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Day in the Life of a Real Estate Agent: A Peek Behind the Fannie Mae REO Sales Process

Feb 24 2016

Sonya Abney navigates her dark blue Kia through heavy traffic in Northwest DC. It’s 19 degrees on this early Friday morning in February. The wind is gusting, and there’s the occasional snow flurry. She parks in an open spot around the corner from her office and bundles up for the short walk.

Her brokerage, Cosmopolitan Properties, handles real estate owned (REO) properties for Fannie Mae.

Abney’s team is responsible for about 100 Fannie Mae REO properties (which they call “assets”). The average listing price is $180,000.

New assets are inspected for repairs before they can be listed for sale. This could include repairing safety hazards like broken stairs or porch rails, painting and carpeting, or even replacing a kitchen or roof. Each asset has unique needs. The hope is for a quick sale.

Fannie Mae assigns REO properties to its listing agent network based on a real estate agent’s location and past performance. Abney is an agent who’s scored well in the past although she admits not getting “hung up” on her ratings. “We just try to do a good job,” she says.

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