I want to buy a Freddic Mac owned home, the home was listed at $142,000, every house on the block is 79,000, the listing agent wont provide comps, she

Asked by Lynn, 60561 Mon Aug 22, 2011

said that Freddic Mac forbids listing agent to discuss comps with my real estate agent.

Also who sets the listing price? The listing agent? or Freddie Mac?

Appreciate any help!!!!

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Bradley Neum…, Mortgage Broker Or Lender, Franklin, TN
Tue Oct 8, 2013
The realtor should supply comps. The listing agent typically can set the price. As for securing the mortgage, we can help as we deal directly with Fannie Mae and Ginnie Mae and fund the loans in our name. We aren't waiting around on the big banks to approve the deal. We staff our own underwriting department and get things done quickly. You can call me at (630) 639-1081 and I can give you a pre-approval the same day and help you find a quality realtor in the area.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (630) 639-1081.

Brad Neumann
Sr. Loan Officer
Mobile Phone: (630) 639-1081
Email: bneumann@myccmortgage.com
3130 Finley Rd. Suite 510C
Downers Grove, IL 60515
0 votes
gamo1155, Home Buyer, Burnsville, MN
Fri Oct 4, 2013
have your realtor do comps
0 votes
Patricia Spa…, Agent, Darien, IL
Tue Aug 23, 2011
As real estate agents, we are not forbidden to discuss comps in the area, thats what we do. As far as setting the price, we provide our opinion to Freddie Mac and they also have an additional agent or two do a formal report on what their opinion is that the house she be priced at. Freddie Mac then takes all of that data and determines a list price on their own. We as agents, never determine what a list price will be.
Let me know if there is anything else I can assist you with, and I hope I answered your concerns.
0 votes
Anthony Cava…, Agent, Jolier, IL
Tue Aug 23, 2011
Do you have your own agent? If so, have your agent do a CMA (comparative market analysis). But it sounds like you and your agent already agree the home is only worth 79K.

The bank/Freddit Mac sets the listing price. The listing agent and an outside agent likely did a BPO (Broker Price Opinion) that the bank then used to help set that price.

I doubt there's a policy in place like the one the listing agent described. However, he may just not want to be bothered. REO listing agents can be that way sometimes, especially those with a lot of listings.

Regardless, you're not going to convince the agent to lower the price. If it's not worth what the seller is asking, make an offer that is worth it. If the seller doesn't accept it, wait for the price to drop or move on.
0 votes
Shanna Rogers, Agent, Murrieta, CA
Mon Aug 22, 2011
Hi Lynn,

Have your Realtor do a Comparative Market Analysis (CMA) using Sold comps that have sold within a 1 mile radius of the property (the closer, the better) that have Sold within the last 3 months. This will give you current market value.

Shanna Rogers
SR Realty
0 votes
Ryan Smith, Agent, Murrieta, CA
Mon Aug 22, 2011
Hi Lynn,

The seller ultimately sets the price with advice from the listing agent. Contact a Realtor in your area to represent your interest. They will be glad to run the comps for Free I'm sure. Good Luck!
Web Reference:  http://www.ajsocalteam.com
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