In the past it's been about every 30 days. But the listing agent may have to give proof of a declining market before they will consider a drop. I saw a document the other day that said Freddie is rejecting offers that were 40-60 percent below list and will most often only consider offers closer to a 10 percent reduction (which in my opinion is incredibly stupid).
I recently sold a Freddie Mac property and it was the highest price home in the subdivision. Our first and second offer was rejected even no other offers. My client ended up going full list price. And on top of that they gave us 16 days to close. We will see if they give us an extension.
It is supposed to be 21 days, and you have to show that the comps are more than 20% less than the price they told you to list it at. However, we just got a response on one where the negotiator said, "per Freddie Mac guidelines, a price reduction cannot be granted".. That was it. No explanation of why..
Thank you Michael, I would have to agree with you. I am looking at a Freddie Mac home now and my offer has been rejected, no other offers, seems like they dont really care if it sits....... Fannie Mae seems to list their homes at a more reasonable price?