Fannie Mae will hold homebuyer auctions at the Miami Beach Convention Center on Saturday, August 14, 2010.
This event follows reports that show Fannie Mae lost approximately $3 billion from April to June 2010, and its new request for “bail out money” from the government.
There will be two auctions held to sell 100 homes in Miami-Dade, Broward and Palm Beach counties. The auctions are geared towards homebuyers that are looking for properties to live in, not property investors, and are invitation only.
The first will begin at 9:30am and will cater only to individuals and families that plan to use public funds towards their home purchases. This includes individuals that will receive down payment assistance from the housing authority.
The second auction will start at 12:30pm and will be open to all bidders but under one condition – the homebuyer must commit to live in the home.
Real Estate Disposition, LLC is working with Fannie Mae to coordinate and manage the auctions. The pair teamed up before in Phoenix, Arizona where they successfully auctioned off 85 properties and generated $2.95 million during the first community auction.
“Fannie Mae owns or guarantees about half of all U.S. mortgages, or nearly 31 million home loans worth more than $5 trillion.” The company hopes to auction off as many properties as possible in the South Florida area.
If tomorrow’s events are successful, we can probably expect more auctions in other states across the US in the coming months.
If you need help finding and buying a home in South Florida or you have questions about the process, contact our Fort Lauderdale real estate lawyers.
Source: FannieMae.com
Photo credit: Cafemama
