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Freddie Mac you broke my heart.  You teased me with your beautiful little condo nestled on the wooded hillside by the lake.  Two ample bedrooms and two sparkling baths complete with tile floors and sleek tile tub surrounds.  Your spacious south facing living room took full advantage of the fleeting Seattle sun.  But you, unresponsive, communication challenged and unable to commit.  My intentions were clear from the very start, I wanted your condo to be my own to have and to hold in sickness and health to sale do we part, but it seems it was just not to be.  Perhaps you have been wounded by other less serious suitors but 30 days is way too long to expect me to wait.  Terms agreed to orally but no written response.  As beautiful and seductive as your condo is I have left you for another. 

Three days from offer to inspection and now ready to close.  My new condo is beautiful and fully committed, closer to the city center and in way better shape. You my old flame, I wish all the best.  Perhaps we can still be friends but more likely I think not.  Freddie Mac, until you clean up your act and deal with your skeletons you are destined to keep your own condo company.

Thoughts from a buyer after waiting 30 days for a signed agreement from Freddie Mac that never materialized.

This blog was written by Brian Leavitt, a Licensed Real Estate Broker and Licensed Mortgage Broker representing Northstone Real Estate Inc, and Northstone Mortgage.

Brian serves clients within the Northwest Multiple Listing Service.

You can contact Brian directly by phone at 800-806-3145 or by email at brian@northstone.netClick here to view his client newsletter.

Brian is licensed with the Washington State Department of Licensing and the Washington State Department of Financial Institutions License number 510-MB-19802 and is a member of the Seattle King County Association of Realtors and Northwest Multiple Listing Service.

 
This post has been included in Washington Real Estate News

51 Comments on Freddie Mac you broke my heart

OCT
29
2009
126,176 Points

The bigger the company, the harder to deal with.

That is why I like working with a small bank.

Good post

Tony

1:24pm • #1
1 Featured Post

Now that is a wonderful (as all too honest) blog! I could not agree with your buyer more! May I re-blog this on my own blog?

1:27pm • #2
1 Featured Post

...with attributes to you of course...

1:30pm • #3
172,854 Points 2 Featured Posts Outside Blog

I'm just glad to know you have learned to love again.  Great post.

1:37pm • #4
289,703 Points 3 Featured Posts

Hi Brian, I'm glad you found a new love at a new condo! However, if you're interested in bankruptcy court documents and other updateds on Taylor Bean and Whitaker, you should check out our site:

http://bit.ly/17hXah

3:06pm • #5
100,270 Points

I have played that game with Fannie Mae.  My client had a verbal OK from the list agent, but no written approval for over 60 days, then they demanded a close date 3 days later!  Ouch!

3:16pm • #6

Hello Brian,

Alas, the love affair with Freddie Mac was destined to wither from the beginning.  Good for your buyer for moving on.  If more of them did it maybe the banks would start getting a message.

However, Freddie does have good company with Fannie Mae who also seems quite fickle and takes so-o-o-o-o long to decide if they want to be lovers.

Contract law in Washington says there is no mutual agreement unless signed in writing by both parties.  I am continually astonished at the banks who think they don't have to sign anything but oh, gee, the buyer is fully committed.  Lenders need to follow the laws of the state the property is located in, not just their own personal "one size fits all" philosophy.  They would be the first to cram the law down someone's throat if the homeowner broke it and expect full compliance with every syllable, comma and period.

Great post!  Thanks for sharing!pum

 

 

 

3:16pm • #7

Nice post and I enjoyed reading it. Too bad we are all having to deal with these situations.

3:17pm • #8
1 Featured Post Attended Rain Camp

Isn't that all too true?! Three of my deals are currently with Freddie Mac - between them and their servicing units, and the fact that one of them removed my keybox and re-keyed, thus locking a client out of her home, I'm getting fed up with them. 

If they forced their Loss Mitigation Departments to operate with the efficiency and vigor equal to that in generating new loans things would be a lot better.

3:29pm • #9
141,604 Points 11 Featured Posts Called Shot Master

Very well written and unfortunately Freddie is just a serial lover with commitment issues. The real loser is that poor condo...

3:30pm • #10
2 Featured Posts Localism Sponsor Hit Router

Brian, it sounds as if you "true love" was meant to be.  Yet, how unfortunate to have waited one month without a response from Freddie Mac.  What a lucid analogy and vivid reminder of how the lending climate has changed!

