Online offer service targets REO market

N-Play Real Estate LLC, which last year launched an online service to make nonbinding purchase offers for real estate, today rolls out a customized service targeted at foreclosed, bank-owned properties -- also known as REOs.

The N-Play REO service allows buyers to submit online offers at bank Web sites and property-listing Web sites for real estate professionals who work with REO properties. All parties involved in the transaction, including asset managers and agents, are notified via e-mail about online offer activity.

Buyers can compete with other buyers in driving the market price for the property and view how they rank with other buyers, and for lone bidders the system encourages "continued improvement of the offer until the seller is engaged."

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