Offers

***Offer is a skillful negotiations accomplish a timely sale, at a price that best preserves neighborhood values and maximizes Fannie Mae's proceeds.***

Fannie Mae works with mortgage servicers, housing counselors and other partners to help homeowners prevent and avoid foreclosure. Through KnowYourOptions.com, Fannie Mae offers assistance directly to homeowners so they can understand their options to avoid foreclosure. However, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the owner/investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community. Additionally, Fannie Mae may acquire ownership of properties through a deed-in-lieu of foreclosure – a transaction in which the homeowner (mortgage borrower) voluntarily transfers the ownership of the property (the title and all property associated with it) to the owner of the mortgage in exchange for a release of their mortgage loan and payments.

1. first open the browser and go to the link below https://www.homepath.com.

2. https://www.homepath.com:  this webiste belongs to Buyer. where buyer can make an offer.

3.Open the link https://agents.equator.com: in a new tab.

4. https://agents.equator.com  this website belongs to the seller where seller gives responce of the buyer's offer.

NOTE: 

1.Submit every single offer within 24 hours
2.Communicate to the bank whenever there is an
additional offer that has arrived, while one is
already entered.
3.Provide counter‐offer to appropriate party
same day
4.Provide response to homepath, and verified that everything is good, then follow the offers policy to enter offers.

Here are the steps to take for offers:

1.Upon receipt of an offer, please enter the offer into REO MAESTRO/AMN/EQUATOR system.
(This is an internal system and banks do not have access to this)
2.Double check what you have entered to verify that everything is accurate and complete
3. Check www.homepath.com for the property that the offer came in for. Before entering any
offers into AMN, Homepath.com should have all requirements as stated in the Homepath
Audit tab in one note. Please note:If Homepath is missing pictures, or missing a description, DO NOT enter the offer. Instead call concerned person and let him/her know so they can advise you accordingly.

4. Once you have checked Homepath, and verified that everything is good, then follow the offers policy to enter offers.

0Down payment: 

its depend on Financing type:

1-FHA and FHA 203K 3.5% of offer purchase amount.(Minimum)

2- Conventional 5% of offer purchase amount (Minimum)

3-VA can be 0% of offer purchase amount (Minimum)

4-USDA Can be 0%

5- Cash No down payment

6- Hard moeny loan and private lender (Same as Cash)

How to calculate down payment:

Example: 

for FHA. 

3.5 X purchase amount= answer/100

EMD;

 10% minimum for cash offer and for other financings seller will decide.

Closing Date;

For cash offer: 30 days

For Conventional: 45 days

For FHA & FHA 203K:  60 days

USDA: 90 days

Contingency date:

1 week before closing date.

Offer will be recieved via Emails after that we need to submit it on AMN.

Copy link on address bar and login: amn.efanniemae.com/AMN/control

some time we received offer on Res.net for that copy the below link:

https://agent.res.net/login login here;

After that login Select an offer and copy offer data from Res.ent and put it to on Equator

Please understand the following categories that
offers can fall into:
1.Offer is submitted within first three days of listing (regardless if offer is from homeowner or
investor).
2.Investor Offer is submitted within first 15 days of listing
3. Homeowner Offer is submitted within first 15 days of listing

4. More than one homeowner offer is received within first 15 days of listing, and before an
offer is accepted> This leads to a multiple offer situation.

5.After the first 15 days, an investor offer is received.
6 After the first 15 days, both an investor offer and a homeowner offer is received > This leads
to a multiple offer situation.

7.In first 15 days, during the time a homeowner offer is entered and not yet "accepted",
another homeowner offer is received > This may lead to a multiple offer situation. Call Julia
upon receiving this additional offer.

8.In first 15 days, during the time a homeowner offer is entered and not yet "accepted",
another investor offer is received > This will not lead to a multiple offer situation because the
additional offer will not be considered until the first 15 days are over. However, the additional
offer must be entered and flagged as investor.

1.Every offer has to be submitted, regardless of when it was received. Even if an offer was
received after one is "accepted", it still has to be entered.

2. Every person who submits an offer via our website, through email, or by fax must be
contacted and responded to regarding their offer status.
3. Offers must be entered 100% accurately, there is no going back or undo feature. It has to be
done right the first time. There are no second chances. So when in doubt, call us and ask us,
but please do take this role seriously!

