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THought I would write to share my current experience with fredie mac and to ask for some insight.
Wife and I found a great home. Only 4 years old. Minimal repairs and was in the neighborhood and street we always wanted.
Submited offer on May 20th. Offer was a few k under list price and asked for 6% closing cost.
Recieved counter a week later. Counter was for several k above our offer and no closing cost help.
Immediatley countered with final offer at list price and them paying 3% closing.
A week later they counter with (get this) several k below our offer (basically back at what we originally offered) with them paying 3% closing....... we jumped on it and accepted immedialty.
A week later we hear that Deal was accepted and we are wating for addendums, property status was changed to pending on the MLS and it has stayed that way.
Five weeks is a bit excessive. May be some other issue going on such as the bank working on clearing title. Your agent (if you have one, you if not), should contact the listing agent for an update. Listing agent should be able to check with the asset manager.
My agent and I have pestered the listing agent constantly. We are always told that the addendums are "coming soon" or 'We'll have them this week" then the week goes by and nothing is heard.
I wrote an angry email last week demanding what was going on. I found out (dont know how true it is) that they have to communicate through a website and that it is a submit and wait situation. Basically there is nothing anyone can do to get anymore information.
Since that exchange I have not heard from my agent or the listing agent in a week.
My wife and I don't knwo what else to do but wait... at least its not being shown and no new offers are being made...
My agent and I have pestered the listing agent constantly. We are always told that the addendums are "coming soon" or 'We'll have them this week" then the week goes by and nothing is heard.
I wrote an angry email last week demanding what was going on. I found out (dont know how true it is) that they have to communicate through a website and that it is a submit and wait situation. Basically there is nothing anyone can do to get anymore information.
.
Unfortunately, that sounds like business as usual dealing with Freddie/Fannie...
OK new info. Found out that our contract is 'stuck' in 'negotiated status' on their site. Actually any contract submitted on the same day as ours is stuck.
The asset manager said he is waiting for IT to fix it. I just don't know how long he has already waited.
Iv' seen counter offers like this that. When dealing with a bank I think sometimes a different person looks at it each time a counter or addendum is sent and it seems like none of them look at what went before. Not really, but it sure looks that way doesn't it?
They finally got the house out of the logjam it was in. They said that we would need to resubmit our offerinto the system and they sent us a copy of the email that they sent us when they accepted our offer..
or did they?
THey actually changed our ofer without telling us. Instead of giving us 3.5% of proce toward closing they changed it to 3. Instead of a two year home warranty the changed it to a 500 dollar credit!!
When we complained they said that even though the delay was their fault that the original terms were no longer available......
I was so mad I could not see straight. Instead of saying they were sorry. they decided to squeze us for more money.
It took my whole family, my wifes family, guys at work and my realtor to convince me to move forward still.
In the end we are still getting a great deal and the 3% still covers costs.
We had our inspection (which went great, he didnt find anything more than what I already saw) and we are nervously waiting on the appraisal. If all goes well we will be closing in about 3 weeks..... about 5 months from our first offer.
THis keeps getting more fustrating. When have had the closing date delayed twice now because freddie mac waits until the last minute to ask for items.
The first one was that they wanted an updated 'bill' from the HOA stating what was due to them. It took the HOA a week to get the document to them. That killed that first closing.
Then less than 4 hours from the next closing they state that they will not pay for dues 6 month prior to foreclosing the property. Their own attorney was stating that only applied to condos not single family homes but because of the slow response from FM that killed the second closing date which happened to be on my wifes birthday.
We have been trying to buy this house for over 4 months now. These people just cannot get out of their own way.
Since they last delayed the closing they still haven't given us a new date. Tuesday is the end of the contract. We gave them an ultimatum that if it doesnt happen by then we are done.
I have a feeling we will not be getting this home after all. These are the most indifferent, incompetnent people if have ever worked with.
Made an offer on a Freddie Mac home. Our offer was asking price with 3% seller concessions. We were in a multiple offer situation. At that point we submitted our "highest and best" offer. We decided to go 10k OVER asking with no concessions. We are putting 10K in earnest money. My question is: What do you think our chances are as we really want this house?
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