Nearly 100 South Florida Properties to be Auctioned at Community Homebuyer Event

Community Auction is Part of Fannie Mae's Efforts to put Families in Homes, Help Stabilize Neighborhoods

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Aug 13, 2010, 10:07 ET

WASHINGTON, Aug. 13 /PRNewswire-FirstCall/ -- 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.

About Fannie Mae

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

HomePath is a registered mark of Fannie Mae. Unauthorized use of this mark is prohibited.

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About New Vista

Established in 2007, New Vista was founded by two multicultural real estate leaders: Gary Acosta and Jim Park. With the largest national network of multicultural real estate brokers, New Vista provides a full service REO marketing and asset management services that supports community stabilization and owner occupancy execution for many of the top mortgage providers in the nation.

About REDC

Established in 1990, REDC pioneered the model for modern real estate auctions and has transformed into a comprehensive real estate services company. In addition to being the leading real estate auction marketing firm in the country, the REDC group of companies also provides real estate brokerage services, asset management, short sale facilitation and title insurance. The company has established a dominant position in its industry by selling more than $6.5 billion in real estate assets at auction since 2007. REDC's primary clients are residential and commercial mortgage lenders and home builders. The success of the company is based on the aggregation of real estate assets (residential, commercial, notes) that are marketed and sold in large event-style auctions across the country and in online auctions at www.Auction.com. Information about REDC and a complete list of upcoming auctions are available at www.Auction.com. REDC is based in Irvine, California with additional offices in Dallas and New York.

SOURCE Fannie Mae