Anyone have experience with Freddie Mac Reo?

[Anonymous]

My spouse and I decided to cancel the contract on our first home offer and went with another. It was accepted and our inspection is this week. Assuming there might be major structural/roof damage, I decided to keep looking at homes. A Freddie Mac homesteps property came on the market a little over a week ago for 199k, built in 2006, 3000sqft but I checked the court records and see they signed the loss as 175k. If we were to put an offer on this home for 170k, does it seem likely it would be accepted or would it be better to wait it out for 2-3 months(if we can)? Thanks

[sassymomof2]

BIIIG SIGH! Yes. First, you need to have your financing together for worse case scenario that you have to pay list price. I found that Freddie Mac is harder to negotiate with than Fannie Mae. With that said, you want to submit your offer during the "First Look" period before an investor swoops in and takes it. You should have your realtor show you the house so you can make a decision quickly. Caution: You do not want to underbid. Keep in mind they may have completed repairs prior to listing the property. There houses are As Is. Once you submit your offer be prepared to wait, cuss, fight, cry, cuss, and wait a little more. My offer was accepted $14k less than their original list price. And I had to FIGHT for that. I am in underwriting currently awaiting my clear to close. Closing scheduled for Thursday...God willing!