Local San Diegl real estate investment firm Pacific Cos. bought nearly 700 foreclosure from mortgage giant Fannie Mae. the deal makes the local company the first winning bidder in Fannie Mae's pilot program to sell repossessed home in bulk to investors on the condition they convert them to rentals.
On July 3, 20112, the Federal Housing Finance Agency (FHFA) announced that it had made selections of bidders in the first pilot program under its REO to Rental initiative.
The pilot made offerings totaling 2,500 Fannie Mae owned homes in eight locations for investors to bid on with the understanding that homes would be maintained for rental for a period of time. Final announcement of the winning bids will be made when transactions are ready to close, expected in the next several weeks.
This information is offered by: Crescent Moon Realty, Inc.
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