How to List Foreclosures for Fannie Mae

 Last week I attended The Five Star Conference in Ft. Worth Texas.  This year the event sponsored by Default Services News (DS News), had over 7,000 attendees.   This was a significant growth from the 1500 who attended in 2007 and the 5,000 in 2008.

A main reason for a Realtor to attend this event is to learn how to list REOs (foreclosures).  The "Lender open houses" on the last day were the most popular and informative.  Since these meetings occur simultaneously it is impossible to get to all of them.

Upon arriving at 8:30 am I choose the room with the longest line, figuring it would be the best session.  Sure enough, the longest line was for "Fannie Mae".  I was lucky to get in the room.  Here is what I learned.

Fannie Mae, disposes of properties in three different ways.   About half of their assets are disposed of directly through listing brokers.  They are very loyal to their brokers and do not often have openings.  To apply directly with Fannie Mae send an e-mail to vendor_apply@fannieme.com  In the subject line state that you wish to apply to be a listing broker.  Instructions are at Fannie Mae's web site

The second method that Fannie Mae uses to dispose of their REO is property is through Asset Management Providers.   Fannie Mae currently uses the following 14 asset management companies:

 I strongly encourage any agent that is interested in listing REO property to apply at all of these companies.  Each of the above companies handles tens of thousands of assets, for Fannie Mae and other lenders.  These companies did not start out working with Fannie Mae, and still have many other large accounts.  For instance, First Preston also serves Bank of America, Nationwide services Chase and WaMu, GMAC uses Atlas and NDS.  Applying with these companies will give a Realtor many listing opportunities in addition the Fannie Mae assets.  (Just one of the above companies gave me five properties last week.)

The final method of disposition for Fannie Mae is through "bulk" or portfolio sales.   For more information on purchasing a bulk portfolio from Fannie Mae send an e-mail to Alternative_Sales@FannieMae.com  

For more information on REO services or foreclosure real estate in Sarasota, Florida visit my web site http://Sarasota-Foreclosures.com 

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