Freddie Mac Homesteps property--offer now submitted to bank--any BTDT? (foreclosures, agent, accepted)

[jerseyjersey]

Made an offer 1/31 on a Home Steps/Freddie Mac property (already bank owned). Property had a lot of interest (6 or 7 realtor cards were already there when we saw it the very first day it was listed). Heard last Monday afternoon that highest and best offers were due by 10am Wednesday (2/5), so we submitted the revised offer on 2/4. Since then, we have been waiting. My realtor just emailed me--listing agent advised that my offer has been submitted to the bank as of today. My realtor is trying to get additional info, but said that he hadn't encountered this in the foreclosures he's handled (though he said typically he's dealt with Fannie, not Freddie)-he said he's only gotten acceptances and rejections.

Has anyone encountered this? If so, would you be so kind as to share your experience? Trying to figure out possible timing, as well as how many other offers typically get passed along to the bank (if there's such a thing as "typical"!) Thank you in advance for any insight!

[RalphJolly]

Hello,
I am in the process of buying a Freddie Mac home myself and would be interested to know your outcome.
BTW, with the 'issues' that I have had with my purchase, I called Freddie Mac directly on 1800 972 7555.
The operator was friendly, opened a 'ticket' for me and the asset manager called me a few hours later.
What has frustrated me in my experience is that firstly the selling agent refused to take my calls, and both he and the buying agent were quite ignorant about what was going on.
My advice -contact Freddie directly rather than take your realtor's word for it.

[NinaN]

Sometimes if your offer is not the best but close to the top, they will try to work things out with the best. If that doesn't work, they'll move to the next best. So perhaps they are still finalizing the deal. Or you have a slow asset manager. Or your offer went in during a period that they were not yet reviewing offers. Too many scenarios. Foreclosures are difficult to navigate. Be patient.

I have found many REO listing agents to be quite uncooperative, and quite frankly you should be working with your agent not the listing agent.

[RalphJolly]

Hello NinaN,
My agent is on vacation and put the bid in before he left -just bad timing really.
I was given a deadline by the selling agent, and when I called him on the deadline he didn't have the courtesy to return my calls. So I called FreddieMac and the asset manager told me that my bid had been accepted.
When later contacted by my realtor, the selling agent said this was not true without even checking -how incredibly unprofessional is that?
Is there an unwritten rule that I am not allowed to speak to the selling agent?
As I am the only person in this transaction bringing money to the table I should have access to anyone involved in the process. You would like me to go through my agent, and ideally that is what I do, but when everyone is so clueless about how FreddieMac operates, it is best to go to the source.
The more I read about FreddieMac, the more it seems to be the most opaque process. There are no hard and fast rules and that leaves too much room for shenanigans. (& that's double points for the St Paddy day reference BTW)

[meowkitty27]

How low have you all been bidding on the properties? There was a home in my area that was significantly overpriced and sat for a month before they lowered it a few days ago by 20k so now it's right above comparable home prices. Apparently there are still no offers. Would I have a chance bidding 20% below asking now?