Beginning May 3, Fannie Mae will extend the waiting time investors in Nevada must wait before offering a bid on an REO property from 15 days to 30, according to Housing Wire.
We will have our properties vacant longer, because we’ll just have them in inventory longer. That exposes us to that many more problems, because the longer I have a property sitting there without someone living in it, the more chances of something happening to it states one REO broker.
On another issue, in February, President Obama outlined a plan to steer $1.5 billion in TARP funds for housing aid in five states considered “hardest hit” by the housing bust. The recipients—California, Florida, Michigan, Arizona and Nevada—have now submitted to the Treasury their proposals for how they would use that money.
California and Nevada have declined to release their proposals until they receive approval from the Treasury Department in the coming weeks. California will receive $700 million and Nevada will receive $100 million according to funding formulas that were based on the unemployment rate and the volume of foreclosures in each state.