Fannie Mae is apparently unhappy about the thousands of REO houses it’s holding on to. It’s hedging to sell off that inventory faster than it has in the past with a new policy, which could open up fast and lucrative opportunities for buyers and their agents.
Fannie Mae says it’s going to accept purchase offers for its inventory immediately after listing, where in the past they notified lenders and mortgage service companies first.
The fifteen day time-out to these companies slowed down the whole process – which can keep properties out of reach of ready and willing buyers.
According to Fannie’s recent securities filing took on more than 98,000 properties following foreclosures in the first three quarters of 2009. During the same time, it sold about 90,000 houses.
This widening imbalance of REO acqurings vs sales, Fannie Mae was sitting with 72,000 unsold homes. This represents about a 7 percent increase from the same period in 2008.
No more fifteen day time out period for lenders whose REO we’ve selected for loan file reviews.
Investors take note!!!! Look for earlier access to REO properties, and earlier decisions on purchase offers. We have services to help you find great investment properties and professional property management services.