4:18pm • #11
Outside Blog

Freddie is so bureacratic - it's like the government.  Oh yeah, they ARE the government.  Anyway, this is what happens when we deal with companies "too large to fail".  More to come I'm sure...

4:29pm • #12
147,462 Points 3 Featured Posts Localism Sponsor Outside Blog

Very poignant and perfect for the market we are living with.  So much frustration goes with purchasing a home right now, government loan or otherwise.  Here's to an easier future...

4:36pm • #13

This post was very fun to read.  Nicely written..but sorry for the disappointment.

4:40pm • #14
108,949 Points 1 Featured Post

Brian, my heart breaks for you, I too have experienced love... but time heals all (certainly not as well as finding a new love, congrats!)

 

Thanks for the post!

 

Be well,

Brendan

4:52pm • #15
Outside Blog

its tough dealing with big entities that really don't care

4:54pm • #16
536,560 Points 7 Featured Posts Outside Blog Called Shot Master

Sounds like working with HUD....at least you found something you like.

5:11pm • #17
204,707 Points 2 Featured Posts

Brian,

That is just the funniest heart-break hotel story that I ever did hear!

Ahh, poor Freddie Mac, lost another love,, and doesn't know why. You'd think as old as he is, he would figure this character flaw out by now, wouldn't you?

Bless his heart.

5:12pm • #18
130,108 Points Localism Sponsor Attended Rain Camp

Breakin up is hard to do!  With Halloween right around the corner Freddie may come back to haunt you some day down the road. 

5:13pm • #19
Outside Blog

Ha ha ha!  LOVE your meter and prose.  So true, so sad, so timely!

5:14pm • #20
193,448 Points 1 Featured Post Localism Sponsor Outside Blog

Funny take on RE Brian. I feel that I have lost some beauties myself too.

7:34pm • #21
313,393 Points 8 Featured Posts Outside Blog

Brian,

These major operators like Freddie Mac and big banks seem ill-suited and understaffed to deal with foreclosed property sales. It's a shame. No love lost there with them.

8:06pm • #22
1,256,570 Points 242 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Brian- I wrote a long post about Freddie Mac and I am writing a follow up to it tomorrow. We had our first short sale rejection ever and it was from Freddie to our homeowner with no reason for the rejection and she is on the phone with them all day long with promises someone will tell her and then they back stroke and say they can not tell her. It is really an awful way to treat their customers. Katerina

8:12pm • #23
105,233 Points 12 Featured Posts

Watch out for Freddie... he'll jilt you. And Fannie... well... she's just a real &^%$#. She just took back a home well before the time line for Nevada and locked everybody out. I hear they are hoarding properties and not letting anybody share.

9:40pm • #24
129,974 Points 5 Featured Posts Outside Blog Attended Rain Camp

Brian:

Maybe you should have tweeted someone and given names of the non-responsive people involved.  That might have shook them up just a little. 

10:28pm • #25
724,149 Points 223 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Large monolithic companies suck. 

11:02pm • #26
115,662 Points

Without Heartbreak....the Victories in our lives would not feel as good as they do!!  All the best!!

11:34pm • #27
OCT
30
2009

Unfortunately we see this happen more times than we would care to. Tough to see shattered dreams.

12:31am • #29
320,285 Points 5 Featured Posts Outside Blog

I have had my lions share of Fannie and Freddie headaches. Fannie couldn't even help coordinate a all cash no contingency close of escrow without headache!

5:56am • #30
3 Featured Posts Outside Blog

Washington has lenders buried in so much legislation and oversight that their employees don't have time to handle the business at hand.

8:54am • #31
202,016 Points 14 Featured Posts Attended Rain Camp Called Shot Master

Interesting - I have found Freddie Mac to be the most responsive, especially with their whistle blower line on realtors scamming the system with listings that they fail to represent properly.

