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Federal Agency Will Sell Foreclosed Homes to Investors for Rentals

The Federal Housing Finance Agency will begin inviting bids from investors to buy packages of foreclosed properties to be offered as rentals.

The agency today said it will send detailed information to investors who qualify to participate in the bulk-sales pilot program. About 2,500 foreclosure homes will be marketed in Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix and parts of Florida, according to a statement posted by the agency on its website today.

With this next step, prequalified investors will be able to submit applications to demonstrate their financial capacity, experience and specific plans for purchasing pools of Fannie Mae foreclosed properties with the requirement to rent the purchased properties for a specified number of years.

Structured Sales – Investor Pre-Qualification Process

Joint venture transactions are expected to allow qualified investors to purchase a controlling equity interest in a newly formed investment vehicle created to hold multiple properties in one transaction. The qualified investor would be responsible for the management and servicing of the assets, and would be an equity partner with Fannie Mae. Pools may be national, regional, or geographically focused, subject to post-closing asset management strategies and restrictions, and consist of vacant and / or occupied (including rented) properties. Sales of controlling equity interests will be limited to qualified investors.

If you are a prospective investor interested in receiving information regarding structured sales composed of Fannie Mae single family real estate owned assets, you will be required to meet certain minimum criteria to be Pre-Qualified. Once you are Pre-Qualified, you will be eligible to receive information regarding an actual proposed transaction if and when such information becomes available. The process to be Pre-Qualified is described below.

Pre-Qualification Process

Prospective investors must fill-out the Contact Information Form  as well as download and complete the Pre-Qualification Request Form. Once completed, the Pre-Qualification Request Form must be submitted to the email address on the form.

Fannie Mae, after review of both completed forms, will notify prospective investors whether they have been Pre-Qualified.

Questions may also be submitted using the Contact Information Form

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