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Old 08-03-2009, 02:24 PM
 
5 posts, read 41,466 times
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Has anyone gone through the process of buying a foreclosed home with Freddie Mac? We've been working on one for over a month now, and they really seem to go in super slow motion.
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Old 08-03-2009, 03:14 PM
 
Location: DFW
12,229 posts, read 21,503,069 times
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Quote:
Originally Posted by Aboredgirly View Post
Has anyone gone through the process of buying a foreclosed home with Freddie Mac? We've been working on one for over a month now, and they really seem to go in super slow motion.
Never done it, but I can give you perspective from a different point of view - I work in loan servicing for a local mortgage bank.

I find they sell one of our (formerly mortgaged) properties in 3-6 months, which is not considered slow for a foreclosure purchase. Most have been 3 months, but I'm basing that off a small sample size.
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Old 08-26-2009, 12:41 PM
 
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We are purchasing a Freddie Mac house right now. They accepted the contract on July 10th and it is the end of august and no closing date in sight! We were supposed to close Aug 7th, but the home was winterized improperly, so there is plumbing damage. They are repairing it, THANK GOD, at their cost, but who knows when we will get into our new home I feel your PAIN!!!!
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Old 08-27-2009, 06:33 AM
 
Location: Texas
5,872 posts, read 8,093,497 times
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2-3 months is around average, right now from start to finish. They are simply still swamped with literally on 10-15 people in underwriting for each region. If it's a great deal...be patient and hold onto it.
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Old 08-27-2009, 09:00 AM
 
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We ended up closing last week. Every time we had to send paperwork to them for signatures, it took 5-7 days! I'm glad to say it's over!! Carla, good luck!!
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Old 08-31-2009, 08:42 AM
 
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We are waiting to get a signed sales contract from Freddie Mac. Our offer was accepted over 2 weeks ago and we sent in contract on 8/24, so it has been 5 business days. We cannot secure our grant money and lock in our rate until we have a fully executed sales contract. Any other surprises we should know about?
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Old 08-31-2009, 09:34 PM
 
Location: Dallas/Fort Worth, Texas
4,207 posts, read 15,255,953 times
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You need to check if the utilities are on. If not, you will have to get them turned on (at seller's expense) so you can do home inspections.

Naima
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Old 09-01-2009, 08:37 AM
 
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We received the fully executed contract today! So 5 to 7 days is right in line with receiving signed paperwork back form them. We have looked exclusevly at foreclosures over the past three months and the Freddie Mac foreclosure was by far in the best shape. They painted the inside and out and added dirt/sand to slope away from the foundation. The electricity and water were kept on. I have been very impressed thus far. They are including a 2 year HOW and paying all of our closing costs. We are set to close 10/1 and are very excited!
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Old 12-12-2009, 08:11 PM
 
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what percent of asking price did you end up paying?
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Old 12-12-2009, 09:21 PM
 
Location: Dallas, Tx
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My best friend is a Realtor and she said foreclosed homes take the longest to do just about anything on. Good luck!
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