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After much anticipation, ""FHFA"":http://www.fhfa.gov announced the first winning bidder for its REO bulk sale.
San Diego-based ""Pacifica Companies"":http://pacificacompanies.com/, LLC, purchased 699 Fannie Mae properties in Florida through the REO pilot initiative.
Out of the 699 properties, 506 were occupied units. According to the ""transaction details"":http://www.homepath.com/sales_history.html, the estimated value of the transaction to Fannie Mae is $78.1 million or 95.8 percent of the third party value ($81.5 million).
In a release, the agency stated it will announce the winning investors for properties in other areas in the coming weeks when the transactions close.
In Atlanta, 541 properties were not awarded. Instead, FHFA stated the properties will be evaluated for disposition through Fannie Mae's retail sales or through future structured transactions.
FHFA also stated all properties were sold near or above market value.
Through the pilot, nearly 2,500 Fannie Mae REOs were slated for sale in areas including Las Vegas, Nevada; Phoenix, Arizona; Chicago, Illinois; and Riverside and Los Angeles, California.
