REOs and other distressed sales make up about a third of the market today on a national basis and NAR’s just-released Investment and Vacation Home Buyers Survey shows that distressed homes comprise about a quarter of the homes bought for non-primary use.
Against this backdrop, Fannie Mae about a month ago announced that agents working with households buying a Fannie Mae REO must submit the offer online through the company’s HomePath portal. It won’t accept offers any other way.
The good news is that offers can only be submitted by agents. So, households interested in making an offer on an REO property have to contact an agent and work with that person on the submission.
The other good news is that submission is quick and easy because of the all-online process. That means you fill out all the forms online, scan the supporting documents, save them as digital files, and include them in your submission.
Although the process is straight-forward, it’s inevitable that you’ll have a lot of questions. So, we’re hosting the Fannie Mae executives who are overseeing this process for a one-hour webinar on how the submission process works. They’ll walk you through the steps.
They’ll also talk about policy matters that you’ll need to know about, such as their 15-day “first-look” period, which restricts offers from investors on new REO listings. They’ll talk about financing matters, too.
It’s a free webinar and you’ll be directed to an online manual and other materials to make it as easy as possible to master working online. You can imagine that it won’t be too long into the future when many transactons will be done this way.
The webinar is Thursday, April 26, at 3 p.m., Eastern Time. Presenters are Jane Severn, director of new business initiatives for Fannie Mae, and Robin Still, senior strategic planning analyst with the company.
Go to the registration page for the free webinar. To register, you just need to provide a name and e-mail address: Go to the REGISTRATION PAGE now.