HomePath Online Offers
Guide
The guide is designed to assist Fannie Mae Selling Agents using the HomePath Online Offers program. The HomePath Online Offers pilot is designed for Fannie Mae Listing Agents and buyers’ Selling Agents to interact with each other and provide important feedback to Selling Agents regarding the status of their presented offers.
Selling Agents have access to the HomePath Online Offers system to: Search for and select properties to make an offer
Make an offer
Upload offer documents
Manage offers
Selling Agents are required to: Establish a User Account
Read and Agree to the HomePath Offer Transaction Terms of Use
Upload required Fannie Mae Addendum and Sales Contract and other necessary documentation Receive permission from the purchaser(s) to submit their info through HomePath.com
Questions about how to navigate the HomePath Online Offers system should be directed to your Sales Representative or Asset Manager or to [email protected].
Table of Contents
Enhancements ...3
Make an Offer Screen (Selling Agent) ...3
Explanation of Changes to the Make an Offer Screen...5
Make an Offer Breadcrumbs...5
Log In ...6
First Time User Log In and Registration ...6
Subsequent Log Ins ...7
Passwords ...8
Forgot Login Password ...8
Changing Passwords ...9
Changing Password at the Profile Screen ...10
Making an Offer...11
Overview ...11
Search for Properties ...12
Select a Property ...12
Make an Offer ...14
Register and/or Log In ...15
Offer to Purchase...15
Offer Review ...17
Terms & Conditions ...18
Upload Offer Documents ...19
Offer Confirmation...20
Printed Offer Confirmation for Selling Agent’s Records ...22
Managing Offers...24
Overview of Process Flow ...24
My Offers ...24
Headings and Actions ...25
System Generated Email Notices ...27
Forgot Password and/or Changing Password ...28
Selling Agent New Account Creation (Selling Agent will receive) ...28
Offer to Purchase (Listing Agent will receive) ...28
Offer Accepted (Selling Agent will receive) ...29
Counter Offer (Selling Agent will receive) ...29
Offer Rejected (Selling Agent will receive)...30
Multiple Offer Round Started (Selling Agent will receive) ...30
Multiple Offer Round Ended (Listing Agent will receive) ...31
New Listing Agent Account Confirmation (Listing Agent will receive) ...32
Contacts...32
Resources...33
General Comments ...33
Counter Offers ...33
Multiple Offers...Error! Bookmark not defined. HomePath Online Offer Transaction Terms of Use ...33
Enhancements
Beginning August 2, Fannie Mae is launching enhancements to the HomePath® Online Offers system. These enhancements are a direct response to user feedback and will ease the process of submitting, managing, and negotiating offers. The new functionality and features include:
•
An offer submission wizard that guides buyers’ agents through the steps to creating an offer.
•
Mandatory document upload: Sales Contract and Fannie Mae Addendum for investor offers
plus the Fannie Mae Owner Occupant certification for non-investor offers.
•
Three new data collection fields to better sync up with required fields in AMN and Equator.
•
Ability to enter international addresses for buyers.
•
Ability to create shorter multiple offer deadlines.
•
More information in notification emails and offer management screens to help you quickly
identify offers.
•
Expanded capabilities to help you manage, organize, and distinguish between active and
inactive offers.
•
Access to training materials from every page of the Online Offers system.
Those areas with a purple circle around them indicate a new feature to the Offer to Purchase screen. An explanation follows per indicated number below.
Explanation of Changes to the Make an Offer Screen
Number Explanation
1 Show screen thread
2 Addition of indictors at the top of every entry screen to show progress and ensure all steps in the offer entry process have been completed
Each step will have a separate page representing the step you are in.
A continue button will be present at the bottom of the page allowing the user to proceed to the next step
3 First Look™ counter indicating days left in the First Look period, information will follow HomePath.com standards
4 Ability to select “Buyer’s country”
5 Requires a “yes” or “no” response
6 Ability to input concessions in dollars or as a percentage of the offer price
7 System will generate “net offer” amount
8 Roll mouse over “Buyer Type” field name to view Buyer Type descriptions
9 Roll mouse over “Buyer’s Representation” field name to view Buyer’s Representation descriptions
10 Addition of Closing Date Field with requirement that date be validated as today +1 to any date in the future
11 Help box appears on all pages which provides access to help documentation at any time
12 The buyer agent’s phone number is editable
13 Starting in late August, system allows for offer to be saved and completed within a 24 hour timeframe
14 Click on Cancel to cancel offer at any time
Make an Offer Breadcrumbs
The Online Offer process to make an offer has been separated and identified into 5 simple steps: 1. Offer to Purchase
2. Offer Review 3. Terms & Conditions 4. Upload Documents 5. Offer Complete
The Online Offers system will track your progress as you proceed through each step. These will be detailed in the “Make an Offer” section.
