Greetings Forum. I'm under contract for a Freddie Mac home and the realtor I'm working with has now provided an addendum stating the brokerage fee is close to 15% of the purchase price of the home and instead of providing a check for 10% of the purchase price (for escrow), the realtor has asked me to wire 20% of the purchase price to Freddie Mac. It is an all cash purchase but just seems odd as now that my contract has been accepted, these addendums show up.
This is my first foreclosure purchase and first time dealing with this realtor/realty company. Is this standard operating procedure for purchasing Freddie Mac foreclosures?
Thanks in advance.
That doesn't make any sense. Research who the wiring information is to. You don't send Freddie money ever.
If you want, send me the information and I'll glance at it. We list for freddie and I've dealt with them a fair amount.
*disclaimer* i do invest in your area, not that i have any interest in your deal. :)
Thanks for the quick response @Leigh C.
After re-reading, the escrow wire transfer is to the title company. However, the title company is in Boca Raton. The property and where I live are in Pensacola. Is it normal for the title company to be located in a different city for a Freddie foreclosure?
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!