Can you still short sale a Freddie Mac Property?
I just wanted some info on how to deal with a property that already has gone through the foreclosure auction and is now in the hands of a Freddie Mac agent and attorney. The property is just now being vacated and we have the attorney's phone number and etc. Can you short sale in this situation? If not, what options are there? We would like to try to obtain the property before it is listed and available. Any and all advice would be greatly appreciated since we are new to the world of short sales. Thanks!
You need to read up more on short sales. Once the bank or lender owns the property, then you have to go to the bank to purchase it. It is considered a bank REO (Real Estate Owned).
You would need to negotiate with the bank to get it discounted, but banks don't like to lower the price because they want to get as much out of the property as possible to make up for their recent loss at the foreclosure auction. A bank will usually lower their price between 0 and 10 % below market value.
Tanya