Federal bulk REO sales opening to smaller bidders

Faster. Better. Together.
Inman Connect San Francisco, Jul 16-20, 2018

If you or your clients want to be bidders on the federal government's upcoming bulk sales of "real estate owned" properties from Fannie, Freddie and the FHA, you've still got time. Officials told me late last week that the first transactions are two to three weeks away and the property pools offered through 2012 may be smaller and more manageable for groups of well-advised and qualified local investors than previously assumed. Well-advised? That means first and foremost that you've submitted a "prequalification request" and you know what the Federal Housing Finance Agency -- which oversees Fannie and Freddie in conservatorship -- is really looking for from bidders. Turns out it's not necessarily the giant Wall Street hedge funds who can bring megabucks to the table and scoop up thousands of REO homes to convert into rentals. It's actually quite different. Federal officials tell me their goal is to target primarily local areas that have "significant c...