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October 11, 2012 at 12:04 PM in reply to: As predicted, Fannie is beginning to sell blocks of assets in bulk to REITs #752487
spdrun
ParticipantAssuming the ratio of the two is even 1:1 (doubt it, probably more average and duds than cream-puffs), the average value is something like $158k. They’re buying AT MOST at a 30% discount, which is pretty normal for foreclosures. If there are only a few cream-puffs, this ratio goes waaay down.
Participant200 people showed up at *one* vigil — there may be many like it (and I hope there are).
October 11, 2012 at 11:48 AM in reply to: As predicted, Fannie is beginning to sell blocks of assets in bulk to REITs #752481ParticipantAFAIK, this has nothing to do with trustee sales — trustee sales will still happen. This will only affect REOs that were bought back at trustee sale by Fannie Mae. Unknown if this will be happening on a significant level in the SD area anyway.
ParticipantWould you like to live in CA if CARB didn’t exist? Smog has gone waaay down since the 80s, in no small part due to stringent regulations. True, there’s a lot of unneeded bureaucracy, but I’ll take the bad with the good.
ParticipantYou could move to Somalia and not pay any tax. No pesky environmental laws either 🙂
October 11, 2012 at 8:35 AM in reply to: As predicted, Fannie is beginning to sell blocks of assets in bulk to REITs #752452ParticipantThere will still be flips. Not all foreclosures are offered via the GSEs, and the GSEs aren’t selling everything via bulk sale. (HomePath has 1318 listings in CA under $150k as of this morning.)
This is also REO inventory, not a bulk trustee sale, so trustee auctions will still occur.
Come to the Northeast — there are more shorts and REOs coming online than you’ll be able to handle right now 🙂
October 11, 2012 at 8:13 AM in reply to: As predicted, Fannie is beginning to sell blocks of assets in bulk to REITs #752446ParticipantI’m not seeing much of a discount in the Florida deal.
October 11, 2012 at 7:53 AM in reply to: As predicted, Fannie is beginning to sell blocks of assets in bulk to REITs #752444ParticipantThey’re doing both. I suspect that they’re throwing a lot of bad inventory that’s useless to man or beast in with the good in the bulk sales.
ParticipantDoing the right thing isn’t always cheapest. Deal with it.
ParticipantAs far as the tenant thing … make sure to screen your tenants very carefully. Look for someone who’s coming from abroad or the other coast and is in town for a few months on business. Basically, most people want long-term tenants. You want the exact opposite, so it’s easy to find.
ParticipantBuild room with largish bathroom (as is legal). Get inspected. Add stove/shower later. Call it an office.
Question is: how nosy are your neighbors?
ParticipantStudio apt or art studio?
October 10, 2012 at 8:28 AM in reply to: As predicted, Fannie is beginning to sell blocks of assets in bulk to REITs #752384ParticipantNo need for bulk sales or MLS for that. Each asset could be auctioned off electronically individually, with a certain amount of financing guaranteed. Investors could bid individually or in bulk as they wished.
Fortunately for the moment, there are enough foreclosures on MLS to go around in my home state of NJ. A beautiful thing indeed.
October 10, 2012 at 8:22 AM in reply to: As predicted, Fannie is beginning to sell blocks of assets in bulk to REITs #752381ParticipantThis has been talked about since at least last summer. I’m not convinced about EconProf’s assertion that large REITs will be more efficient at managing the properties than local investors.
Local investors are often contractors or businesspeople who already have a network of tradesmen in their community. These tradesmen often give them work at a good price.
Anyway, I suspect that there will be enough properties for everyone to go around. From what I understand, the bulk sales haven’t been such slick deals for the REITs: going at 75-80% of value on average, with condition unknown.
$78MM/660 = ~$118k per property. Not such a hot deal for REOs anywhere in Florida.
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