The Federal Housing Finance Agency (FHFA) has announced their new REO Incentive program for investors interested in purchasing pools of foreclosure properties. ?The incentive requires investors to be pre-qualified to be eligible for bidding in sales transactions, and the purchased properties would have to be rented for a specified number of years. ?This new bulk REO rental program would require that investors be both financially stable and experienced enough to manage the purchased property. ?The purpose of this new program is to stimulate real estate sales in metropolitan areas that were announced to have been hit the hardest in August 2011.
The FHFA has announced that investors can now begin the pre-qualification process during the initial pilot phase of this program, which will allow Fannie Mae to identify investor interest in various assets. ?The pilot phase will also allow Fannie Mae to identify any problem areas in effort to streamline the qualification process and measure the impact of the program in larger, metropolitan areas. ?Qualified investors will then be able to purchase pools of foreclosure properties for rental purposes to stimulate growth in specified metropolitan areas.
?This is an important step toward increasing private investment in foreclosed properties to maximize value and stabilize communities,? said FHFA acting director Edward DeMarco. ?I am grateful for the collaborative effort by the many stakeholders including investors, nonprofit organizations, and state and local government officials, who have worked together on this Initiative.?
Investors will have to meet the following criteria and will also sign a confidentiality agreement surrounding this incentive:
(a) financial wherewithal to acquire the assets;
(b) sufficient experience and knowledge in financial and business matters to analyze and bear the risks of the investment opportunity
(c) agreement to keep certain information about the REO and related matters confidential. Interested investors can register at FHFA?s REO Initiative page to pre-qualify
South Florida will likely be one of the first areas where this bulk REO Incentive could begin to take place. The South Florida metropolitan area is home to over 5 million people, and the real estate economy here suffered tremendously from 2006-2011. ?There are many foreclosure homes on the market for sale in Fort Lauderdale, and we feel confident that this is a great area to invest in rental property. ?Distressed properties represent approximately one quarter of all real estate sales right now, and there are many foreclosure properties being held back by banks which will likely be available soon. ?Though we are beginning to see some significant improvements, we speculate that investors will be interested in qualifying for bulk rental properties here. ?If you are interested in pursuing pre-qualification for this initiative, please contact us today.
?
?
?
?
Tags: fort lauderdale foreclosure homes for sale, fort lauderdale homes for sale, fort lauderdale houses for sale, ft lauderdale homes for sale, ft lauderdale houses for sale
Category: Foreclosures.new orleans hornets time person of the year sag nominations sag nominations derek jeter time magazine person of the year time magazine person of the year
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.