This information is critically important for anyone listing Fannie Mae properties in Florida and the process changes described herein are effective immediately.
Do not disregard these system generated messages. All Relocation Assistance transactions with Owner Occupants will be handled by the listing broker/agent with the exception of a multi-unit where at least one unit is occupied by a tenant. Relocation Assistance transactions with tenants will be handled by FSR. In the event you handle an outsourced property, the Asset Manager will confirm the amount for relocation assistance.
Beginning today, any new Florida property identified as "owner occupied" or "unknown-occupied" will no longer transfer to the property management company, First Service Realty (FSR). Only properties identified as "tenant occupied" will transfer to FSR. On "tenant occupied" properties, FSR will handle all discussions with a tenant regarding relocation assistance and leases. As long as a property remains occupied by tenant, FSR will continue to monitor the occupancy and manage the property. Once a property is confirmed by FSR as vacant, the property may be reassigned to a Sales Representative or Asset Manager.
As a reminder, brokers must comply with the Protecting Tenants at Foreclosure Act which protects tenants' rights after foreclosure. Anyone claiming to be a tenant or a tenant indicating an interest in continuing to rent must be referred to FSR to handle discussions related to leasing.
NOTE: There is a new Knowing Your Options (KYO) flyer which no longer contains FSR contact information. You must immediately begin using this new KYO to post upon your initial inspection of a property. The posting must be done even if the property appears vacant.
· Listing broker/agent visits property and posts new, attached KYO flyer (available via the links below), in English and Spanish. Take a photo of the posted KYO. If the broker/agent encounters an occupant, broker/agent must determine the type of occupant and correctly identify the property status in their system of record (AMN, Equator, or Asset Manager's system). To help facilitate contact between the tenant and FSR, please gather contact information from the tenant and enter it into the system (either Equator or AMN).
· Listing broker/agent updates property status in Fannie Mae's system of record (either Equator or AMN). Any property identified as "tenant occupied" will be transferred to FSR.
· "Owner Occupied", "Unknown-occupied", "Personal Property", or "Vacant" properties will be managed by the listing broker/agent. This includes, but is not limited to, any Relocation Assistance discussions, eviction coordination, managing field services, and all other listing broker/agent responsibilities. These property types will not be assigned to FSR.
NOTE: Brokers/agents receive system generated information about Cash for Keys amounts.
Contact your Asset Manager for more information.
FL Knowing Your Options (English)
FL Knowing Your Options (Spanish)
Just wondering how REO agents on ActiveRain like to approach Foreclosure visits for the first time after posting KYO. The question do you knock on the door after posting and/or when posting also do you mail out an introduction letter. I am adding this post to the REO group on ActiveRain to see how many comments I can get from the group on how everyone likes to handle this. Not just Realtors from Florida can answer this one.
Brandon Jordan, Realtor,E-PRO,ERA American Real Estate
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Sr Vice President
ERA American Real Estate
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