Annual Freddie Mac Regional Meeting
Andy Nicklas President and Founder of Junk Monkey and Lisa Blaha our Freddie Mac team lead visited Dallas Texas for the Annual Freddie Mac Regional meeting.
We always enjoy heading to Texas to meet our Freddie Mac partners in person. Lots of information was reviewed including an update of the national foreclosure market. Currently 2.5 million foreclosures are in process nationwide with another 1.1 million showing 90 days delinquent on their mortgage. Although things are improving, these are still some staggering numbers.
Freddie Mac discussed the importance of verifying HOA rules when completing capital repairs such as exterior paint, material type & landscaping.
Lastly, Freddie Mac revisited their philosophy when it comes to capital repairs. They believe in going “back to basics” when estimating what is needed for the property to be habitable and marketable. This philosophy focuses on 3 key elements to ensure the contractor understands the market of the area:
- RESTORE- Repair/replace damaged items back to functionality that is needed for financing.
- RENEW- Survey the current market and determine the need to make the property marketable in that area, while keeping costs down and incorporating inexpensive touches to enhance the marketability.
- REMEDY- Will the improvement benefit the sale.