Freddie Mac Property Offer
Does anyone have experience with Freddie Mac owned properties? I have a potential, but in order for the numbers to work in my advantage they would have to accept an offer that is 80% of their list price. Do they commonly do this or am I wasting my time?
Freddie Mac, just as any other lender will try to get as much as they possibly can. If the property doesn't sell, they will keep lowering the price. I submitted an offer on a Freddie Mac last year for about 80% of the listed price and they denied it. About two months later the agent that had the property lited called to see if I was still interested. I was no longer interested due to some more due diligence that I had done (the property needed far more work than originally thought). The house ended up selling for less than my original offer. It can't hurt to submit an offer, the worst they can do is deny it. Good luck.
I hope that your offer does not include an assisgnement of any kind. Freddie Mac, Fannie Mae, and HUD are & have gotten strict on NO assignments.
I have run into the same as others. May offer was denied and I went on to another deal. Found out later on the MLS that after a month to two months on the market the accepted an offer way below mine. They stick to their guns until no more offers are in the range they want.
I hope this helps. I would stay in touch with realtor that listed the property. Let them know if they do not get what they are looking for that you would really like the property if the bank will think about your offer if they do not get anyone else at their current listing price.
Thanks Grant... this property has been vacant for a couple of months already and based on the log in the house very little traffic. I'm also having a problem with getting a clean termite letter from them. The house was inspected and said to have active termites, but no repair or treatment was done. Any suggestions?
Well.... In Atlanta and I am sure in other markets that can be a condition on the sell (contact) or your inspection period if you put it under contract or make an offer.
Be careful some of those inspections are general. For an in-depth inspection you may have to have one done on your own?