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Asked by yrua49er, Aitkin, MN Thu Aug 30, 2012

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Answers

14
Santiago Ken…, Agent, Chicago, IL
Wed May 22, 2013
Yes they will but depend of the recommendation of the listing agent to the bank
0 votes
Peter Kedzior, Agent, Elk Grove Village, IL
Fri Aug 31, 2012
If this place really needs a new well (or at least a major overhaul of the existing one), Freddie Mac may not contribute to the cost of repairs the first time around but if you are the second, third or fourth buyer of the same property (yes!) and every time Freddie Mac had their deals fell through because of the well, eventually, their decision makers will make the right decision and either pay all or at least a large part of the repair costs. Not because this is what Freddie Mac usually does but because they will want to finally unload the property.
0 votes
Sohail Salah…, Agent, Chicago, IL
Fri Aug 31, 2012
If it is a HomePath property then your chances may be good. Tell your agent what you want out of it and let he/she go to work for you.

Sohail A. Salahuddin | Broker Associate | Visionary

Innovative Property Consultants Team | Sales and Leasing

Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 


O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

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"Locally Known, Globally Recognized"
0 votes
Jorge Vega, Agent, Chicago, IL
Thu Aug 30, 2012
This is a question you should be asking your attorney. At this point it sounds like you need to involve your attorney and have them speak with Freddie Mac about the discovery and how it will affect your buying decision. Your attorney should be able to help mediate and or consult you on what actions to take. Good luck!
0 votes
, ,
Thu Aug 30, 2012
You are asking the wrong people, none of us know what they will or won’t do. Follow the advice of your Realtor, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Thu Aug 30, 2012
Every situation is diffrerent. Freddie Mac is usually not in the business of putting more money into properties. But a new well will mean that they will not be able to sell the home FHA as the home will likely not meet their standards. With that reduction of buyer pool it could affect their price.

If they don't have multiple offers on the property when you submitted and/or a lot of interest, it is possible. If they had people beating down the doors, probably not likely. Also depends on the price you got for it.

The only way to know is to ask. I have seen them do it before. They will get their approved contractors to give them estimates and then look at their bottom line. However, depending on the asset manager, Freddie Mac will take time. A decision like this could take them 2-4 weeks to decide and there is no way to know. Keep that in mind and make sure your attorney structures the inspection letter as such to allow you to get out of the deal if they don't. Or you can renegotiate the price if your financing will approve the house. Good luck.
0 votes
Umesh Chokshi, Agent, Cary, NC
Thu Aug 30, 2012
Have you passed buyer's due diligence date?
0 votes
no we have not. our purchase aggreement states that the well and septic have to be working and up to code. that they signed also. the well was cracked so both well companies that looked at it said it needed to be replaced. submitted both prices waiting for a reply from freddie mac(bank).
just wondering my chances of them paying. my bank says no working well/ no loan
Flag Thu Aug 30, 2012
Andy Ogorzaly, Agent, Chicago, IL
Thu Aug 30, 2012
It definitely is a possibility. If it is a major issue like that, they may issue a credit. It may not always be the number you want, but it is better than nothing. If you are a strong serious buyer, then it never hurts to ask.
0 votes
Connie Mitch…, Agent, South Padre Island, TX
Thu Aug 30, 2012
Ask for the moon! If they do not replace, maybe a credit towards replacing. It is still a buyers market :)
Because it is a Freddie Mac property, there is a pretty good chance they will pay for the new well. Good luck!
0 votes
Philip Sencer, Agent, Chicago, IL
Thu Aug 30, 2012
There is no predicting what they might do. All you can do is ask.
0 votes
Matt Laricy, Agent, Chicago, IL
Thu Aug 30, 2012
Have your attorney and agent show it to them. If its a big issue, a lot of times they will take care of it.
0 votes
Laura Feghali, Agent, Stamford, CT
Thu Aug 30, 2012
Hello yrua49er,
Since this home is a foreclosure, it is unlikely that Freddie Mac will pay for a new well. However; I suggest that you definitely let them know about the condition of the well as perhaps they will consider lowering the selling price to help offset the cost of replacing it.

It doesn't hurt to ask and I hope that you are working with a real estate agent to assist you.

Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes
Hi yrua49er,
To answer your question below, yes, if it is in writing on the contract of sale that the well and septic systems must be operational and "up to code" and all parties have signed the agreement then the bank should be willing to work something out with you. Hope it happens and best wishes! Laura
Flag Fri Aug 31, 2012
does it make a difference if we had that on our purchase aggreement that the well and septic have to work and be up to code they signed it. and then the well people said the casing was cracked have 2 well bids sent to them. our bank said no working well/no loan
Flag Thu Aug 30, 2012
Joe Schiller, Agent, Chicago, IL
Thu Aug 30, 2012
you have the property locked up.. show inspection report to seller and they must address situation with you and ALL Future Clients..
0 votes
Ivan Sagel, Agent, Chicago, IL
Thu Aug 30, 2012
Every foreclosure I have worked with was sold "as is". Meaning that they are not willing to fix anything. Did they make you sign an "as is" addendum? You might be able to exit the contract if this was discovered during the inspection and attorney review period.

Best of luck,
Ivan Sagel
312-515-7823
0 votes
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