First Franklin Mortgage - Need Loss Mitigation contacts

Asked by Heidi, Sylmar, CA Mon Nov 10, 2008


There is an REO I put an offer in and I know we are one of 4 offers and its been 2 weeks and the listing agent has not heard back from the owner which is First Franklin Mortgage (Home is in Castaic). I have seen on this board before that in some cases calling or sending a letter about how much you like the house and how serious of a buyer you are may help.

So I am looking for contact info for asset manager for First Franklin.

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Scott Godzyk, Agent, Manchester, NH
Mon Nov 10, 2008
It is very unlikely a letter would sway your offer 1 way or the other. Assett Managers usually will not have contact with buyers, that is why they use agents. The assett manager has strict guidelines on what he can automatically accpet and what he has to seek approval for. Terms dictate how good an offer is as well as the price. By terms they consider things like no contingincies, dont ask the bank to fix anything, close in no more than 3o days, do your home inspection before bidding as teh house is sold as is an dthe bank will not renegotiate after accepting a price, include your pre approval letter with your offer and make sure your deposit is at least 1% up to 5% of your offer. This will help your offer get accepted. As far a 2 weeks for an answe is unheard of, i get same day answers in most cases and never more than 24 hours in some cases. The listing agent should have daily contact with his assett managers. 2 weeks is just wrong...
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Mon Nov 10, 2008
Hello there, I will say that is pretty odd for an REO property to not have an answer for 2 weeks. It sounds more like an unapproved short sale to me. We have sold many REO properties in the last 8 months or so, (especially in Castaic) and the longest turn around time that we have seen is about a week... it is usually a couple of days. Assumming that it is an REO property, usually the asset managers don't get personal... especially if there is multiple offers. They will look at the net amount that the bank will receive in order to maximize the return of their individual portfolios. They will also look at how well your individual offer is written, and your ability to close escrow. I hope this helps, and feel free to contact us to answer any other questions via our website. or phone. Best of luck to you, and hopefully we can be of assistance, Sincerely The Scv Agents
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