What To Do with Real Estate Owned Properties (Part 1)

In August this year, the U.S. Federal Housing Finance Agency (FHFA), Department of Housing and Urban Development (HUD), and Department of the Treasury sought the inputs of the private sector on the disposition options of single-family real estate owned (REO) properties held by Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA).

In a joint statement, the three federal agencies said the Request for Information from the private sector is aimed “to help address current and future REO inventory.”

The three federal agencies added, “It (Request for Information) will explore alternatives for maximizing value to taxpayers and increasing private investment in the housing market, including approaches that support rental and affordable housing needs.”

HUD Secretary Shaun Donovan said, “Millions of families nationwide have seen their home values impacted as their neighbors’ homes fall into foreclosure or become abandoned.”

Donovan added, “At the same time, with half of all renters spending more than a third of their income on housing and a quarter spending more than half, we have to find and promote new ways to alleviate the strain on the affordable rental market. Taking steps to encourage private investment in REO properties and transition them into productive use will help stabilize neighborhoods and home values at a critical time for our economy.”

Last September 15, the response period for the Request for Information of the three federal agencies about real estate owned properties disposition ended.

Late November of this year, FHFA released a response summary to the three agencies’ Request for Information regarding the disposition of real estate owned properties held by Fannie Mae, Freddie Mac, and FHA.

Check Guldi Group’s blog later this week about the Request for Information summary response.

Whether you are a first time buyer, first time seller, empty nester, thinking about selling or buying a home, do contact the Guldi Real Estate Group. In Southern Maryland, the Guldi Real Estate Group is the number one real estate team.