The Old HUD

http://www.luvastor.blogspot.comWhen my parents brought their house from HUD, it was a straight forward deal that was not corrupted by Real Estate Brokers. That was 50 years ago. Fannie Mae needs to return to the old way of selling the houses that it has accumulated.

The current method of disposing of the homes accumulated when the bottom dropped out of the housing market is unnecessarily expensive to the country and Fannie Mae. It's not working because Fannie Mae has made it more profitable for the Real Estate companies to sit on the houses than to sell the houses.

In to many cases the expense vouchers submitted to Fannie Mae for the maintenance and utilities is more than the sales commission. I have tried to contact Real Estate Brokers for information on purchasing some of the properties with a low listing price and the Brokers will not return calls and in most cases the calls are not answered.

If Fannie Mae would allow direct purchases without requiring that a purchaser go through a broker, it could remove most of the corruption, rid itself of most of the properties, maintenance and utility expenses and the bad reputation that it has acquired.

jonymor