“Foreclosure-To-Rental” pilot program begins…
Ever wanted to buy 100 rental homes at once? You just may be in luck. The government is making its first attempt of selling foreclosed properties by the truck load to investors. Your Costco card saves you 5%.
In an effort to clear through the foreclosed homes owned by the government, a U.S. housing regulator opened the door on Wednesday for investors to bid on pools of foreclosed homes. The trial run for this program will be homes currently owned by Fannie Mae and limited to just 6 markets. The closest market to Raleigh in this program will be Atlanta. In addition, this first round of foreclosure sales are homes that are currently being rented out. If the program proves successful, we will see more “bulk” foreclosure sales.
To learn more, there is a really good article in the WSJ. Check it out here.