Fannie Mae
All offers for HomePath properties must be submitted through a licensed real estate broker/agent. The Online Offer system is available nationwide.
Fannie Mae’s First Look
Fannie Mae’s First Look marketing period contributes to neighborhood stabilization by encouraging home ownership. During this period, eligible buyers* can submit offers and purchase properties without competition from investors. The First Look period is typically the first 15 days a property is listed (30 days in Nevada) on HomePath.com; Fannie Mae’s website containing information on properties for sale. Properties within the First Look period include a countdown clock on the property details page on the HomePath website which displays the number of days remaining for negotiation with eligible purchasers.
Fannie Mae’s innovative First Look marketing period was created to promote homeownership and contribute to neighborhood stabilization, allowing homebuyers to bid and purchase foreclosed properties before they are made available to investors.
*Owner occupants who occupy the home as their primary residence, public entities and their partners, and some non-profits. Owner occupants are those buyers that will occupy the property as their principal residence within 60 days of closing and will maintain their occupancy for at least one year. Owner-occupant purchasers are required to sign an Owner Occupant Certification as a rider to the Real Estate Purchase Addendum. A buyer purchasing in the name of a trust, purchasing as a vacation/ part time residence, or purchasing so another person or relative can live in the property will typically be considered an investor and not eligible during First Look. Investor offers submitted after the First Look period expires will be considered along with all other offers.
Multiple Offer Situation
A multiple offer situation exists when Fannie Mae has received more than one offer on an actively-listed property. If the property goes into a multiple offer situation, the buyer’s agent will receive an email notification. At this time, all interested parties will be asked to submit their “highest and best” offer. Upon receipt of all offers, Fannie Mae (seller) may counter, reject, or accept.
When submitting the offer online there are several forms required to complete the offer package. No offer will be accepted without these required forms. For your convenience, we’ve provided you with the pdfs below:
- Offer to Purchase Form – This form is located on the HomePath website for eligible properties.
- Local/State Contract – A complete Residential Contract of sale, legible, with correct seller name “Fannie Mae” and property address, executed by all buyers.
- Fannie Mae Real Estate Purchase Addendum – This addendum will supersede where there is a conflict with the state contract of sale.
- Owner Occupant Certification Form – This form certifies that you are a Owner Occupant purchasers and allows you to take advantage of any incentives that Fannie Mae may be offering at the time of sale for example- 3.5% closing assistance or new appliances
- Fannie Mae Contract Checklist – A checklist of items needed in order for contract to be submitted.
- Lead Paint Disclosure – If home is built prior to 1978, the Lead Paint Addendum is included with the contract.