What the heck is a short sale contingency? And is it true that you can count on more than a year for an offer on a short sale to be accepted?

A "Short Sale Contingency" is a status which means the bank has received an offer and is reviewing it for possible acceptance.

Is it true that you can count on more than a year for a short sale offer to be accepted? No. The average time of acceptance is three months.

The variables are who is the lender? How many lenders? Is the property in default? Is the listing agent experienced, and a few more. But as with any transaction, Murphy's law always rules.

However, if you prepare yourself as a buyer (pre-approved, motivated, identified your "must have's" and "can't stands"), aremed yourself with great representation (preferrably a full-time REALTOR who is experienced and successful in making offers in this market), there is a great possibility that, should you make an offer on a short sale, that the average time will prevail.

There are also ways that your agent can gain more control over the timeframe of the short sale and ensure that you are kept current on the activities of the short sale as it progresses. This indirectly forces listing agents who may just sit idly by to actually work the short sale.

For more tips and info feel free to visit my site, contact me by email keisha.mathews@century21.com, or contact our office at (916) 266-4835.

Web Reference: http://www.SacramentoShortSaleLady.com

Need an Approval from Franklin Credit (In Jr Lien position)?

We just received an approval from Franklin Credit and after much back and forth (one year to be exact), we also received the truth as to what the REALLY are trying to attain.

When your offer with Franklin Credit is declined, Franklin Credit and its employees are instructed to tell you that they cannot give dollar amounts, you just need to resend a better offer. For the past three months, our strategy has been to "up" our offer to them, starting at the promissory note for 10K, then increasing in increments of 20, and slowly increasing the cash contribution to them. This was based on the fact that they won't disclose an acceptable amount, and the threads which I had read regarding strategy and acceptance with Franklin Credit.

However, I am assuming it was our lucky day when we got a rep on the phone who stated the following (directly from our system file notes): "(Rep) asked how much is he able to bring to the table? I informed of the promissory note of 15,000. (Rep) states regardless if promissory note is signed or not, a minimum of 10% which is 16,342.00 has to be paid. (Rep) advised to send an updated HUD with the corrected payoff amount and resend the higher offer to fax 201-839-XXXX Attention (Rep). "

We of course called back the next day to confirm the info, but were told (reprimanded would be more like it) that the rep should not have told us that because, again, they are not allowed to disclose figures.

However, on 11/30/09 we acted on the payoff of 10% and were told today that the approval letter had mailed to title (which was weird as well) yesterday. (UPDATE: I just received the letter in my email as well).

I recommend cutting to the chase and "finding" 10 percent of the balance owed and get it over with. They are not the most pleasant people to deal with either.

I also recommend dealing ONLY with the supervisor once you know that your acceptable offer is there for fast expedition (and she's much nicer to deal with). Email me if you'd like that info (sorry, REALTOR's only) (keisha.mathews@century21.com)

Because this info is so hard to come by, I only ask that you PLEASE respect her info and DO NOT bother her until you are ready to go straight to the ten percent. If you bother her with the small stuff you may make it harder on others trying to attain legitimate approvals.

Hope that helps! See ya in escrow!

Keisha M. Mathews, CDPE, REALTOR® | License# 01439130
The Short Sale LadyTM | Century 21 Landmark Network
(916) 266-4835 office - direct | (916) 405-3886 efax
DEDICATED TO PARTNERING WITH LOSS MITIGATORS TO REDUCE FORECLOSURES!

President Obama to Announce Comprehensive Plan for Regulatory Reform

President Obama to Announce Comprehensive Plan for Regulatory Reform


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June 17, 2009
TG-175

President Obama to Announce Comprehensive Plan for Regulatory Reform

WASHINGTON – President Obama will lay out a comprehensive regulatory reform plan this afternoon to modernize and protect the integrity of our financial system. While this crisis has had many causes, it is clear now that the government could have done more to prevent these problems from growing out of control and threatening our overall economy.

The President will be joined by Treasury Secretary Tim Geithner, representatives from the regulatory community, consumer groups, the financial industry and me mbers of Congress for an event in the East Room later this afternoon.

The President's plan will:

- Require that all financial firms that pose a significant risk to the financial system at large are subjected to strong consolidated supervision and regulation
- Increase market discipline and transparency to make our markets strong enough to withstand system-wide stress and the potential failure of one or more large financial institutions
- Rebuild trust in our markets by creating the Consumer Financial Protection Agency to focus exclusively on protecting consumers in credit, savings, and payment markets.
- Provide the government with the tools needed to manage financial crises so it is not forced to choose between bailouts and financial collapse
- Raise international regulatory sta ndards and improve international coordination

Below are Links to the White Paper and Fact Sheets:

White Paper: Financial Regulatory Reform:
http://www.financialstability.gov/docs/regs/FinalReport_web.pdf

Fact sheets:
http://www.financialstability.gov/docs/regulatoryreform/requiring_strong_supervision_reg_finfirms.pdf
Requiring Strong Supervision And Appropriate Regulation Of All Financial Firms

http://www.financialstability.gov/docs/regulatoryreform/strengthening_reg_core-markets_infrastructure.pdf
Strengthening Regulation Of Core Markets And Mar ket Infrastructure

http://www.financialstability.gov/docs/regulatoryreform/strengthening_consumer_protection.pdf
Strengthening Consumer Protection

http://www.financialstability.gov/docs/regulatoryreform/providing_govt_tools_manage_fincrisis.pdf
Providing The Government With Tools To Effectively Manage Failing Institutions

http://www.financialstability.gov/docs/regulatoryreform/improving_internatl_reg_standards_co-op.pdf
Improving International Regulatory Standards And Cooperation

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