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Rumor
has it that Fannie Mae and Freddie Mac were going to unload foreclosed
properties on renters and have now, at long last, put together a wonderful
program.
News
broke in that the Obama Administration has proclaimed about the “Pilot Program”
that’s in hand and the foreclosed properties that Fannie Mae and Freddie Mac
owned will now be available to fascinated investors, in bulk, who’s interested
to rent the refurbished properties.
The
foreclosed properties of approximately 250,000 homes ($11 trillion) all
throughout the nation need to be cleaned up to stabilize their value and renew
the community to be a brighter place to live. The properties would be sold in
bulk according to their location and will be focused on the hardest hit
community on the pilot program. The investors are offered to buy above 50
properties at one time and they would refurbish the homes that will be
conducive for the people to live in so they will be happy to rent them.
Although
the government already announced about this good news, finding the right
financial guidelines in buying the properties would be a great challenge.
Investors are interested to buy the foreclosed properties but banks will not
lend the money right away.
Anyhow,
if the lending companies and the government will come in terms to go with
selling the properties in bulk, there are still a lot of things that the
investors would need to think of. They would need a lot of landlord to handle
tasks which of course raise the renting price so they should be vigilant and
practical in buying the right houses in the right places.
The
purpose of this pilot program shows where foreclosed properties will be in the coming
years and how to keep loses at minimum. This would serve as tool for investors
to guide them on selling the properties and this will help bring back the
capital in the real estate market.
If
you are interested with the Fannie Mae and Freddie Mac Properties, you can find
them through Fannie Mae REO Listing and then enter your zip code. Freddie Mac
also has his own website name Home Steps where you can find real estate agents
to help you. It also has online support called the Home Detective that will
notify you if an entry is made that matches up to what you’re looking for.
If
you buy the Fannie Mae and Freddie Mac Properties, it would be a great
investment that you can flip and sell. You can buy HUD, FHA and VA foreclosed
homes that you can use as your home residence or for selling purposes.
Porama Srijinda, MBA.
REALTOR®, CIPS
Broker Associate at Keller Williams Realty.
Authorized HUD Agent. Short Sale and Equator Experiences,
Ca. DRE. Lic# 01838443
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