Your best bet for value investing at this point is the short sale route. Takes more time than a REO but can give you the better equity positions than the Fannie homes can. Many of my investor clients are looking at this avenue since Fannie and Freddie are really pushing for owner occupants.
Broker Baird & Warner
Blackstone Rushes $2.5 Billion Purchase as Homes Rise - Bloomberg
http://www.bloomberg.com/.../blackstone-steps-up-home-buying-as-pri 9, 2013 â€“ Blackstone, which started buying the properties last year, has been racing ... American Residential Properties, which has 1,500 homes in five ...
and you got some additional information below....
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Tina is absolutely correct. Fannie Mae is not a wholesaler. At any time if Fannie Mae has foreclosed on a home they will have a broker determine the BPO price (Brokers Price Opinion). The broker will take several factors into consideration when helping Fannie Mea set the price on each individual property.