Florida Housing Coalition Annual Housing Conference 2011
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1 Florida Housing Coalition Annual Housing Conference
2 Execution Strategies 2
3 Eligible for both HomePath Mortgage and HomePath Renovation Mortgage 3
4 4
5 Overview Innovative program created by Fannie Mae. Rolled out nationally in August 2009 to support neighborhood stabilization efforts throughout the country. No competition from investors within first 15 days: Only owner occupants, eligible nonprofit organizations and buyers utilizing public funds can make an offer on a HomePath /Fannie Mae-owned property during the first 15 days the property is listed. Success More than 6,600 homes purchased using Public funds to date.* More than 44,000 Fannie Mae-owned properties have been purchased by owner occupants during the First Look period since the national rollout.* *as of March
6 First Look Marketing Review Period During the initial marketing period of Fannie Mae-owned properties, only offers from owner occupants, public entities, nonprofits and similar organizations are considered. Properties in the First Look Marketing period: are tracked based on days listed on HomePath.com, not the MLS. can be easily identified with the First Look logo. have a First Look timer on HomePath.com indicating how many days remain in the First Look marketing period. that go under contract before the end of the First Look marketing period and subsequently fall through will be relisted with a new 10-day First Look marketing period. 6
7 Just Listed Timeline Day 1 No offers considered Owner Occupant or Public Entity offers considered ONLY Day 3 Day 15 FirstLook period ends Neighborhood Stabilization Program Funds Offers: Sales price minimum of 1% off the Uniform Residential Appraisal (URA) Supplemental verbiage for contract/purchase addendum Deed restrictions waived for public entities or designated partners Closing timeline allowed 45 days to close Earnest Money waived for public entities; reduced to $500 for owner occupants 7
8 Exclusive NSP First Look (ENSP) 8
9 Exclusive NSP FirstLook Program (ENSP) Developed to support HUD s National First Look Program. Provides an exclusive opportunity for NSP recipients to offer on properties during the first 3 days the property is listed with no outside competition. Supports community stabilization efforts across the country. 9
10 ENSP Process Day 1 Daily, Fannie Mae will a list of pre-listed properties (inventory that is ready to be previewed) within NSP zip codes to program participants for review. Review The NSP buyer will have one day to review the property list and confirm that they would like to inspect the property. Refresh This list will refresh overnight and new inventory will appear the next day. 1 Day NSP Buyer receives Fannie Mae ENSP Property List NSP Buyer notifies Fannie Mae of interest within 24 hours 10
11 ENSP Process Up to 14 Days Notify NSP Buyer notifies Fannie Mae of interest in property (Day 1). Confirm Fannie Mae will send confirmation to Buyer and will include Listing Broker contact information. Access Fannie Mae will notify Listing Broker of NSP Buyer interest and will be instructed to provide the buyer access to the property. Inspect NSP Buyer will have the ability to inspect until the property listed (up to 14 days). Up to 14 Days NSP Buyer inspects property 11
12 ENSP Process Up to 45 Days Inform Fannie Mae will inform the NSP Buyer of the pricing and listing via . Accept NSP Buyer will have 72 hours (first 3 days of listing) to accept current list price. Execute If NSP Buyer accepts list price, purchase agreements are executed and a standard 45-day closing period is initiated. Day 1 of listing 72 Hours Up to 45 Days Fannie Mae sends listing and pricing confirmation to NSP Buyer NSP Buyer submits offer to listing agent Contract documents executed, proceed to closing 12
13 NSP Buyer Due Diligence The NSP Buyer must: Procure a Uniform Residential Appraisal (URA) within 10 days of offer acceptance. Submit a revised offer within five days of receipt of URA appraisal if the initial offer is not program compliant and the buyer needs to renegotiate. Otherwise, the initial offer becomes final and buyer proceeds to closing Be sure to communicate URA value to the Fannie Mae Listing Broker. Remember, a maximum of 15 days are allowed from the original contract date to resubmit offer. Obtain from the Fannie Mae Listing Broker a contract amendment stating the final offer. 13
14 Public Entity Pool Transaction 14
15 Fannie Mae Public Entity Pool Transaction Simplified Negotiation & Offer Submission Streamlined Process Simultaneous Closings Purchase 25 or more Fannie Mae properties in one transaction. Negotiate single contract and single closing handled directly through Fannie Mae s Public Entity Pools Team. Consolidate points of contact and paperwork required to offer on and close large volumes of property. 15
16 Public Entity Pool Process Application/Approval Introduction Initial call with Fannie Mae Public Entity Sales to discuss strategy and objectives. Customer Vetting Fannie Mae sends, collects and evaluates customer profile and document checklist form for decision. Negotiations Approved PE Pool Buyers negotiate the business terms through a single form of Sales Agreement and Letter of Intent (LOI) directly with the Fannie Mae PE Sales Team. 16
17 Public Entity Pool Process Implementation Prepare Fannie Mae will prepare preliminary property list for Buyer s review. Indentify Buyer identifies properties of interest within set due diligence period and submits request on LOI. Create Fannie Mae notifies buyer of reconciled list and locks down properties. Execute Fannie Mae and Buyer simultaneously finalize due diligence, pricing and contract. 17
18 Public Entity Pool Process Closing Reconcile Within set timeframe Buyer and Fannie Mae make final determination on units included in the pool. Prepare Buyer provides a closing notice and date for pool. Finalize Title company and Fannie Mae review and authorize settlement statement and send wiring instructions. Confirm Final documents are sent, wire is confirmed and deeds are sent overnight to complete transaction. 18
19 Public Entity Pool Process Post Closing Recordation Buyer immediately records deeds and delivers filestamped to Fannie Mae. Exit Interview Fannie Mae contacts Buyer for post-closing interview. Monitor Fannie Mae monitors buyers resale commitment. Repeat Fannie Mae works with Buyer to update funding documentation (if applicable) and provide new property list for repeat buyers. 19
20 Questions 20
21 Thank you! 21
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