By ALICE NOYES

Real estate seems to be mired in a paper chase mystery these days that calls for a bird dog.  There are those who call it the secondary market, and others who call it PMI.  It’s a very elite group consisting of Fannie Mae and her barnyard cousin Freddie Mac, along with a multitude of undisclosed relatives and friends.

You see, when Mr. Mobility bought his home, it was purchased by Fannie Mae.  She in turn farmed it out to a servicing lender and Mr. Mobility thought he must have the best credit in the world to have such a desirable loan.  In addition to all this flattery and attention from his lenders, he was also very busy being transferred to another state, much too busy to read all the fine print he was getting from these lenders.  He called his Realtor to let her handle it.  Within six months, his Realtor called the bank to see if Mr. Mobility’s loan could be saved or modified.  He had already been laid off in his new position.

One year later, Mr. Mobility’s home went to auction and several of us attended.  I listened to the auctioneer as I stifled a yawn, when I suddenly heard,

“Sold, to that woman in red for $30,000!”

I looked all around for a woman dressed in red.  Somebody handed me a purchase agreement and somebody else in the crowd yelled, “Leave it to a Realtor to pick up a property at auction!”

I’m still in shock.  And I’m still looking for a woman dressed in red.

Help!

Alice Noyes is an 18-year real estate veteran and an agent with Choice Realty in Manchester.  Her column, “Alice From the Palace,” will be published every other Monday here, at the New Hampshire Association of REALTORS blog, nhpluse.com.  She can be reached at alice@nhchoice.com.

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