Wednesday, March 07, 2012

Wondering Why It's So Hard to Buy a Home In Phoenix?

Uncle Sam wants you to rent out its foreclosed homes

Wednesday, February 29, 2012 

Want to become a landlord in one of the nation’s hardest-hit foreclosure neighborhoods? Well, Uncle Sam has a deal for you.

Fannie Mae (FNMA, Fortune 500) will offer up nearly 2,500 distressed properties in eight locations to investors who are willing to buy them in bulk and rent them out for a set number of years.

Foreclosure Fiasco


The properties, which are located in Atlanta, Phoenix, Las Vegas, Los Angeles / Riverside, and three Florida regions, include all types of housing units, from single-family homes to co-op apartment buildings.

“This is another important milestone in our initiative designed to reduce taxpayer losses, stabilize neighborhoods and home values, shift to more private management of properties, and reduce the supply of REO properties in the marketplace,” said Edward J. DeMarco, the acting director of the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae.
Steal this home! 

7 foreclosure deals

The sales, which will cover a small fraction of the more than 180,000 properties Fannie and Freddie Mac (FMCC, Fortune 500) hold, will be open to qualified buyers under strict guidelines.

Most of the properties already house tenants and buyers will be required to continue to rent out the properties to them for as long as their leases last. Investors will also be required to rent the properties out for a specified number of years. The exact number of years has yet to be disclosed.
Investors must post security deposits in order to bid and also must prove that they are financially stable, have property management experience and have strong ties to the local community, such as a history of working with local development organizations.

Contact Laura B. at HistoricCentralPhoenix.com today to buy a foreclosed home.

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