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

Palm Beach County

During the month of September, the residents of Palm Beach County filed nearly 20,000 petitions disputing their property tax assessments. In 2008, there were approximately 13,000 petitions filed; 25% of which were filed by commercial property owners, and much of the remainder by residential and land owners.

Broward County

By its September 18th deadline, Broward County received more than 30,000 property tax disputes, significantly more than Palm Beach County. Of the petitions, approximately 10,000 were filed for commercial properties, 3,000 for vacant lots, and 6,400 were for condo units.

Miami-Dade County

Although Miami-Dade County has yet to enter all petitions into its system, it has been estimated there are more than 60,000 petitions so far, and county officials expect they will exceed the 70,000 petitions filed by property owners in 2008.

Source: South Florida Business Journal