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Updated almost 7 years ago,
Need advice on how to present offer to Freddie Mac
We have done the worst thing ever and fallen in love with a Freddie Mac property, but after researching Freddie it is starting to seem like there is no waythey will accept our offer. Any help and advice would be really appreciated. Here’s the backstory: the House was foreclosed on in early January 2014 (over four years ago) Chase Bank had it on and off the market from Jan. 2014 to Oct. 2017. They listed the house at anywhere from $489,000 to $400,000. Finally Freddie Mac bought it in Oct. of 2017. We were just hit by hurricane Irma which ripped the roof on and did severe damage to several areas inside. They replaced the roof, but being in Florida and additionally not having any a/c units hooked up for who knows how long, there is definitely mold. I have done some research and to get the house to a livable condition I estimate it will cost between 100-150k. After Reno the house would probably sell for around 500k. Freddie Mac has had the house listed for one month, it was at 459,900, but they recently dropped it to 449,900. The listing agent has told us there were 3 offers from investors last week that were all rejected. He said they were within 40k of each other the lowest being 150k, he was throwing out #’s so not 100% sure these are accurate. The listing agent agreed without agreeing that Freddie has this House way over priced and hinted that he would love to see it drasticacally reduced. All this is to say that while I am offering a low ball amount I think it’s justified. I was thinking of hiring a Home inspector then taking the report and having a contractor give me a quote and submitting the whole thing tsee to Freddie along with our offer, however, after researching it seem so that Freddie will only accept offers and not supporting documents. We are thinking of offering 250k and maxing Out at 285k, this would leave us with a little extra cash in case there are more problems when we start remodeling. Any tips on how to get an accepted offer would be great. I know a lot of people will tell me to just walk away, but we love the house/schools/neighborhood and while we may end up walking away, if we don’t at least try I will always wonder what if. Thanks so much for any help!!