August 5, 2012 Josh Cantwell (1) In February, for the first time, Fannie Mae announced that they would be selling bulk homes in specific metro areas – namely Florida, Los Angeles, Las Vegas, Chicago, Atlanta and Phoenix. It’s the first time they are agreeing to sell a large block of homes in one concentrated area. Previously, any bulk sales would include homes scattered throughout the country. But recently, a block of 275 homes was purchased in Phoenix in a $34 million cash deal, and thorough research by Tom Ruff of AZBidder revealed that the buyer was actually a Fannie Mae-created LLC. “A source close to the deal said Fannie Mae is transferring the properties to an LLC that the winning buyer will invest in through a private placement deal. That means the actual sales of these homes may not be recorded in Arizona.” Click here for the full article.