Fannie Expanding Online REO Bidding

Fannie Mae has announced that it has expanded its online bidding system to accept offers on all REOs open for sale through HomePath website throughout the U.S.

The expansion in service was beta tested starting in November 2011 in Orlando, San Diego and Detroit and the test showed positive results sufficient to warrant expansion to the whole country.

Buyers need to connect to a registered listing agent through the HomePath website and present their offer.  The agent will submit it through the Online Offers software.

The online process is an improvement over paper transactions because the system guarantees the right Fannie Mae representative will receive the offers.  None should go astray or be received in the wrong order when there are multiple offers.