Fannie Mae Bulk Sale of 2,500 Properties

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Education & Training with Retired Real Estate Broker, Maryland Blogger
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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. 

Wall Street Keys On Landlord Business

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

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Roy and Dolores Kelley Photographs

Roy Kelley, a real estate broker since 1960, has retired from his position as Associate Broker with RE/MAX Realty Group in Gaithersburg, Maryland. The needs of past clients and referrals will be met by long time associates. 



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Rainer
307,049
Jennifer Chiongbian
Specializing in all types of Manhattan apts & townhouses - Manhattan, NY
Real Estate Broker - NYC

Sad to even think that homes have to be sold in "bulk" like Costoc because there is a glut.

March 19, 2012 03:12 PM #1
Rainmaker
599,792
Patricia Feager, MBA, GRI, Cert Negotiations Expert, Military Relo Prof
Keller Williams Realty - Flower Mound, TX
The Little REALTOR® That Could

Thanks for the update Roy. History in the making and we're all a part of it!

Patricia

March 19, 2012 03:57 PM #2
Rainmaker
255,685
Sue Ellett
Coldwell Banker United, REALTORS (Paragon Property Group) - Marble Falls, TX
Marble Falls, & Austin, TX, Lake Travis, Lake LBJ

Verrrry Interesting....!  Thanks for posting. 

March 19, 2012 04:06 PM #3
Rainmaker
1,134,192
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

The thing that concerns me about this, is that by selling in bulk, each individual property within the bulk package will be diminshed in value.  This would affect neighboring properties.  OR could it be that since they are sold in bulk, the individual properties in the package wouldn't be given a value, which would become public record or comp material.  It will be interesting to see how this all rolls out. 

Banks haven't really got it right yet, even after more than 5 years of trying fiddling while Rome burned.  I'm not too optimistic about this!  It sounds like a situation which will cause further delay in actually getting properties TRULY on the market and cared for!  I wonder WHO are these MAJOR INVESTORS, who have been deemed worthy to be invited to this FIRE SALE???  Are they politically aligned in some way???  Are insider "friends" having the ability to this investment opportunity, without competing with the general public???

March 19, 2012 04:08 PM #4
Rainer
145,762
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Hi Roy, I think these properties are going to be rentals, which I think can be even more harmful to the market. I agree they should offer investor financing to all, instead of picking winners and losers.

Have an AWESOME day!

 

 

March 19, 2012 06:04 PM #5
Rainmaker
1,952,791
Roy Kelley
Retired Real Estate Broker, Maryland Blogger - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thanks so much for your feedback.  It is always good to hear from you.  Hopefully, many questions will be raised about the bulk sale process.  Political connections might prevail over common sense.

Kentlands Spring Flowers IMG_4786

Photographs by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

 

 

March 19, 2012 06:04 PM #6
Rainmaker
1,412,307
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Roy, we have heard there are many properties held by banks waiting to be released in Denver too.   Still wondering why they don't put them on the market, we have no inventory!

March 19, 2012 07:07 PM #7
Rainmaker
496,339
Cal Yoder
Keller Williams of Central PA East - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

Roy, good information and I will watch to see how this might effect our market. Have a great evening.

Cal

March 19, 2012 08:00 PM #8
Rainmaker
877,701
Wayne Martin
Michael Saunders & Company - Sarasota, FL
Sales Manager - New Homes & Condominiums Division

The properties in these pools must be held as a rental for periods of 2 to 5 years. Like your idea of providing financing to local investors familiar with the market. They might even have that idea on the table for the next round.

March 20, 2012 04:19 AM #9
Rainmaker
1,952,791
Roy Kelley
Retired Real Estate Broker, Maryland Blogger - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thanks so much for your feedback.  I would love to see more financing available for local real estate investors that would love to purchase the available foreclosures.

March 20, 2012 09:23 AM #10
Rainmaker
383,174
Russell & Tracy Lee Parker
RE/MAX Dallas Suburbs - Wylie, TX
Experienced Broker & Property Managers Since 2006

If this happens, I really like that idea of local owners/investors....they are easier to help with maintenance issues, tenant problems etc....than the faraway owners. 

March 21, 2012 12:32 PM #11
Rainer
6,294
Phil Sotelo
Real Estate eBroker Inc. - San Diego, CA

Banks like to sell REO in Bulk because they go through NPO's (Non Profit Organizations), so the banks get certain tax credits. 

July 09, 2012 09:30 AM #12
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Rainmaker
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