Fannie Mae Requires Online REO Offers
Beginning back on February 2, offers that are submitted for a Fannie Mae REO must be done online through the HomePath Online Offer system. Only licensed agents can make offers, so any consumers shopping for a home on Fannie’s HomePath site have to contact an agent first, and agents must register to be able to do so. According to the NAR blog, Speaking of Real Estate, “registering with the site so you can submit offers as a selling agent is not the same thing as registering with Fannie Mae as an approved listing agent”. To become a listing agent for Fannie Mae in your market, you have to submit an application (also an online process) and then go through its proprietary selection process, which requires you to submit information about your practice. Every market is different, but generally the company works with a handful of brokers or agents that it has selected to list its REO properties.