I tweeted the news last Wednesday afternoon. Call it the Thanksgiving surprise (a coincidence that the orders came shortly before the start of a four day weekend?). The freeze on properties, most specifically those we manage and market for the GSE’s Fannie Mae and Freddie Mac, was over. In this case I must admit I was wrong as I had anticipated a trickle of releases..not a bulk drop. To say that reactivating all of these properties created pure chaos is an understatement. Yet, it has been accomplished.
Now, since my job on this blog is to mostly inform and not opine, I will stay with the facts. The reason I believed that these properties would slowly be released as each file was cleared is that I felt there was a file by file review taking place to make sure the affidavits of foreclosure had been correctly prepared and filed. Additionally, most statements from the large banks indicated this process would take until the end of the first quarter 2011.
Apparently, a lot has changed. It has been determined that there is no evidence of improper foreclosures. So, the GSE’s are getting the properties back on the market and hoping the former turned away buyers will return and complete sales. We would like to hear from you if you were interested, or represented a buyer who was interested, in a property that went under the freeze back in September. The most important point to make in all of this is the buyers will receive clean title and title insurance to protect them from any future issues or claims.
So..my message today. Please jump back in. The water is fine!