Fannie Mae has launched an easy-to-use, self-service system to automate purchase offers on Fannie Mae-owned foreclosed properties. Real estate professionals will now submit a client’s purchase offer through the Online Offers link on HomePath.com and then track the status of that offer on the website. With this and other initiatives, we are working to make it easier for buyers to purchase Fannie Mae properties.
This brings more functionality to HomePath®, a free site where prospective homebuyers can view detailed information on thousands of properties available from Fannie Mae, including single-family homes, condominiums, and townhouses. HomePath also provides information on financing options.
With Online Offers, homebuyers and their agents will find greater transparency in both submitting and tracking purchase offers. The system proved popular with agents during pilot programs in Orlando, FL; San Diego, CA; and Wayne County, MI. After using the pilot for more than a year, an agent in Orlando told us that he found Online Offers “efficient, informative, and user-friendly.”
We give special consideration to buyers who will make a property their primary home, which helps to preserve home values in the neighborhood and stabilize the surrounding community. Owner-occupants have an early advantage with FirstLook, which allows homebuyers, some nonprofits, and public entities to bid on and purchase foreclosed properties before those properties are made available to investors. FirstLook is typically available during the first 15 days a property is listed on HomePath.com.
From January 2011 through September 2011, Fannie Mae sold more than 192,000 properties. This amount exceeded our total sales for all of 2010.
Jay N. Ryan, Jr.
Vice President for REO Sales
February 15, 2012
The views expressed in these articles reflect the personal views of the authors, and do not necessarily reflect the views or policies of any other person, including Fannie Mae or its Conservator. Any figures or estimates included in an article are solely the responsibility of the author.