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bmess319, Home Buyer in Philadelphia, PA

When buying a Freddie Mac homesteps home, how long will be until settlement once an agreement has been made on price?

Asked by bmess319, Philadelphia, PA Tue Dec 18, 2012

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Homesteps is generally for foreclosures/shortsales, depending on the servicer and the noteholder. Sometimes it can happen quickly, but it is rare. You are probably looking atr 90-120 days or more. You will need to be patient and have ALL of your paperwork in order. You may get a really good price or not. Again it depends on the note holder
0 votes Thank Flag Link Tue Dec 18, 2012
It is a foreclosure. Freddie Mac owns the home I believe. Does that info help?
Flag Tue Dec 18, 2012
So I am assuming 30 days would be unreasonable?
0 votes Thank Flag Link Tue Dec 18, 2012
That's going to depend on several factors. Your lender, the attorneys involved, the bank, etc. no really good answer on this, just educated guesses.
0 votes Thank Flag Link Tue Dec 18, 2012
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