Sand Capital on fast track to acquire $1 billion in REO, distressed assets

A Scottsdale, Ariz.-based investment company has acquired more than $100 million in distressed debt and REO properties.

Sand Capital, a division of Sandor Development Co., said its goal is to acquire $1 billion of distressed assets before the commercial real estate markets stabilize.

Jay Stein, president and CEO of Sand Capital, told REO Insiderthe firm has been acquiring properties for more than two years and now has a presence in about 25 states — investing in all parts of the U.S. except the Northeast.

“The economic conditions present in the market for the last two years have created once-in-a-quarter-century opportunities for our company,” Stein said.

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Sand Capital on fast track to acquire $1 billion in REO, distressed assets

Fannie REO VP: 70% of sales in 2009 went to key owner-occupants

Roughly 70% of the 123,000 Fannie Mae REO sales in 2009 went to owner-occupants, a group of buyers key to a housing recovery, according to Jay Ryan, Jr., Fannie Mae’s vice president for REO alternative disposition.
The government-sponsored enterprise’s (GSEs) First Look program, which gives owner-occupants and Neighborhood Stabilization Program (NSP) grantees a 15-day head start on purchasing an REO before investors. In Las Vegas, it’s 30 days.
In a research paper for the Federal Reserve summit on neighborhood stabilization this week, Ryan wrote that the First Look program has been well received by homebuyers. He added that because the program was launched in the summer of 2009 there isn’t enough historical data to draw conclusions, but Fannie Mae will provide metrics in 2011.

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Fannie REO VP: 70% of sales in 2009 went to key owner-occupants