As part of its neighborhood stabilization efforts in South Florida, Fannie Mae (OTC Bulletin Board: FNMA) will hold private and public community homebuyer auctions for nearly 100 of its HomePath® REO (real-estate owned) properties in Florida’s Miami-Dade, Broward and Palm Beach counties at the Miami Beach Convention Center on Saturday, August 14.
Starting at 9:30 a.m., the morning auction will be exclusively for owner-occupants (individuals and families who plan to live in the homes), who will use public funds to help purchase the home. This may include down payment assistance from the Miami-Dade Housing Finance Authority. The afternoon auction, starting at 12:30 p.m., will be open to all bidders who demonstrate that the home will be used as their primary residence.
“Fannie Mae is committed to maintaining the properties we own and selling our properties to responsible owners who will take care of the properties over the long term,” said Jay Ryan, Fannie Mae’s Vice President. “Auctions are one of a variety of approaches we’re undertaking to connect families seeking to own a home with our inventory of properties and, in the process, help stabilize neighborhoods hit hard by the real estate crisis. And for homebuyers who can take advantage of the current low mortgage rates, these homes are exceptionally attractive values.”
Fannie Mae has contracted with Real Estate Disposition, LLC (REDC) and New Vista to manage and coordinate the auction. Fannie Mae’s first community auction with REDC, which took place in Phoenix, Arizona, successfully auctioned 85 properties and generated $2.95 million. As part of this relationship, REDC offered seminars for interested bidders in South Florida to better prepare them for homeownership and performed home inspections to ensure the properties available for auction are in good condition. Open Houses were conducted on July 31st, August 7th and 8th.
“The response to these community auctions has been very encouraging and we have had great success this year by putting families into homes,” says Jeff Frieden, CEO of REDC. “This offers families who may qualify for conventional or FHA financing an extraordinary opportunity to purchase a home with a low 3.5 percent down payment and nominal closing costs.”
“Owner-occupants are the key to strengthening neighborhoods in the Florida market,” said Jim Park, CEO of New Vista. “This community auction gives owner occupant buyers an exclusive opportunity to purchase homes. By working with all the local stakeholders, we will help to revitalize these communities that have been hard hit by foreclosures.”
To view homes that will be auctioned in the morning, please visit www.Auction.com/Miami. For a list of properties offered during the afternoon auction, please visit www.Auction.com/SouthFL. Registration for the morning auction begins at 8:00 a.m., and registration for the afternoon auction begins at 11:00 a.m. at the Miami Beach Convention Center.
