On February 27, 2012, The Federal Housing Finance Agency (FHFA) announced that will sell Fannie Mae Real Estate-Owned (REO) properties to investors at hardest hit metropolitan areas: Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix and parts of Florida. Only the pre-qualified investors will be eligible to bid and submit applications to prove their financial strength, experience, and specific plans for purchasing pools of FNMA foreclosed properties mandatory to rent the purchased properties for number of years, according to Corinne Russell and Stefanie Johnson of www.fhfa.gov
I think, FHFA’s intention to sell FNMA’s REO properties to investors will help fill vacant properties into occupants. However, FHFA can allow wounded military service people, veterans, and unemployed people to live in those vacant properties for a period of time as well.
For a complete more detailed information about Federal Housing Finance Agency announcement to sell FNMA’s REO properties to investors, please CLICK HERE