Do You Deal with Freddie Mac Homes?
It was a grueling two days for my buyers who have been waiting on the well known Freddie Mac asset manager
to really sign a highest and best purchase and sales agreement on one of their foreclosures in RI. We have been waiting 2 1/2 weeks for the purchase and sales to come back. All held up over $30...yes, you heard me right...Freddie Mac decided that the contribution to closing costs was a wee bit over what they wanted to allow...or the asset manager had a retribution day and my buyers were the ones who got egged!...Really unbelievable...and as the weather turns colder the buyers worry when will they have this house?!
Freddie Mac unlike Fannie Mae is hard nose about negotiating anything on home repairs or fixing house items they own. All I know is that I can never talk with the listing agent at all. Not even e-mail suffices ...kind of like smoke signals are the only communication that works well on these homes. And yet I try to sell them if my client is interested...it is the price and location that can make it attractive.
I should have a glass of wine this evening to the whims of the asset manager. Oh, they had the wrong lot on the listing sheet for the land my buyers were buying now that is troubling. I told them that as a thorough real estate agent I do my due diligence and the town hall shows it is a different one based upon the home's location and prior owner. Actually they took my investigation to heart (surprise!) and told me to alter the purchase and sales agreement. Now I want the title attorney to make sure my buyers are buying the right home...you read about these mistakes by lenders and that is why you hire a good real estate attorney.
Well we are not near the finish line...I perhaps did misspeak because the inspections and the lender's okay on this mortgage all add to the suspense in buying a Freddie Mac home or any foreclosed bank owned home. Yet it is the home the buyers want...it captured the buyers hearts so we persevere in this process.
Foreclosures are not for the faint of heart if you are not paying cash. The seller acknowledges nothing except they no nothing of the house...it is 'as is'. I sell a lot of short sales and as a North Kingstown short sale agent it is a good feeling for the sellers and buyers to have a successful outcome.
A good inspector will give the high sign to buy or otherwise advise the buyers to walk away from this home because Freddie Mac says they will not address any deficient issues with a home...take it the way it is or walk away. The next step is critical in this home ownership process. More to follow. But I am interested in anyone who has had an experience that has been successful negotiating with Freddie Mac... Do You Deal with Freddie Mac Homes?
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Ginny Lacey Gorman is a North Kingstown Realtor who works and knows the Washington County RI geographic area of homes for sale, schools, happenings, important tidbits of information and businesses well. Waterfront, water view, ocean front, luxury and coastal RI real estate are her specialty, so call Ginny for your buying and selling home needs. As North Kingstown short sale agents, she and her team helps clients navigate successfully the rough short sale waters throughout RI, contact Ginny if you are having trouble paying your mortgage. When you are in need of an internet savvy RI realtor® who sells homes in this real estate market, call Ginny today at 401.529.7849.
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