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Owen asset management REO no longer handling Fannie Mae properties

By Brandon Jordan

Managing Real Estate Broker with ERA American Real Estate

March 26, 2011 02:27 PM

I was suprised last thursday when I received the first email from Owen stating they were no longer going to be handling Fannie Mae properties. I had not had a chance to work with Owen all that long just about a year but in the time working with them I have to say I like the company overall. The first Asset Manager I had was moved to a managment position so I was getting introduced to a new asset manager not that long ago. It seem they were unaware of this announcement coming as well. Please see below this was their follow up email from early this week. Just wondering how many Active Rain members were working with Owen?

For Immediate Release
Contact:
Susan Horahan

Owen REO, LLC

Good Morning: This serves as a follow-up to our notification sent to you back on March 17th, (sorry previous announcement indicated "October") informing you that Owen REO will no longer be handling the Fannie Mae account for all files in statuses with the exception of assets in "Offer Accepted/Pending/Under Contract" as of March 23, 2011. Beyond March 23, 2011 we will be handling properties that are under contract at that time up and through May 8, 2011. If they are not disposed by May 8, 2011 they will be transferred to the new AMP. At this time, we are writing you per Fannie Mae's instructions to inform you that the listing will remain with you, our listing agent, and you will be contacted by another Fannie Mae AMP with instructions and guidance. As previously mentioned, but worth repeating again, you need to proceed as business as usual. With regards to outstanding invoices, please follow the steps below: 1.) If you have incurred any expense and have an invoice to submit, please do so by this Friday, March 25, 2011 into Owen REO. 2.) If you do not have a complete cycle utility bill to submit, please DO NOT shut utilities off in order to obtain one; those bills can be submitted to the new AMP for payment. 3.) Any 1093's currently in process with a non-SAM vendor will be re-assigned to the new AMP; please do not submit into Owen REO. 4.) Expenses incurred by Agents after Wednesday, March 23^rd will be handled by the new Fannie Mae AMP partner and the broker will receive instructions from them. 5.) Files that close/dispose, please follow normal business procedures for remittance of your invoices.

Cases related to Alternative Disposition, specifically Auction cases, will be moved to the Fannie Mae Auction group and will be moved out of the Owen REO Broker ID. Listing Agents assigned to the respective properties will continue to be assigned the property and will begin/continue working directly with the Fannie Mae Auction Vendor. Alternative Disposition cases will be finalized by approximately Monday, March 28^th.

Once again, thank you for your cooperation and understanding.

Davis E. Owen, Sr.

Owen REO, LLC

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Ben Benita

Ben Benita - Gainesville, VA

Speaker, Author, Game Changer, Coach

I wonder who they will be using now?

We have a bulk REO property package under contract currently.....good time to be buyinG!!!

Mar 26, 2011 02:30 PM

Liz Lockhart

Riverbend Realty, Cape Girardeau, MO - Cape Girardeau, MO

GRI, Cape Girardeau Real Estate

Yes, Brandon, I have worked with Owen and I received the emails, as well. I know that Fannie Mae has been beefing up internally. I wonder if some of the properties will revert to Fannie Mae internal, rather than being transferred to another AMP.

Mar 26, 2011 02:36 PM

Bill & Cyndi Daves

Hiawassee, Young Harris, Blairsville, Hayesville, Murphy and Beyond! - Hiawassee, GA

TeamDAVES - Your REALTORS In the GA/NC Mountains!

Sounds like someone, somewhere wasn't doing a good job with managing properties and is being replaced!

Mar 28, 2011 03:32 AM

Brandon Jordan

ERA American Real Estate - Crestview, FL

Ben and Liz It seems they have went with 24AMN to handle the properties for them.

May 01, 2011 08:43 AM

Owen asset management REO no longer handling Fannie Mae properties

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