Buyers for Fed's pilot program for bulk sale of foreclosed properties announced

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Real Estate Agent with Coldwell Banker Brokers of the Valley, Yountville Napa Valley

Short Sale Soundoff: FHFA announces next steps in REO Pilot Program

The FHFA, Federal Housing Finance Agency, announced yesterday that the winning bidders in a REO pilot initiative have been chosen and transactions are expected to close early in the third quarter. The FHFA said that market response has been robust with strong qualified bidder interest.

“FHFA undertook this initiative to help stabilize communities and home values in areas hard-hit by the foreclosure crisis,” said Edward J. DeMarco, Acting Director of FHFA. “As conservator of Fannie Mae and Freddie Mac, we believe this pilot program will assist us in achieving our objectives and help to maximize the benefit to taxpayers. We are pleased with the response from the market and look forward to closing transactions in the near future.”

FHFA launched the pilot program in late February, and in the second quarter bids were solicited from qualified investors to purchase approximately 2,500 single-family Fannie Mae foreclosed properties. Fannie Mae offered for sale pools of properties in geographically concentrated locations across the United States.

Investors were qualified to bid after a rigorous evaluation process and were evaluated on the basis of several factors, including financial strength, asset management experience, property management expertise, and experience in the geographic area.

C.A.R. is disappointed that the FHFA ignored overwhelming economic data showing that such a program is not necessary, especially in California where inventory levels are exceptionally low, and may potentially harm the housing market in certain areas.

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Rainmaker
636,653
Yolanda Cordova-Gilbert
David Weekley Homes - Katy, TX
David Weekley Homes in Cinco Ranch

Curtis,

          Although California is hard hit, you inventory is very low. I have heard from several buyers that things are moving in several parts and people are not so upside down. I hope you have a wonderful day! Take care!

Jul 08, 2012 10:44 AM #1
Rainmaker
547,587
Curtis Van Carter
Coldwell Banker Brokers of the Valley, Yountville Napa Valley - Yountville, CA
Napa Valley's Broker Extraordinaire in Yountville

Thanks Yolanda for your thoughts, cheers cvc

Jul 08, 2012 12:55 PM #2
Rainmaker
1,107,714
Robert (Bob) Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX Real Estate Expert

Curtis,

Thanks for the information and I guess I will have to read more about this whole situation as I am not up todate.

Cheers.. have a great evening..

Jul 08, 2012 04:06 PM #3
Rainmaker
391,356
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

It will be interesting, Curtis to see how this all rolls out across the country. Many people think it is just one more way for people with the right connections to "land grab". 

Jul 13, 2012 05:56 PM #4
Rainmaker
547,587
Curtis Van Carter
Coldwell Banker Brokers of the Valley, Yountville Napa Valley - Yountville, CA
Napa Valley's Broker Extraordinaire in Yountville

Bob & Elva

Thanks for your comments, cheers cvc

Jul 14, 2012 01:46 PM #5
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Rainmaker
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Curtis Van Carter

Napa Valley's Broker Extraordinaire in Yountville
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