Fannie Sells 260 Homes in Bulk REO Sale
From Managing REO
"Fannie Mae recently completed a bulk sale of 260 homes with 10 different investors acquiring the properties, which were classified as real estate owned. "This was the worst of the worst," said one investor, requesting anonymity. The sale of the lots are in the process of closing, said the investor. National Mortgage Newsfirst reported on the auction this past fall. No price was disclosed. Sources close to the auction confirmed the sale results. Moreover, the GSE is contemplating a larger bulk sale in coming months. A company spokeswoman declined to comment but stressed that Fannie's preference is to sell its REO inventory to owner occupants and not investors. At the end of September Fannie had an REO inventory of 72,275 homes."
Fannie Mae REO listings are included in the REO reports that we provide for Montgomery County, Frederick County, Washington County and Prince George's County Maryland. All prospective buyer need to be pre-approved if mortgage financing is to be used. Ask us for a referral to a loan officer.
We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC.
Roy Kelley
Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
Client Assistance: 301-670-8996
Recipient of the RE/MAX International Lifetime Achievement Award - 2008
WOW, This is the first I've heard of a bulk sale of this magnitude!
That is the first bulk sale completed that someone has confirmed. I have worked on 4 deals but nothing closed.