Enter the Finish Line- Well almost with Freddie Mac
It was a grueling two days for my buyers who have been waiting on the well known Freddie Mac asset manager to really sign a highest
and best purchase and sales agreement on one of their foreclosures in RI real estate. We have been waiting 2 1/2 weeks for the purchase and sales to come back. All held up over $30…yes, you heard me right…Freddie Mac decided that the contribution to closing costs was a wee bit over what they wanted to allow…or the asset manager had a retribution day and my buyers were the ones who got egged!…Really unbelievable…and as the weather turns colder the buyers worry when will they have this house?!
I should have a glass of wine this evening to the whims of the asset manager. Oh, they had the wrong lot for the land my buyers were buying now that is troubling. I told them that as a diligent real estate agent I do my due diligence and the town hall shows it is different one based upon the home’s location and prior owner. Actually they took my investigation to heart (surprise!) and told me to alter the purchase and sales agreement. Now I want the title attorney to make sure my buyers are buying the right home…you read about these mistakes by lenders and that is why you hire a good real estate attorney.
Well we are not near the finish line…I did misspeak because the inspections and the lender’s okay on this mortgage all add to the suspense in buying a Freddie Mac home or any foreclosed bank owned home. Yet it is the home the buyers want…it captured the buyers hearts so we persevere in this process. Foreclosures are not for the faint of heart if you are not paying cash. The seller acknowledges nothing except they no nothing of the house…it is ‘as is’. I sell a lot of short sales and as a North Kingstown short sale agent it is a good feeling for the sellers and buyers to have a successful outcome.
A good inspector will give the high sign to buy or otherwise advise the buyers to walk away from this home because Freddie Mac says they will not address any deficient issues with a home…take it the way it is or walk away. The next step is critical in this home ownership process. More to follow.
Enter the Finish Line- Well almost with Freddie Mac.
Ginny Lacey Gorman is your go to North Kingstown Real Estate Agent for homes in North Kingstown RI and beyond…knowing the geographic area, schools, happenings,important tidbits of information and businesses well.
As North Kingstown short sale agents, if you are having trouble paying your mortgage contact Ginny to help you through the short sale process successfully.
Waterfront, oceanfront, luxury and coastal RI real estate are her specialty but all of RI is her backyard. When you are in need of a good professional for your buying and selling needs and an internet savvy marketer who sells RI houses in this real estate market – call Ginny at 401.529.7849.