Hello Fellow Superstars,
My name is Doug Juenke and I am a REALTOR-Broker in California and I am also a member of the C.A.R. Distressed Property Task Force and last week I gave a presentation to about 250 fellow agents about we what are dealing with and I finished up with a call to action about Fannie Mae. I asked, no rather demanded that ALL of my fellow agents fax,email or do whatever they can to get this paper to our federal legislators which in our area is Barbara Boxer, Diane Feinstein and Doug LaMalfa. I have included my example for ALL of you to print out and use to send to your federal reps. I have included a non-NAR copy for those of you that are not REALTORS. I do not know if this will get us anywhere but I have had this issue arise a couple of times now and to be honest it is complete and utter BS that our gov is once again manipulating the market setting us for yet another fall for which we will pay dearly while they get BONUSES for their crap. If everyone one of us print this out and sends it to your own reps in your area ( thus it is addressed generically, feel free to insert your own folks for your area) we might just let the idiots in Fannie and Freddie know that we are watching and that they answer to us not the other way around. We gave those 2 ENTITIES a huge amount of cash to stay open after their last attempt at corruption. If we do not do something to at least try and stop the abuse we can no longer bitch that they are playing us for fools. It is speak up or shut up, the choice is yours? I made my choice. Click on the link below and it should open the sample letter that we sent out last week. If we get enough people to shoot this to the feds maybe they will look into it... I know wishful thinking but if we do nothing nothing will change.
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No Doug I ASSURE you it's NOT IN YOUR HEAD...there are real problems and they've been going on way before Fannie's March 4th podcast with our lovely NAR president...stating Fannie "is DOING something about it...
now that thousands are "whining" as people call it.... steps are being taken...how can you ignore the masses...when the masses are stating it is happening over and over again...we're not making it up... oh by the way...Fannie posted the "highest return ever on 1st quarter profits in a long time..." I guess that's fantasy too...
Keep on plugging away... some things only get done when people refuse to lie down and silently take it anymore.
And yes Ron is entitled to his opinion...and I do see his point when some BPO agents might be part of the problem or to blame also....it's not just all one entity...its coming from numerous outlets. But the problems need to be fixed or adjusted...it can't just go on going up and up and up... I'm sure everyone here over 6 years of age has ridden a real live rollercoaster at some point in their lives....and what's going on is Fannie is grabbing all of us and slamming us in the seat and strapping us in with our arms pinned to our sides and pushing the button on the coaster...and we are slowly going up and up and up before coming to the top where it levels off for a bit and then you know what happens right????
This time around the drop is going to be massively frightening....
Brian I hear your response and I have to beg to differ. Yes..there are 2 sides to every story. I think what most agents are frustrated with, and I've been in the same situation myself....is that when you have a property that is a "distressed" property, such as a short sale....it's unfathomable to think that it SHOULD be sold at the same price or HIGHER than a regular property with equity where as a buyer you can do a request for repairs and have things fixed by the sellers. In a short sale, you want a buyer to let's see...wait months and months to buy that home, then pay top dollar for that home and ignore all the other possible standard sales coming up and stay in THIS transaction..and accept it "as is" with no fixing and all it's faults..and sell to YOU the buyer at a "fair market value" or over list price with multiple offers...
This is like going to a car lot and them expecting YOU to pay the highest price possible for a used car on the lot SOLD in 'AS IS" condition with no warrnties, repairs, etc.... against the nicer, all points 5 star certified car with a warranty and all shined and fixed up on the same lot. YOU wouldn't do it, why should a buyer do it with a house? If buyers are trying to STEAL a house, we can all see that's going to be ridiculous in todays market. But when you have Fannie and Freddie coming in with valuations that are WAY ABOVE AND BEYOND what properties will NOT SELL FOR with NO buyer making an offer at THEIR over inflated price, and WAY ABOVE what THAT SHORT SALE will appraise for, unless you have that magic loan or all loans people.....yes...a good ole homepath loan from Fannie that comes with , you guessed it, a guarantee of purchase with NO APPRAISAL whatsoever...then YES..it is infuriating and unfair.
By inflating the prices of the market..they're driving us right back into a false bubble again that's going to burst the water pipes even worse this time around. WATCH THIS SPACE...it's coming...
I don't think this is Fannie specific as I run into it with Freddie too. The only difference IMO between the two is you can do a value dispute with Fannie directly which has helped me in about 25% of the challenge files, and lately I've been told by Freddie backed files, "The investor doesn't allow value disputes" which I have no idea why, but it has happened twice this month.