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SN SERVICING CORPORATION

Broker Instructions

Upon receipt of a request for a Competitive Market Analysis (CMA), the Agent shall proceed as follows:

1.

Check occupancy status and report findings to the Asset Manager within 24 hours by completing and returning the REO INITIAL PROPERTY INSPECTION REPORT.

2.

Immediately have vacant property re-keyed and secured.  The property must be re-keyed to Quick-Set Master #35241.  If a lockbox is installed on the property, it should be programmed with the first three letters of the street name.  

3.

Complete ERC/CMA and fax to Asset Manager within 7 DAYS of receipt of the request.  Forward via email or fax (unless original documents are required in your state):

ERC/CMA including subject photos (front, rear, street and interior) and comparables photos.

Your signed listing agreement.  Note:  The Addendum to Listing Agreement included herewith must be signed and returned along with your standard form listing agreement.  

A list of the recommended repairs and bids for same.  

4.

Order necessary utilities restored to the premises.  If inspections are required in order to restore utilities, determine cost of said inspection and contact Asset Manager prior to proceeding with inspection.

5.

Have vacant properties trashed out and basic cleaning and lawn care completed within 72 hours of access.  If the estimated cost of performing the aforesaid is in excess of $500, obtain and submit two bids to the Asset Manager for approval before proceeding.

6.

Within fifteen (15) days of execution of the listing agreement by both parties, submit to the Asset Manager a photograph of the premises with the Agent’s “For Sale” sign installed on the front lawn along with a copy of the MLS printout of the listing.

7.

On a monthly basis, submit to the Asset Manager a completed copy of the Monthly Status Report attached.

8.

If property is vacant, place on regular lawn maintenance as necessary and have winterized immediately when applicable.

Billing Procedures

(These procedures are intended to simplify and expedite payment of expenses.  Therefore, your cooperation is greatly appreciated.  Please contact your Asset Manager if you have any questions.  Any bills submitted contrary to these instructions will be returned for correction.  This will delay submission for reimbursement until the following month’s billing cycle.

Original invoices, along with copies of the Agent’s check must be submitted MONTHLY to this office so that they are received between the 1st and 10th days of each month.  Failure to submit bills on a monthly basis will result in non-payment (unless prior approval from Asset Manager is received.)  The monthly expenses for each property must be itemized on one check request form (see attached).  Checks for reimbursement of monthly expenses will be made payable to the Agent (not the vendor).  

Condo and Co-op fees must be requested with the monthly billing prior to the due date.

Repair bills in excess of $1,000 may be submitted on an individual check request outside of the regular billing cycle (with the Asset Manager’s prior approval) but must be paid directly to the Agent.

Closing Instructions

Sales contracts shall be closed in the following manner:

1.

Upon verbal approval of an offer, Agent will complete appropriate forms and forward to the assigned Security National Asset Manager for review and execution.

2.

The executed contracts will be returned to the Agent, who will disburse copies to purchaser, Title Company, Escrow Company and/or seller’s designated closing attorney, as appropriate for the state in which the property is located.

3.

In states where title companies are authorized by law to prepare the conveyance documents, etc., Seller will not be represented by an attorney.

4.

In all other states, the REO Closing Manager will designate an attorney who shall be responsible for communicating with buyer’s/lender’s attorney, preparing conveyance documents, etc.

5.

The title company, escrow company or closing attorney shall be directed to communicate directly with the REO Closing Department in all matters involving the closing, including, but not limited to, title questions, entity documents, conveyance documents, etc.

6.

The Listing Agent shall be responsible for follow-up with purchaser on any contract contingencies, including, but not limited to:  (1) inspections, (2) mortgage pre-qualification, and (3) mortgage commitment, and shall promptly notify the REO Closing Department when same have been obtained or denied.

7.

Seller will not be responsible for any administrative fees charged by Broker.

8.

100% forfeited deposits to be forwarded to seller.

Listing and Selling Agents’ commissions shall be deducted from the HUD and shall be disbursed to the appropriate parties by the Closing Agent.  Any referral fees due will be deducted by the Closing Agent from Listing/Selling Agents’ commission as per the Addendum to Listing Agreement and disbursed by the Closing Agent to the appropriate party.

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