Log In
First Time User Log In and Registration
The steps below should be followed by all first time Selling Agents.
Step Action
1 Go to www.homepath.com.
2 Click on the words “Log In”
3 Click on the Register Now button
Note: Potential Home Buyers are instructed that only licensed Real Estate Agents can submit offers. 4
Step Action
Correct Click on the Confirm button
Not Correct Click on the Edit button and make appropriate edits.
Once appropriate edits are made, click on the Confirm button.
Notes:
Selling Agents will receive a confirmation email containing their email address and their initial password
After confirming their information, Selling Agents will have to contact
[email protected] to update any registration information other than their passwords
Subsequent Log Ins
Follow these steps to log into the HomePath Online Offers system if the initial registration has already been completed and/or you’re a Listing Agent.
Step Action
1 Go to www.homepath.com
2 Click on the words “Log In”
3 Type in your email address in the Email * box
Step Action
5 Click on the Log In button
Note: Listing Agents use log in and password information sent by email upon initial listing of their
properties.
Passwords
Forgot Login Password
Follow these steps to have forgotten password emailed to you.
Step Action
1 Click on words “Click here” in the Forgot your password line
Step Action
3 Click on the Get my password button.
Note: The password will be emailed to the email address entered into the email box in Step 2.
Changing Passwords
Change Password at Log In Screen
These steps below should be followed to change passwords at the login.
Step Action
1 Click on the words “Click here” in the “To change your password ….” line.
2 Enter appropriate information in all the starred boxes *
Note: Password must be 8 characters (letters and/or numbers). Passwords do not expire. 3 Click on the Change password button
Note: The individual will receive a confirmation email which can be seen in the System Generated Email
Changing Password at the Profile Screen
These steps below should be followed to change passwords at the Profile screen.
Step Action
1 Click on the Profile button.
2 Type appropriate information in the following fields; Original password, New password and Confirm password.
Note: Password must be 8 characters (letters and/or numbers). Passwords do not expire. 3 Click on the Change password button.
Note: The individual will receive a confirmation email which can be seen in the System-Generated Email
Notices to Agents from Listing Agents section.
4 To perform the following tasks, click on the appropriate tab.
If… Then…
Locating properties Click on the Home tab Reviewing offers (Listing Agent and Selling Agent) Click on the My Offers tab
Making an Offer
These are the steps in the process to successfully make an Online Offer through the HomePath website. This
is an overview and can be printed out as a Quick Reference. Each of the steps is described in detail in the
following pages.
Overview
Select a property and log in
Search
for
Properties
o Go to HomePath.com
o Choose Search type (basic, advance, map)
o
Click the Search button
Select a Property
o
View the listings on the Property Results page
o
Select a listing
o View the Listing details on the Listing Information page
Make an Offer
o
Click the Make an Offer button
Register and/or Log In
o
Complete Agent Registration & click the Submit button
o
Review registration information & click the Confirm button
o Enter ID/Password on the Log In page
Offer to Purchase
1. Offer to Purchase
a. Complete Lines 1 through 15 on the Offer to Purchase form
b. Complete Contingency and Comment field if necessary
c. Review
Transaction Terms of Use
d. Click the Continue button
2. Offer Review
a. Review the Offer Details
b. Click the Edit button to edit information
3. Terms & Conditions
a. Check boxes for acknowledgement
i.
Terms of Use
ii. Permission
b. Click the Submit and Confirm button
4. Upload Offer Documents
a. Click the Upload Documents button
b. Browse/Upload the Addendum
c. Browse/Upload the Sales Contract
d. Browse/Upload the Owner Occupancy Certification (if necessary)
5. Offer Confirmation
a. Print the Confirmation for your records (Selling Agent)
b. Listing Agent receives an email notifying of new offer, see System Generated Email
Notices, Example #3
Search for Properties
The steps below are to be followed in order to search for a property.
Action
Go to HomePath.com, choose Search type (Basic [default], Advanced Search, or Map Search) and click the Search button
Select a Property
Action
View the listings on the Property Results page and select a listing
Action
Make an Offer
These steps below should be followed when a specific property has been identified and an online offer is ready to be made.
Click on the Make an Offer button.
Notes:
Click on the Question Mark button to access help resources such as recorded webinars, frequently asked questions and various job aids
Properties under contract and/or in the auction pool will not have the Make an Offer button on the listing page.
