Posted on 10/04/2012 12:08:08 PM PDT by Lorianne
A San Diego company bought 699 Florida foreclosures Thursday in a bulk deal with the Federal Housing Finance Agency that included $12.3 million in cash.
The sale to Pacifica Companies is the first in a new program aimed at reducing the so-called shadow inventory of foreclosed homes by offering blocks of properties to private investors. The investors are expected to hold the homes as rentals for an unrevealed period of time before they can be sold.
Florida had three tranches of homes, including 376 in Southeast Florida, which had been repossessed and were owned by federal mortgage backer Fannie Mae.
In addition to the $12.3 million in cash, Fannie Mae will receive 90 percent of the proceeds from the homes until it collects $49.3 million, according to a transaction summary released Monday. After that, Fannie Mae and Pacifica Companies will split the proceeds. Pacifica will also receive 20 percent of all gross rental income as a management fee for overseeing daily operations of the rentals. The estimated transaction value for Fannie Mae is $78.1 million.
The transaction is designed to promote home price stability, improve quality of housing stock and enhance rental inventory of markets by utilizing a rent-and-hold strategy, according to the summary.
(Excerpt) Read more at palmbeachpost.com ...
Was Pacifica Companies bailedout?
I’ve been trying to buy a foreclosure and it’s like none of these banks want to sell them. Odd.
You're not the only one. The banks don't want to let them go and face an immediate write-down. They would rather sit on it and wait until uncle sugar sprinkles some happy bucks on them and takes the bad properties away.
$17,600 per piece of real estate. What Obama donor got that deal? Was there bidding, or was this just a giveaway?
Same here.
They are not interested in small time investors.
Here is a summary of a comment for the original article:
The Pacifica Company, is privately owned by the Ishrani’s, a Iranian family.
http://pacificacompanies.com/
Here is a summary of a comment for the original article:
The Pacifica Company, is privately owned by the Ishrani’s, an Iranian family.
http://pacificacompanies.com/
bulk sales of Fannie and Freddie (read taxpayer) owned residential foreclosed real estate. Same thing going on with FHFA
Figures. Great find.
graft for administration supporters.
Was this an arms length transaction, an open market transaction, or an inside deal??
I’d say inside deal since ordinary small time investors are shut out of the process.
That's a steal.
That works out to $17,600 per home.
I agree with this comment>>>
Posted by longtimenorthwooder at 8:15 a.m. Sep. 14, 2012
It is a fast track to Section 8 housing......at least you have a better chance if they are sold individually that they will be owner-occupied or at least not Section 8 occupied. Just wait, Tequestian, Section 8 is coming to you as the federal government has made it easier for higher-valued properties to be rented out...
Probably true singe that is a gauranteed government (read taxpayer ) income stream. Can’t lose on a deal like that with the prices they are paying for the homes.
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