Fannie & Freddie, do you know what your kids are doing????

By
Real Estate Agent with Prudential Verani Realty

So the government is attempting to bail out the mortgage industry and in so doing has handed Fannie and Freddie untold billions of dollars to "help jump start the housing market".

There are untold thousands of foreclosed properties currently on the market for sale but if you were to study these listings state by state you will undoubtedly find that a few real estate brokers in each state hold the lions share of these listings. So much for "spreading the wealth".

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If these brokers can handle the load without bogging down the process than, "good for them". My experience from the other side of the fence has been that these brokers for the most part are overloaded and do not have a good system in place to assure a timely transaction. Adding to this dilema are the subcontractors appointed by Fannie & Freddie.

To read more go to The NH Real Estate Market Voice.

If you are thinking about purchasing a bank owned property, please consider hiring a buyers agent to help you navigate the torraine. You'll be glad you decided to have someone in your corner.

Judy Tuscano, REALTOR

Prudential Verani Realty

603-498-2263 cell phone

jude1220@yahoo.com

Comments (8)

Terry Chenier
Homelife Glenayre Realty - Mission, BC

I work with several colleagues in several southern states and I'm getting this from them all the time; the backlog is years!

Feb 27, 2009 02:57 AM
Judy Tuscano
Prudential Verani Realty - Nottingham, NH
NH Real Estate Professional

Thanks for commenting Terry - Backlog, yes but you'd think when they have a buyer all ready to go who just needs an inspection, they would bend over backwards to do what is necessary to get the inventory off their backs instead of adding to the frustration of the process by limiting who can do the jobs necessary to make it happen. Besides my point is that this whole stimulus thing was touted to create jobs, wasn't it?

Feb 27, 2009 03:47 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Judy your experience has also been what I have seen from my end of things.  You have to question how some of these people are able to get their hands on that many Foreclosure Listings.

Feb 27, 2009 04:12 AM
Judy Tuscano
Prudential Verani Realty - Nottingham, NH
NH Real Estate Professional

For sure George - I guess it is who you know and not what you know otherwise you and I would be the busy ones. Thanks for commenting.

Feb 27, 2009 04:33 AM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

I'm getting pretty sick of the word "bailout" and seeing the wrong people getting the money.  It all seems so ridiculous to me!

Feb 27, 2009 05:29 AM
Shirley Parks
Sands Realty 210-414-0966 - San Antonio, TX
Broker, 210-414-0966, San Antonio TX Real Estate

"There are untold thousands of foreclosed properties currently on the market for sale but if you were to study these listings state by state you will undoubtedly find that a few real estate brokers in each state hold the lions share of these listings."  I wasn't aware of this, Judy.  Very interesting.  Thanks for passing along the info.

Feb 27, 2009 07:14 AM
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

Judy, I get so frustrated trying to show or sell foreclosure properties.  Most of the agents are prima donas.  Then you have a bank that doesn't seem to give a rip whether they sell the property or not.  With the two combined it makes for a nightmare scenario.

Feb 27, 2009 02:13 PM
Judy Tuscano
Prudential Verani Realty - Nottingham, NH
NH Real Estate Professional

Sharon - you are so right

Shirley - in a small state like NH where we have a central MLS it is easy to see - I'm sure it is a little more difficult to check in TX - thanks for commenting

Marchel - the agents seem like prima donas and I also find that they are completely overwhelmed by the amount of business they have but would not think of telling the bank they can't handle it all. It is frustrating.

Feb 28, 2009 12:13 PM