Freddie Mac Question... - Posted by Barry (FL)

Posted by Matthew on May 16, 2002 at 14:59:23:

Barry- your offer should be realistic, i look at when the last owner bought it and for how much? this will tell me that if he bought within two years the offer has to be high 85-90%, if they bought it 3 or more then 80 or less. it also depends on condition. once you submit your offer,they will,if they haven’t already, get a brokers prefrred opinion (BPO) from a local realtor/appraiser. watch out!! if the realtor wants that listing hes going to set the value out of reach or tell them to fix it and list it for amv. just had a rotten experience where that happened,my buyer is suing the realtor!on top of that the realtor put a cheap repair job in a 200k + home. here in cent. fL thats the game with fnmae/fmac homes fix, list and sell.move on.
matt

Freddie Mac Question… - Posted by Barry (FL)

Posted by Barry (FL) on May 15, 2002 at 10:51:34:

For anyone following this, here’s where we are at the moment. 2nd will not discount, 100% insured. 1st referred me to Freddie Mac as that is the insurer. They sent me their short sale package today. Submitting offer tomorrow.
Q. Does anyone know what Freddie Mac will take as a short sale offer. I’ve been told about 80-85% of loan balance, can anyone confirm, deny or actually know exactly? I don’t want to low ball them to the point that they will just laugh at the offer.
All info greatly appreciated.

Thanks, and happy hunting,
Barry (FL)