Helen and I attended a seminar at the Sarasota Association of Realtors on Friday, October 10th where Vern Buchanan, Florida Representative to the U.S. House of Representatives, spoke. Vern told us about his frustration with the recent $700 Billion Bailout Bill. He received the first bill, some 300 pages on the Sunday night before the vote on the next Monday by noon. He voted it down but did vote for the revised bill later in the week.
A question and answer period after Vern’s presentation, high lighted the frustration many Realtors are feeling in attempting to get their short sales sold. Each person who spoke about short sales, said the banks were real barriers to closing their sales. A former V.P. of a mortgage bank said that the problem is not the bank but rather Freddie and Fannie who have control over the decisions in negotiating a lower sale price. Vern asked how many loans in the area are backed by Fannie and Freddie and the V.P. said that he thought about 70% to 75%. Vern said that he would get answers and work to resolve this problem.
Tags: Florida Real Estate News, Florida Short Sales, Vern Buchanan