All necessary information should be collected and prepared to continue as currently there is not an option to save your work for another time. All data will be lost if the process is not completed
Register and/or Log In
For this process please refer to the Log In section of this Guide for directions.
Offer to Purchase
To move forward with your offer, follow the steps below.
Step Action
Step Action
Notes:
All fields with an asterisk are required
Step Action
Fannie Mae property before
Number 03. Enter the Purchase Offer Amount
Click the appropriate radial button to indicate if the answers to Numbers 4 and 5 will be a dollar amount or percentage (must remain consistent)
Number 04. Enter Seller Contribution to Closing Costs if applicable Number 05. Enter Seller Concessions if applicable
Number 06. Net offer will auto populate
Number 07. Enter Requested Repair Amount if applicable
Number 08. Select the Financing Type from the drop down menu; if Other enter in Comments Number 09. Select Buyer Type from the drop down menu; roll the mouse over the “?” to see
definitions
Number 10. Select from the drop down menu the appropriate answer to Public Funds Usage Number 11. Select Buyer Representation from the drop down menu; roll the mouse over the “?” to
see definitions
Number 12. Select Yes or No from the drop down menu to indicate if the Buyer has been prequalified Number 13. Select Yes or No from the drop down menu to indicate if the Buyer owns or rents current
property; if Other enter in Comments
If Numbers 05, 07, 08 and/or 13 are populated details are required to be made in Comments – Number 17
Number 14. Enter Earnest Funds Amount
Number 15. Enter Closing Date; a calendar will pop up to assist in selection Number 16. Field for Contingency
Number 17. Field for Comments
Number 18. Selling Agent information is auto populated; the phone number field is editable Investor offers during the First Look™ period need to be entered as present procedures require.
Investor offers not using public funds which are submitted during the First Look™ period will resuilt in a warning message. However the offer will not be blocked from submission.
You may at any time click Cancel Offer to cancel the offer; data will not be saved
Offer Review
Step Action
Step Action
Notes:
The offer can be edited by clicking “Edit” at the bottom of the screen. Click the Cancel Offer button at any time to cancel the offer
Upload Offer Documents
Once you have submitted the offer you are required to complete the following steps or your offer will not be considered.
Step Action
Notes:
After you click the Upload button a window appears to verify the correct document has been selected. The Selling Agent and Listing Agent will receive a Documents Uploaded email as shown in the
System Generated Email Notices
Click on the word “Template” of obtain a blank PDF Fannie Mae Addendum and/or Owner Occupant Certification
Offer Confirmation
Step Action
Notes:
Selling Agents will not see the Online Offer Listings tab (Listing Agent only).
Printed Offer Confirmation for Selling Agent’s Records
This is an example of what the offer confirmation looks like when the Selling Agent clicks on the Print button to create an offer confirmation to save for their records.
Managing Offers
Once you submit and Online Offer to a Fannie Mae Listing Agent for an REO property, the Listing Agent may respond to your offer in one of several ways. As a Selling Agent you have several options available to you in response to each of these.
Overview of Process Flow
After your offer has been submitted, the Listing Agent has a process to complete in order to respond to your offer. Here is a brief look at what takes place behind the scenes to help you understand more about how the offers are managed.
The Listing Agent inputs each offer received into the appropriate system of record.
The Listing Agent rejects investor offers made (not using public funds) during the First Look™ period.
The Listing Agent consults with the Fannie Mae Sales Representative or Asset Manager on each offer received to determine the best action to take on the offer.
The Listing Agent takes the action on the offer (accept, reject, counter, or initiates multiple offers round).
HomePath automatically sends email notification to the Selling Agent regarding the action taken HomePath moves the offer to the appropriate status heading on the My Offers tab screen
The Listing Agent has several options of action to take with the offer, and in turn the Selling Agent responds. Here are the available actions for an offer.
For each offer you may view:
Heading Description
View Offer The offer itself
Date/Time The date and time the offer was submitted
Amount The amount of the offer
Address The property address
Listing Agent
The name and contact information for the Listing Agent
Buyer The name of the Buyer
Status The current status of the offer (Accepted, Active, Rejected, Countered)
Deadline Where applicable, the deadline for action required on your part
Actions What actions are available to you (Revise, Rescind, Keep)
Headings and Actions
Below is an overview of Offer Types (headings) and Actions that may appear on My Offers tab screen. The headings that appear will depend on actions taken.
Heading Description
Negotiation does not require additional online action until the final deal is reached.
If there are any other offers listed under the Active Offers heading when a counter is made they will populate under Active Offers heading.
Active Offers When an offer is made, it appears here first. The Listing Broker will view the offer details and documentation prior to taking the appropriate action (accept, counter, initiate multiple offers round, or reject).
Multiple Offer Rounds When more than one bona fide offer is received for a property, a Multiple Offers Round is initiated and those offers appear here.
Inactive Any offer that is no longer active will appear here. An inactive offer may have been rejected, rescinded, or an unaccepted counter. Offers under this heading are available to be revised by the Selling Agent.
Action Description
Revise Click on the word “Revise” to update offer and make appropriate changes
Result: The Offer To Purchase screen will appear and follow steps 2 – 12 of Making an Offer (Agent) page 7
Notes:
The Selling Agent can revise more than once if needed but each revision requires an upload of new documents
In a multiple offer round the Selling Agent will be notified per email to take one of the following actions revise, rescind or keep. If they do not take one of these actions before the deadline their offer will be rejected as shown in the System Generated Email Notices to Selling Agents from Listing Agents section, example # 9, page 16
Rescind Click on the word “Rescind” to rescind the offer Result: The following pop up box will appear
Click on the Yes button
Notes:
The Selling Agent can rescind offer at any time
In a multiple offer round the Selling Agent will be notified per email to take one of the following actions revise, rescind or keep. If they do not take one of these actions before the deadline their offer will be rejected as shown in the System Generated Email
Notices to Selling Agents from Listing Agents section, example # 9, page 16 Keep Click on the word to keep offer. The following pop up box will appear
Click on the Yes button
Note:
No documents need be sent as they were sent with initial Offer
In a multiple offer round the Selling Agent will be notified per email to take one of the following actions revise, rescind or keep. If they do not take one of these actions before the deadline their offer will be rejected as shown in the System Generated Email
Notices to Selling Agents from Listing Agents Section, example # 9, page 16
Below are examples of system generated email notices when various actions are taken within the HomePath Online Offers system.
Forgot Password and/or Changing Password
Example #1
Immediately generated when a request is made to be notified of existing password and/or password that is changed
Selling Agent New Account Creation (Selling Agent will receive)
Example #2
Immediately generated when a new Selling Agent registers under the online offers program
Offer to Purchase (Listing Agent will receive)
Example #3
Offer Accepted (Selling Agent will receive)
Example #4
Immediately generated when this listing agent accepts an existing offer
Counter Offer (Selling Agent will receive)
Example #5
Offer Rejected (Selling Agent will receive)
Example #6
Immediately generated when the listing agent rejects an existing offer
Multiple Offer Round Started (Selling Agent will receive)
Example #7
Immediately generated when the Listing Agent starts a multiple offer round. Email will be sent in reply to any new offers on the listing that are made prior to the deadline with the exception of investor offers that are made during the First Look Period.
Multiple Offer Round Ended (Listing Agent will receive)
Example #8
New Listing Agent Account Confirmation (Listing Agent will receive)
Example #9
Resources
General Comments
The Selling Agent will need to enter any offer on a property in the HomePath Online Offers program online at HomePath.com. Listing Agents cannot enter an offer on behalf of the Selling Agent.
Counter Offers
When the Listing Agent clicks “counter” on an offer, HomePath captures the event of a counter by the seller, but not the terms of the deal of the counter itself, meaning that the Listing Agent is responsible for
communicating Fannie Mae’s terms to the Selling Agent via customary means.
HomePath Online Offer Transaction Terms of Use
1. The selling agent acknowledges that an online offer to purchase within the HomePath system is equally binding as an offer to purchase made on paper.
2. The seller reserved the right to accept to reject any and all offers to purchase and assumes no
responsibility for any errors in the listing information. The seller is not responsible for errors, outages, connectivity or equipment failures that may occur during the process of the electronic transmission of an offer.
3. The selling agent acknowledges that all electronic messages provided by the HomePath online offer system are for the sole purpose of facilitating communication between the selling agents and the listing agents and the seller is not responsible for the content, accuracy, timely delivery or receipt of any electronic message provided to the selling agents or the listing agent by the HomePath online offer system.
4. The selling agent acknowledges sole responsibility for any documents uploaded to HomePath as part of the offer, whether the upload is done directly by the selling agent or by proxy by the listing agent. The selling agents is responsible for ensuring that the sales contract and the Fannie Mae Real Estate Purchase Addendum uploaded to HomePath as part of the offer are free of any additional documents, attachments or supplemental information of any kind.
5. The selling agent must have had the prospective purchaser sign the local form of the real estate broker/agent board sales contract and disclosures, and the Fannie Mae Real Estate Purchase Addendum, and must obtain an minimum of one (1) percent of the purchase offer amount earnest check *unless the buyer is using public funds) prior to submitting and offer in HomePath.
6. The selling agent will be notified via electronic mail if his or her offer is accepted. In the event of an accepted offer, two copies of the original signed sales contract and Fannie Mae Real Estate Purchase Addendum must be received within 48 hours of the notification. Please hand deliver or overnight (faxes are unacceptable) the purchaser sales package with original signatures.
Frequently Asked Questions
1. Can a prospective homebuyer make an online offer on a HomePath property?
No, only licensed real estate agents can make online offers in HomePath. Prospective home buyers should work with a real estate agent of their choice, or they can contact the Listing Agent of a particular HomePath property for more information.
2. Why doesn’t every listing on HomePath.com have a “Make an Offer” button?
HomePath uses a combination of location and status to determine whether a property is eligible for online offers. A listing with the status of “Coming Soon” or “Under Contract” is not eligible for online offers. Additionally, a property locked down for auction is not available for online offers. Please contact the listing agent if you have concerns about a specific property.
3. Must the Selling Agent use HomePath.com to submit offers on listings on or after the launch date within the counties where the Online Offer system is available?
Yes.
4. Why do Selling Agents have to enter all offers in HomePath.com for Fannie Mae properties in the pilot territory?
The HomePath Online Offers system is available for properties in Orlando MSA Counties, San Diego County and Wayne County, MI (Detroit). Selling Agents have total control of the when they will make their offer and also get the benefit of a transparent offer process including online confirmation that their offer has been submitted.
5. How do Selling Agents register for HomePath Online Offers?
Selling Agents register at the time they make their first offer on a pilot property. HomePath will prompt registration and guide the user through the process.
6. How do Selling Agents enter an offer to purchase in HomePath.com?
Locate the property on HomePath.com. On the Listing Details page, click “Make an Offer”. Complete the fields that constitute the offer and upload the signed sales contract and Fannie Mae Real Estate Purchase Addendum. A completed and signed sales contract and Fannie Mae Real Estate Purchase Addendum are required to be uploaded before an offer can be considered by Fannie Mae.
7. I am buying a Fannie Mae property for a (son, daughter, mother, relative). They will occupy the property as their primary residence are they considered an owner occupant?
A person is considered an Owner Occupant if they will occupy as the property was their principal residence and are listed on the contract, deed, mortgage (if applicable). Corporation, LLC, or trust who purchase Fannie Mae property are considered an investor even if the intent is to occupy. If the house is purchase jointly, at least one of the co-Purchasers on the contract, mortgage, and deed to be considered an owner occupant
.
Owner occupants can submit offers on Fannie Mae property and will be considered during the First Look period, investors offers will not be considered during this period.
8. What does under contract mean?
Properties that are under contract, have an accepted offer pending, however, have the sales has not been be completed.
9. How can a Selling Agent ensure their offer is received by the Listing Agent?
When a submitted offer is confirmed, the Selling Agent will receive a printable online confirmation (including the confirmation number) for the offer and the Listing Agent will also receive an email offer confirmation notice from HomePath.
10. Does the Selling Agent have to upload the sales contract and the Fannie Mae Real Estate Addendum for their HomePath online offer to be considered?
Yes.
11. What should a Selling Agent who is not able to upload the sales contract and Fannie Mae Real Estate Addendum to make an HomePath Online Offers?
If a Selling Agent is unable to upload the sales contract and the Fannie Mae Real Estate Addendum to complete their HomePath online offer, they should contact the Listing Agent for assistance.
13. What happens if the Selling Agent does not respond to the Multiple Offers Form by the response deadline?
If the Selling Agent fails to positively respond to the Multiple Offers Form by revising, keeping or rescinding their offer by the response deadline, the offer will be automatically rejected by the HomePath online offers system.
14. Does the Selling Agent have to respond to a counter offer via the HomePath system?
If the Selling Agent and the Listing Agent are able to successfully conclude negotiations on the listing and reach an agreement, the Selling Agent will revise their online offer in HomePath to reflect the agreed upon terms. There is no need to enter each round of negotiations in the system, only the final agreed upon offer. If the negotiation process does not produce an agreement, there is no need to revise the online offer in
HomePath.
15. Do I need to get permission from the prospective buyer to enter his or her offer information in HomePath.com?
Yes.
16. Who do I contact if I still have questions? [email protected]
or refer to the training materials found at:
