NAR Letter to Donovan and Geithner Should Inspire Buyers, Seller, Investors - Even Realtors®
I’d urge readers to take a look at the letter sent by the National Association of Realtors® (NAR) Board to Secretary of Department of Housing and Urban Development Shaun Donovan, and
Timothy Geithner, Secretary Department of the Treasury
The letter was in response to the HUD and Treasury’s request for input and real recommendations for selling REO, and distressed seller/pre-foreclosure properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration. It’s a very compelling read for Realtors® as it ticks through the issues with homeownership in simple language, easy for our clients to digest, should you decide to share it.
It clearly spells out what the Government should do, according to the NAR, with respect to the disposition of pre-foreclosure homesellers.
Among the several statements made in the letter, these two stood out for me:
1. Proposals with lease-to-own elements should first be focused on keeping families in their homes. Then, NAR adds that sustainable rental housing is an integral component of the housing market and understands the opportunities affordable rentals provide for potential homebuyers.
2. Realtors® are concerned about the degrading effect that renting will have on surrounding owner-occupied homes, even if structured as lease-to-own.
These two principles seem at odds with other, but they’re not. We can be more diligent and minimize the adverse affect of not-so-optimal renter with strict guidelines on the rehabilitation and continued maintenance of properties by professional property managers.
And, we can keep more homeowners in their homes with the aid of more programs that are more creative, and can be mutually beneficial to sellers and buyers, such as Mortgage Assignment programs.