1. Check the "offers email" for offers and responses to any counter offers you have sent out.
2. Determining weather you have more than one offer for a property. If you do, then you need to place the property in a multiple offer situation. 

3. If instead, you have only one offer, you get ready to submit it. However, before you submit, follow these steps:

i) From the REO Inventory "listed" report in AMN, find the REO ID as the offer you receive in the
email will only have the address.
ii)  Visit www.homepath.com and paste that REO ID to see how many days are left in first‐look.

1) EXAMPLE: 
iii) Make sure that there are pictures and marketing description before you enter any offers in AMN.
iv) If pictures or marketing description is missing, DO NOT enter the offer. Call Tim.
v) After you verify how many days are left in Homepath, your next step is to determine what
type of buyer it is: homeowner or investor.

4.) fter the highest and best offer is countered by Fannie Mae, the rest of the offers that were submitted become automatically rejected. When this happens, we typically notify all the agents via email that there offer was rejected. 

1. Offers entered within 24 hours of receipt.
2. Counter‐offers presented within 24 hours of receipt

Scenario 1: Let's say you enter all of your highest and best offer but after entering them all, you receive another offer. If this happens, follow the steps below: Two things that are different: 1) you insert a comment stating signed multiple offer notification and acknowledgment form has
not been rec'd and 2) you do not indicate highest and best X of X.

1. Enter the offer, flag MOF "Yes" (Multiple offer)

2. When entering the offer, you will write Multiple offer process has been followed. Signed Multiple
Offer Notification and Acknowledgment Form has not been received from selling agent. List Date: 09/19/11 . MLS ID: A1551852 First Look checked = 1 days remaining. Received
buyer and selling agent signed OOC with offer package. Receive proof of earnest money deposit.

3. After you receive all signed highest and best forms, you shall enter all offers in AMN, and note the sequence (example: highest and best 1/4, 2/4, 3/4, 4/4)

Marketing period created to promote homeownership & contribute to neighborhood stabilization

1- First Look Period = first 15 days property is listed (30 days in Nevada).

2. Day 1-3 No offers negotiated.

3.Day 4-15 Owner Occupant, Public Entity or designated partner from public entity offers are negotiated.

4. Day 15 Last day of First Look period.

5.Day 16 First day to enter into negotiations with investors not using public funds.

Do not "HOLD" complete offers;

Waiting for eligibility during/after First look

As a back up should another offer fall through

Five simple steps:

1-Offer to purchase.

2.Offer Review.

3. Terms & Conditions.

4. Upload Documents

5. Offer Complete

State or Local Contract/Offer form:

1. The state contract or offer form is a required document for a complete submission.

2. Selling Agent is required to complete the contract or offer form with the buyer(s) signature(s), scan the document and upload via Online Offers..

3.Earnest Money Deposit is referenced in this contract; Fannie Mae does not accept copies of checks through Online Offers as it violates privacy policies

4. Additional local, state or federal documents, such as a lead paint disclosure, may be scanned and uploaded with this contract/offer form.

Fannie Mae Real Estate Purchase Addendum:

1.The Fannie Mae Addendum is a required document for a complete submission.

2. Selling Agent is required to complete the Addendum with the buyer(s) signature(s), scan the document and upload via Online Offers..

Pre-qualification Letter/Proof of Funds:

1.A Pre-qualification Letter/proof of funds is NOT required for a complete submission.

2.However it IS required in order to accept the offer.

3. Selling Agent submits Pre-qual/proof of funds to Listing Agent via traditional method (fax, email, etc.)

Earnest Money Deposit:

1.The Earnest Money Deposit is required for a complete submission (unless waived for public entities)

Selling Agents are instructed to include the Earnest Money Deposit offer in the State Contract/Offer form
•
Selling Agents are instructed NOT to include a copy of the check in the documents they scan and upload via Online Offers
CLICK HERE TO CONTINUE
•
A copy of the Earnest Money Check is sufficient for presentation and should be delivered to the Listing Agent via fax or email.

Earnest Money Deposits may be waived for public entities
•
10% required on Cash Sales; $500 required for individuals using public funds. Otherwise negotiable.

Owner Occupant Certification:

1. The Owner Occupant Certification is a required document for a complete submission in this case
2. Selling Agent is required to complete the Certification with the buyer(s) signature(s), scan the document and upload via Online Offers

System Generated Notices (E-mail)

We need to do email buyer's agents accordingly offers.