short sale approval and wanted to note a few things from Saxon Mortgage aka Hillbridge Capital Group for those wading through the quick sand in Short Sales:
New Contact Number for Saxson: 866-241-1901
Purchase Price $210,000
$174,300 Net 83%
$8,000 to 2nd Lien holder (Note- NEVER increase this amount by allowing Realtor commissions or having seller come in with more money or be prepared to go back to the negotiation table at the 11th hour)
Q: How much they will penalize Real Estate Agents if a short sale acceptance letter needs to be extended?
A: The new guidelines state that if a loan does not close on time they will deduct 1% penalty from Real Estate Fees- never has it been more important to close on time.
I have heard of the opportunity to negotiate this to a 2 week allowance for a per diem but make sure you get it in writing!!! Also if I was listing agent I would request the buyers agent to be responsible for the 1% fee if late close.
Q: How they are the new "FHA" when it comes to how much they will accept as a net in their pocket?
A: 83% which is close to what FHA accepts
Q: How much they will allow a 2nd mortgage?
A. Offered 10% of principal ($80,000 Second Lien)
Bill Black CMP
Branch Manager- Vancouver Branch
Loan Network LLC
Mortgage Banker
Homepath Homes- No Appraisals, No MI, 90% NOO!
360.326.8891 Office
360.910.3290 Mobile
360.326.1861 Fax
My core business is based upon trust and honesty with it’s clients; we feel that this is the most important component of any business relationship. We constantly measure our business processes to ensure that our clients receive the highest level of service possible.
Wa #520-CL-49546
As a Certified Mortgage Planner, I see my role differently than a traditional loan officer. My goal is to help you integrate the loan into your over-all long and short-term financial goals.
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