Freddie Mac Short Sale Requirements
Does anyone know about these Freddie Mac short sale requirements;
_ That the house has to be listed on the market at FMV for three months.
_ That the second mortgage has to agree to a complete loss or no less than $500.
I am working a short sale and have every piece of information under the sun. When I called the bank to let them know the package was coming, I got hit with these requirements. What up?
The seller did meet with a realtor this fall. The realtor told the seller that she could not get out of it what she had into it, so she never bothered listing.
I am dealing with Fifth Third, if that makes any difference.
you can probably skate around the first obstacle, but the second may be a deal killer unless you have cash to buy the junior.....
I just did one of those.
[addsig]
Any great suggestions on how to "skate around" the three month listing requirement? I was told that Freddie Mac makes the rules and those are the rules.
My short sale offer is 84 percent of the payoff value. It really would absolutely be to their benefit to negotiate.
no point in lacing up the blades unless you can overcome obstacle #2
Has the junior accepted $500 as payoff in full? If not, do you have cash to pursue the junior?
The lender wants to get fair market value for the house. How better to get fair market value than list it with a realtor for 90 days.
Get the property listed and tell the lender it is listed and will they give you 90 days to complete the sale.
These are my most favorite SS because they give you plenty of time.
Brenda