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Discussion Starter · #1 ·
There use to be some real estate agents on board, I have a question possibly some of you might know the answer too.

I was in the process of trying to buy a bank owned Freddie mac property, the agent that had the home would not ever return calls and set on my offer for a month. I offered the full listing price, she then turns down our offer, and said we needed to resubmit with earnest money that was not mentioned in the original listing.

The agent then removes the house off the market, I think she might have purchased it herself, once the Freddie mac first look program was expired.

Is this a common practice ? This was the only property that this agent had, how does Freddie and the government decide what agents get to handle their property ?

Or like every other government program is it all just back scratching scams ?
 

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Come and Take Them!
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There use to be some real estate agents on board, I have a question possibly some of you might know the answer too.

I was in the process of trying to buy a bank owned Freddie mac property, the agent that had the home would not ever return calls and set on my offer for a month. I offered the full listing price, she then turns down our offer, and said we needed to resubmit with earnest money that was not mentioned in the original listing.

The agent then removes the house off the market, I think she might have purchased it herself, once the Freddie mac first look program was expired.

Is this a common practice ? This was the only property that this agent had, how does Freddie and the government decide what agents get to handle their property ?

Or like every other government program is it all just back scratching scams ?
The Realtor often has little control on these properties. Why on Earth would you submit an offer without an Earnest Money deposit?? If you were making a financed offer, it is possible the property would not qualify for financing, hence your offer was refused. If you were making a cash offer, you were most likely simply outbid. It is not uncommon for investors to offer over asking price, and have cash.

Did you make the offer directly with the listing agent?? You should have your own Realtor that only represents YOU in the transaction. Your OWN Realtor comes at no cost to you, and is a wealth of information and experience to answer most of your questions.

FWIW:D:
 

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Jihaadi GoBOOM
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Not unusual. A lifelong retired friend buys rental condos and homes. He will no longer mess with bank owned, short sales, etc. Too much inbreeding and greed, they are a royal pita...
 

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Discussion Starter · #5 ·
The Realtor often has little control on these properties. Why on Earth would you submit an offer without an Earnest Money deposit?? If you were making a financed offer, it is possible the property would not qualify for financing, hence your offer was refused. If you were making a cash offer, you were most likely simply outbid. It is not uncommon for investors to offer over asking price, and have cash.

Did you make the offer directly with the listing agent?? You should have your own Realtor that only represents YOU in the transaction. Your OWN Realtor comes at no cost to you, and is a wealth of information and experience to answer most of your questions.

FWIW:D:
No my agent was handling the offer, I just found out the listing agent took it off the market today, she took it off the day I was informed I needed to write a check for the earnest money.

The listen agent had only returned one call to my agent, that was the call informing that we needed the Ernest money, which had never been mentioned be for. The property had not been listed as a bank owned property, or Freddie mac owned I only discovered that when I researched the property before I submitted my offer.
 

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Come and Take Them!
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No my agent was handling the offer, I just found out the listing agent took it off the market today, she took it off the day I was informed I needed to write a check for the earnest money.

The listen agent had only returned one call to my agent, that was the call informing that we needed the Ernest money, which had never been mentioned be for. The property had not been listed as a bank owned property, or Freddie mac owned I only discovered that when I researched the property before I submitted my offer.
Never heard of an REO seller looking at an offer without an EM deposit and proof of funding/funds. Property should have been identified as an REO in the listing, as well as the name of the seller. Beyond that, don't know what your specific situation is. Have both agents handled REO's before????? I have never submitted an offer where the buyer did not know up front the property was an REO. I am not currently an active RE agent, so that is as far as I can go.
 

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Discussion Starter · #7 ·
Never heard of an REO seller looking at an offer without an EM deposit and proof of funding/funds. Property should have been identified as an REO in the listing, as well as the name of the seller. Beyond that, don't know what your specific situation is. Have both agents handled REO's before????? I have never submitted an offer where the buyer did not know up front the property was an REO. I am not currently an active RE agent, so that is as far as I can go.
This property was not listed as an reo, it took some digging to find that out, the listing agent was not very good about returning my agents calls, etc

I was not looking for an reo, the property just happened to be an reo.

I have never bought any houses before
 
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