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Chris Pagano, Real Estate Pro in Greenwood, IN

My clients would like to submit an offer on a Freddie Mac property. I noticed at least 3 problems that will need to be addressed in order for the

Asked by Chris Pagano, Greenwood, IN Tue Apr 27, 2010

FHA appraiser to be happy. Will Freddie Mac "fix" these problems??

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Hi Chris, here in Minnesota I had no seen it.
Only when is a City requirement, which might not have anything to do with FHA requirements.
As always, put it on writting and at front. Do not expect them to fix them.
0 votes Thank Flag Link Wed Apr 28, 2010
Hello Chris,
If you stated in your offer the type of financing, most probably the answer will be 'Yes'.
Sellers know what chances they are taking by accepting an FHA loan, so will not be surprised by any lender required repairs.
Unfortunately for your clients, Freddie Mac & other sellers know they are taking a chance with that type of financing, so if they get offers by buyers paying cash or using conventional financing in addition to your clients, the seller will prefer to accept those other offers.
My advice would be to speak to the listing agent & ask them what the asset manager for that property is known to do when a request for repairs comes in, at that time he/she will also more than likely tell you if your offer would even have a chance.
Just warn your clients about the issues you noted.
Good luck & if you have any referrals to SoCal let me know (I give a generous referral fee) & I reciprocate if I know of buyers/sellers in IN.
Trevolyn@century21.com
0 votes Thank Flag Link Wed Apr 28, 2010
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