9:04am • #32

I must be the only one who has good experiences with Freddie Mac.  They handle thousands and thousand of foreclosures and I have NEVER had to wait more that two weekds for fully signed and executed docs.  Freddie Mac has offered $1500 selling bonus and 500 listing bonus, they paid buyer and seller closing costs too!  The small banks do not know what they are doing, they are the ones who take forever and make short sales a nightmare.  The real issue for you had to be one of two things; either the servicer (small bank with second lein) was needed to approve the sale ( and they take forever) or the listing broker did not know what they were doing.  Our office Gold Star Realty in Michigan handles hundreds of their properties every year, they list at good prices, offer great promotions to move the property and the people I work with at Freddie are true professionals.  Educate yourself more or you are missing the boat.

Karin
9:22am • #33
120,868 Points 9 Featured Posts Outside Blog

ahhhh..the Peter Pan syndrome..Freddie is a narcicist!

9:34am • #34
1,256,570 Points 242 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Karin- You are talking about foreclosures, we are all (it seems) talking about short sales. Those are two different ball games. Of course, Freddie is great with foreclosed properties, they own those properties. This is part of the problem. Why are they so easy to deal with when they own a property versus when a buyer wants to buy the property from the homeowner who they own the note of. Katerina

9:35am • #35

It depends who you are dealing with. The listing agent makes a big difference...

9:38am • #36

Great post! That Freddie just doesn't paly fair in love or business :)

9:41am • #37

Perhaps your should court Fannie and make Freddie realize what he's missing?

11:21am • #39
815,674 Points 7 Featured Posts Localism Sponsor Outside Blog Called Shot Master

I can hardly wait for the same people who brought us this kind of service take over health care. 

11:25am • #40
483,220 Points 1 Featured Post Localism Sponsor Outside Blog

Hi Brian,  Ahhh, such soulfull pain.  Sounds like you may have the makings of a great country song on your hands !  Welldone !

1:26pm • #41
122,575 Points 3 Featured Posts

What a wonderfully creative post.  So captivating and interesting to read.  Loved it.

3:26pm • #42

Thanks for making me smile. Your creativity is priceless. Have a great weekend. May i share this with my colleagues?

Beth Walsh
6:00pm • #43
133,639 Points 2 Featured Posts Outside Blog Attended Rain Camp

this is just typical bureaucratic stuff.  Did you ever expect anything different?

8:05pm • #44
186,349 Points 2 Featured Posts Called Shot Master

I feel your pain Brian. Big. Clumsy. Slow. No one can make a decision.

11:21pm • #45
OCT
31
2009
322,323 Points 3 Featured Posts Outside Blog Called Shot Master

Well put Brian.  I have a hard time understanding why they, being the bank, should take so long to respond to offers and to all the short sales.  All I keep hearing is how swamped the banks are.  Well, there are plenty of unemployed people out there that need jobs and this situation has been going on for months.  Plenty of time to train the people they need and alleviate these slow responses. 

Thanks so much for your post!

12:20am • #46
Outside Blog

I have two contracts stuck in the same way. Both over 30 days past "oral" acceptance. Both may become moot. I keep showing the clients houses; just in case.

6:26am • #47

Fantastic! I really enjoyed your creative way of getting your point across. I needed this reminder on creative writing.

2:16pm • #48
NOV
01
2009
124,387 Points

Another tale of woe and shame in the foreclosure market.

9:11pm • #49
NOV
03
2009

Making a Positive out of a Negative--When one thing doesn't work out something better comes along.  I know that wasn't your point, but maybe it just wasn't meant to be.  Enjoyed your creative writing skills.

11:10am • #50
NOV
04
2009
550,841 Points 22 Featured Posts Outside Blog Called Shot Master

Good post, hope they see this. I've just closed on one and they were very timely with everything. OR maybe it wasn't them but the listing company?  Glad your happy in your new home - good luck!

9:00am • #51

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Brian Leavitt

Issaquah, WA

More about me…

Northstone Real Estate Inc. & Northstone Mortgage

Address: 1495 NW Gilman Blvd, Suite 16, Issaquah, WA, 98027

Office Phone: (425) 837-4700

Cell Phone: (206) 999-2289

Email Me

Real estate and mortgage advice, , thoughts, wisdom (or lack thereof), opinion, humor and general real estate and mortgage commentary. Based on more than 30 years of hard won experience and remember, "experience is what you get when you don't get what you want." Blog posts are published most weekdays or so, and are provided as a service of Northstone Real Estate Inc. and Northstone Mortgage. Your comments, questions, criticism, opinions, diatribes, etc are always welcome.


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