Will Freddie Mac accept a home sale contingent contract?

Asked by Jim Leyh, Baltimore, MD Wed Aug 6, 2014

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11
Sherry Ander…, Agent, Mount Shasta, CA
Sat Jan 30, 2016
It's really unfortunate that Freddie Mac still won't accept contingencies based on a client's home selling even in this market in California. Just goes to show you the banks will still play by their own rules. They would rather take a cash offer from an investor that will just flip the house. When they could open up the opportunity to good local buyers that want to make it a home.
0 votes
Terry Perdue, Agent, Chicago, IL
Fri Oct 10, 2014
You can request a blank Freddie Mac addendum and read it. I know that on the Freddie Mac offers that I've submitted they will upon acceptance have the buyer acknowledge their addendum that moots a lot of things that are in a standard contract. You can always contact them and ask. Maybe there's an exception or changes that I do not know about. All the best.
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Terry McCarl…, Agent, Cape Coral, FL
Thu Oct 9, 2014
No they will not. If you want to purchase a bank owned home you will need to sell the one you currently own first.
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Micah Matson, Agent, Athens, AL
Thu Aug 14, 2014
Probably not but other banks may. I bought a house from a bank and I already had my house under contract to be sold and they accepted the offer contingent on my sale going through.
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Matt Laricy, Agent, Chicago, IL
Thu Aug 14, 2014
No they will not. Too many other offers or too messy for them.
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Jeff Nobleza, Agent, Chicago, IL
Fri Aug 8, 2014
Definitely a no - I'm a former listing broker for Freddie Mac
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Mike Opyd, Agent, Chicago, IL
Thu Aug 7, 2014
Not likely but you never know. Banks typically want the offer to be as clean as possible.
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Randy Tanner…, Agent, Boynton Beach, FL
Thu Aug 7, 2014
Hi Jim,

If you like the house enough, I would say put the contingency and see what happens. I would make a very strong offer though if you are going to have contingencies. This means, possibly going over the list price and a strong deposit (escrow money). When you have a contingency, you basically have a request. So, you need to make sure you can stand out from the other offers some other way. Best of luck to you.

Regards,
Randy Tanner
RE/MAX Direct
561-420-7955
tannergroup2@gmail.com
0 votes
Bob Brandt, Agent, Schaumburg, IL
Thu Aug 7, 2014
Most sellers will not, but especially for a foreclosure.
Maybe for a home to close contingency......
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Yanoska Diaz, Agent, Miami, FL
Wed Aug 6, 2014
I don't believe they will. REO special addenda requires a set term for everything including closing date.
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Dan Tabit, Agent, Issaquah, WA
Wed Aug 6, 2014
Hi Jim,
Generally not, but I'd ask the listing agent to be certain. You can also review their website attached below and see if you find any useful help there. Best of luck.
0 votes
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