Foreclosure in 60615>Question Details

Ndjacketfan, Home Buyer in 60615

I submitted a best offer on a freddie mac home and they "accepted" I then signed my half it has been over two weeks with no word should we

Asked by Ndjacketfan, 60615 Mon Nov 8, 2010

be worried I feel we got a great deal on the property, so much so that I am worried that it has taken so long to even hear from them. The realtor stated that it normally takes 4 to 5 days to get the signed portions back from Freddie Mac. Am I unreasonably worried about this taking so long?

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Jose Hernandez’s answer
It's not unusual, we've waited up to a month in some cases. Keep in mind that they have stock piles of REO's and only certain people have the authority to sign off, simply follow up with the listing agent.

Good luck!

Jose Hernandez
0 votes Thank Flag Link Thu Nov 11, 2010
In our experience, it does take some time for Freddie Mac to get back to a buyer with signed paperwork. And the listing agent has bound its client, ethically, via the verbal acceptance. That being said, until it's in writing, on paper, and you have it, nothing is final. If you have a real estate agent representing you (which you should - *especially* if you are dealing with a foreclosure property!!), make sure your agent is diligently following up with the listing agent about the signed paperwork. If you're on your own, then YOU should make sure to follow up with the listing agent AND get a good lawyer experienced with foreclosures to help you. These transactions are complicated and you want to make sure you are protected.
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1 vote Thank Flag Link Tue Nov 9, 2010
2 weeks is longer than expected. I assume you received Fannie's addendum & you are waiting for the executed copy to come back.

Have your agent touch base with the listing agent for a status can take days, but 2 weeks is on the high side.

Unfortunately you have no guarantees till the executed paperwork is returned.

Good luck
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0 votes Thank Flag Link Tue Nov 9, 2010
Good morning;
I am sure your offer is one of many. Your Realtor needs to stay on top of this. In my experience, there were 10 offers and we went way over the list and put down substantial earnest $$ and paid cash. That was the way I got it for my client.
Good Luck!
0 votes Thank Flag Link Tue Nov 9, 2010
If it's been this long there is something wrong with it. It should take 5-7 business days tops. Keep having your agent call them. These foreclosure companies are very scandalous and your agent needs to stay aggressive with them. I wouldn't blame your agent though, these places can be terrible.

Matt Laricy
Americorp Real Estate
Brokers Associate,e-PRO
0 votes Thank Flag Link Mon Nov 8, 2010
There are absolutely no guarrantees when dealing with foreclosures. If other offers come in before the seller signs off on it you are out of luck and there is nothing you can do about it because the other agent has no control over any of it. The bank does what they want however they want to do it!!!! Then again, it might be that they are just busy and will get back to you shortly. You can use my web site to search for property if you are not ready to work with an agent yet. If you do not want to work with an agent you better have a good attorney because there is a lot of paperwork you will be required to sign on any foreclosure and the other side is not concerned with being 'fair' with you.
0 votes Thank Flag Link Mon Nov 8, 2010
I agree with Evelyn, this is something you should discuss with your agent. You could even have them call and check up on any progress.
0 votes Thank Flag Link Mon Nov 8, 2010
Are you working with a buyers agent? If so, he/she should address your concerns.

That being said, if you received a verbal acceptance more than likely you are good to go. The REO brokers and their clients (the bank) are inundated with paperwork and it sometimes takes longer than "usual" to get the documents to the buyers for the signatures.

If it's been more than 5-7 business days since you've received the verbal acceptance then definitely check in again and don't let Friday come & go without some sort of communication.

Have you checked the status of the listing in the multiple listing service? Feel free to use my website to check. It is directly tied in to the MLS and updated regularly. It should say "pend, or A/I, or SS or ctg", on my website it will say "under contract".

Good luck!
0 votes Thank Flag Link Mon Nov 8, 2010
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