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Old 09-05-2009, 03:15 PM
 
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Just closed on Fannie foreclosure and my offer was put to realtor as cash and he had level at which he felt they would accept which we had to accept or realtor would not submit.Submitted 8/01/09 closed 8/21/09.Fannie started at $121,000 and we got it at $105,000,not a 100 percent bargain,rebuild garage and deck cost $8000 on 1981 1080 sq ft home.Mortgage was $145,000.
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Old 09-07-2009, 10:03 PM
 
5 posts, read 30,217 times
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Quote:
Originally Posted by DanBev View Post
Just closed on Fannie foreclosure and my offer was put to realtor as cash and he had level at which he felt they would accept which we had to accept or realtor would not submit.Submitted 8/01/09 closed 8/21/09.Fannie started at $121,000 and we got it at $105,000,not a 100 percent bargain,rebuild garage and deck cost $8000 on 1981 1080 sq ft home.Mortgage was $145,000.
Thanks for this info this is helpful to at least see on one particular home what the percentages were that Freddie was willing to go down. The home we had offered on is currently off the market. Evidently the listing expired. The offer we made was less of a percentage off the original mortgage then yours but they wouldn't budge. I am sure it will be listed again as it didn't sell. I would think that would be a slap in the face to the assist manager to have offers 10% below asking, not accept and then the house sits for over 280 days until the listing expired. Hmmm weird market.
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Old 09-08-2009, 09:10 AM
 
Location: Tempe, Arizona
4,511 posts, read 13,528,234 times
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Quote:
Originally Posted by rhumbaclave View Post
Thanks for this info this is helpful to at least see on one particular home what the percentages were that Freddie was willing to go down. The home we had offered on is currently off the market. Evidently the listing expired. The offer we made was less of a percentage off the original mortgage then yours but they wouldn't budge. I am sure it will be listed again as it didn't sell. I would think that would be a slap in the face to the assist manager to have offers 10% below asking, not accept and then the house sits for over 280 days until the listing expired. Hmmm weird market.
The banks don't base their asking list price on percentage of original mortgage. The mortgage was written off when they took it back at the trustee sale. The price is based on current market value in the area for similar homes. Sometimes they will price a little below to generate more interest.
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Old 09-08-2009, 12:55 PM
 
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Originally Posted by rjrcm View Post
The banks don't base their asking list price on percentage of original mortgage. The mortgage was written off when they took it back at the trustee sale. The price is based on current market value in the area for similar homes. Sometimes they will price a little below to generate more interest.
That makes sense in a perfect world but if a house has sat much longer than then the average (270+days when average is 90) for the area then they probably priced it incorrect. Especially since zillow has the mortgage acquisition price at less then we offered. I am just estimating though. I just feel that Freddie would want to unload as much inventory as possible for a fair price.
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Old 09-08-2009, 02:33 PM
 
Location: Tempe, Arizona
4,511 posts, read 13,528,234 times
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Quote:
Originally Posted by rhumbaclave View Post
That makes sense in a perfect world but if a house has sat much longer than then the average (270+days when average is 90) for the area then they probably priced it incorrect. Especially since zillow has the mortgage acquisition price at less then we offered. I am just estimating though. I just feel that Freddie would want to unload as much inventory as possible for a fair price.
Yes, I agree if it's been on market that long, then it's overpriced. Most banks will drop the price month to month until it sells. Again, mortgage value at time of bank take-over has no relation to listing price and is not considered in reviewing offers. All you should be concerned about is if your offer is reasonable given your review of current market value for this home.
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Old 09-08-2009, 03:28 PM
 
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Wow I just found out the house is now up for auction.
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Old 09-11-2009, 09:57 PM
 
15 posts, read 106,358 times
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Default How long does it take for Freddie to send back the signed contract?

Hi,

I'm buying Freddie owned property. They verbally accepted my offer (through email). I signed all addendum and gave them the earnest money on Sept 2. So far no signed contract from Freddie (today is Sept 11). On the contract, the closing will be on Oct 2. My lender would not start the financing process until I have a purchase contract. How long does it take them to send back the signed contract? I'm getting frustrated.


Please advice,
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Old 09-13-2009, 07:39 AM
 
Location: Central Florida
800 posts, read 3,077,598 times
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I have had them back in a day and I've had it take nearly a month. They will extend your closing date for you.

They are so backed up that it is frustrating for all. Patience with these sales are really tested. Good luck!
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Old 09-13-2009, 08:22 AM
 
15 posts, read 106,358 times
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Originally Posted by Dee2e View Post
I have had them back in a day and I've had it take nearly a month. They will extend your closing date for you.

They are so backed up that it is frustrating for all. Patience with these sales are really tested. Good luck!
Nearly a month! I hope mine will be only a week or two. Winter is coming and there are things needed to be fixed.

Dee2e, thank you for your reply. You made me feel much better about closing date and penalty charge.


Patrick
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Old 10-12-2009, 09:58 AM
 
1 posts, read 4,718 times
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can I contact FREDDIE mac MYSELF and talk to them about my offer, if anyone does knows the number in miami please sent it to me at Cduarte911@aol.com, i want this house but I think my realtor is not looking out for me.
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