Freddie Mac Addendums taking forever??

Question

Hello:

I placed a full price offer on a Freddie Mac property over 4 weeks ago. Listing agent said they accepted the offer (it took 2 weeks for my agent to get ahold of her after calling every day and emailing,etc). She said that she is waiting on the addendums from freddie. 2 weeks later and still no contact from her. Is this normal? Meanwhile, listing is still posted as active on MLS. Is there anyone at Freddie to contact to even confirm if my bid was even submitted?

Jim C. · Answer

My agent says he has emailed,called, and faxed every other day. I finally called the listing agent's office and asked for the listing agent. I got the standard "She's not in the office, can I take a message?" I said "Sure, let her know if she doesn't contact my agent and provide the addendum by close of business today, I'll be calling the local board of realtors and Freddie to report her, and she will be seeing me in civil court if this deal goes south". So, an hour later and my agent calls and says he got the addendum,  but No signed purchase agreement! I don't even know if Freddie signed it, should find out tommorrow. Anyone else have issues putting in bids, like the agent is 'holding' it for one of their "inside" investors?

Jake Kucheck · Answer

I see this differently.

Free due diligence time where you don't have to tie your EMD up in escrow.  Not really a bad thing.

Steve Babiak · Answer

Your agent is the one to be contacting them regardless of what is happening, not you, since the listing agent is exclusively representing the seller ...

In my experience, their addendum and the contract both came together, and required signatures by buyer and earnest money deposit ASAP.  So is your "accepted offer" something that came in writing, or is it just verbal?  If not in writing, you might have nothing.  Even if in writing, the addendum allows them so many "outs" that you might end up with nothing anyway.

Matt Jankowski · Answer

The agent is almost certainly the broken link in the chain. I'm guessing your agent isn't hounding them as much as they should either.

If you communicate to the agent representing Freddie that you are concerned they might be negligent in their duties, and that there may be consequences, I expect things to start moving along shortly thereafter.

Bill Gulley · Answer

You didn't put a time limit on your offer, send an addedum to the offer with a time limt that tells them to do business or get off the pot, I don't care who they are, no seller will leave leave me hanging and I've bought all kinds of secondary market REO properties. Most likely it;s the listing agent who is not outting the pedal to the metal....... get to them and force your position.....good luck