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Re: FANNIE MAE and FREDDIE MAC Bulk Sales Info
Posted by James Workman on November 26, 2010 at 11:08 AM
In Reply to: Re: FANNIE MAE and FREDDIE MAC Bulk Sales Info posted by G.O. on November 24, 2010 at 5:09 AM
: Did you have any success with them?
: What about Freddie Mac contact? : Thank you,
: G.O.
Please email HOMESTEPS_BULKSALES@FREDDIEMAC>COM and you will have to be preapproved and prescreened. Once this is completed and you and I get notification of your approval we can discuss further details of our BULK SALE program
The timing of my submission plus the over flow of deal activity that Fannie's office(s) are set up to handle and then along with the chain of custody / Title issues surrounding every deal. Let me out it this way, the office at Fannie (or Freddie) are set up to handle a certain number of deals. If I had to put a number on the increase in % of deal flow from what is optimal or what the office is set up to handle I would use Fannie's own numbers for foreclosure growth, thusly representing an approximate increase over what the office(s) are set up to handle. Fannie has seen a 100% Year over year increase this year for Month on Month and going back the increase over the last 4 years has been? So lets say that the Fannie office is 500% beyond its optimal or normal load for deals. With that said things should take at least 5 times longer than they normally do... with that said it is normally a 2 - 4 week wait for a counter party rish assessment, I am out 3 times that... not 5 times... which I would say speaks volumes about the people working in the office. But I have an office, I am CFO and Head Risk Manager for all operations. So I understand what the back office support system is like or how much it really takes to run a larger operation who has out grown its work force in multiples of 100's of percent.
I found Deirdre Fantastic, with that said... "I have contacted Deirdre a few days ago and have been exchanging e-mails trying to understand the process. So far she's been very nice and patiently answered all the questions. Or so it seemed via email, I didn't call her. My concern was how much I can ask without appearing bothersome - it's been 10-12 emails back and forth. But I think I understood the concept and hopefully didn't come out as a pest :) Would calling her make a difference? I didn't want to bug her on a short week as I'm sure they have enough to do anyway." *** Quoting you ***
Deirdre is not busy she is buried, I have emailed back and forth but I keep it lite and friendly because I like her and she needs a break and I know that... because she is over worked in the 100's of %.
So what would you like to know?
I will spell out some of the basics... since that is where you seem to be nudging me to go every so slightly.
1. Are you an accredited investor? by the SEC definition? http://www.sec.gov/answers/accred.htm / http://www.sec.gov/rules/proposed/2006/33-8766.pdf
2. Do you have at least $300,000 - $500,000 in cash on hand in a bank account? So that you can provide Deirdre (or whomever person at Fannies) a Bank Statement and a phone number to the Bank so that she or someone at fannies may verify the funds are available and that is a daily average for those accounts.
3. What experience do you have dealing with residential real estate? are you a Broker? do you own a real estate firm / have an interest in / beneficiary of a trust that owns one or more? We have 2 in which an interest is held, one for day to day activities and one was built strictly for the purchase of Fannies and Freddie (or other distressed {Residential}) Properties?
4. What are you going to do with those properties? what is you plan of action? are you going to buy within a corridor for yourself? maybe you are in the North East and you are willing to own properties in 4 or 5 states or maybe you just want to bid on properties that come up in your state? or maybe you are hoping to bid on properties in your Local strictly? But once that you have them what is you plan of action? You will need to provide Deirdre with a description of your plans. Ruffly at least.
So, You need to be an Accredited Investor, You need Cash on hand (daily), You need to have the experience to deal with the Real Estate Purchased (Residential) and You need to disclose your plan of action to dispose / hold the Real Estate Purchased.
and of course you need to disclose all of the above on their documents... and then You will have given Fannies / Freddie the ability to make a informed decision on whether or not you are a good fit for their process. If you have a problem with transparency, sharing information? then this process will not suit you... If you do not have a strong back ground in office management, this process will not suit you... If you think that becuase in 2005 and 2006 the process took 2 to 4 weeks that now the process will take that same amount of time, this process will not suit you.
I will go back to the forum and post this information so that it may be of use to all.
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