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LA Digs - Northeast LA Real Estate Blog

Welcome to LA Digs, the real estate and Northeast Los Angeles community blog written by Realtors Tracy King and Keely Myres.

Here, we share tips, market updates, and local news bits to keep you informed on what's happening in Northeast Los Angeles and the surrounding neighborhoods. Read on to learn about the latest in your neighborhood!

Fannie Mae tests new system for REO offers

Fannie Mae tests new system for REO offers - from Inman News.
Fannie Mae has launched a pilot program in three markets in which it's only accepting offers on properties in its real estate owned (REO) inventory when they are first submitted online by agents representing buyers.

By requiring that all offers be submitted by buyer's agents, Fannie Mae may also be able to prevent "property flopping" -- a fraudulent practice in which listing agents representing distressed or REO properties receive multiple offers but withhold one or more of those offers in order to help an investor purchase the home at a lower price.

If the six-month HomePath Online Offers pilot program is a success in the three test markets -- Orlando, Fla., San Diego and Detroit -- it will be expanded to markets nationwide, Fannie Mae said.

The stated goal of HomePath Online Offers is to provide increased transparency and efficiency in the REO bidding process by providing buyer's agents with offer confirmations and allowing them to track the status of submitted offers.

This is a great idea, especially for home buyers in multiple offer situations.  And especially for home buyers at lower price points that have been competing with investors (who usually offer all cash, and in my experience very few buyers can compete with that).  My only concern would be that it slows down the process, but hey, the process of buying bank-owed homes is already a marathon to get through.  It will be interesting to see what the results are after the six-month trial period.
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Tracy King, Realtor
DRE# 01048877
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.
COMPASS DRE# 01991628

Keely Myres, Realtor
DRE# 01834633
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.
COMPASS DRE# 01991628

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