Fannie Mae Bulk Sale of 2,500 Properties
According to The Wall Street Journal, major investors are preparing to bid on sale of 2,500 homes in eight regional pools. If this bulk sale is successful, there could be a major shift in the way the foreclosures are sold. Last year, Fannie Mae sold more than 240,000 homes, mostly by listing them individually with real estate agents.
This test is designed to determine whether there is a new kind of buyer for properties in the foreclosure inventory. Many real estate professionals do not agree with the effectiveness of bulk sales to national or regional investors. Personally, I think the results would be better if investor financing were made available to local investors that really know the markets and would agree to keep the homes in rental portfolios for a period of time.
The properties being offered in the bulk sale represent about 2% of the 120,000 foreclosed properties held by Fannie Mae at the beginning of 2012.
Read the article from The Wall Street Journal and share your thoughts on how you think Fannie Mae should sell the foreclosed properties.
Spring flowers are blooming. Be sure to have your camera in hand to capture the changing colors of the season.
Kentlands Spring Flowers IMG_4789
Photographs by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs