Fannie Pilot Website Manages REO Purchase Offers

HomePath, Fannie Mae’s real estate owned sales division, launched a new feature on its website to allow real estate agents to submit offers for properties listed for sale, receive confirmations and track the status of submitted offers, all over the Internet.

The pilot program will begin with HomePath properties in Orlando, San Diego and Wayne County, Mich., which includes the Detroit market.

The “Online Offers” initiative is meant to promote transparency and efficiency in the competitive REO market, where investors and potential owner-occupants are snatching up low-priced properties.