freddie mac foreclosures

Has anyone bought a Freddie Mac foreclosure?

I’m looking at possibly purchasing a Freddie Mac foreclosure. It was originally listed at 112500 and now it is at 79900. It needs a lot of work and I was wondering if anyone else has dealt with Freddie Mac before and how easy it was to get them to pay for repairs or if they would pay for them at all. This home has the ceiling coming down in the upstairs bedroom. We are first time home buyers so we are very new to this. Is the FHA 203k loan the only one that allows people to buy a home that is in need of repair? Thanks!!

I have not done Freddie Mac’s but I’ve done some others, so my advice is only so-so good. Still, I know many of the others (and probably F-Mac) have special programs where they will give you the financing and if it needs alot of repairs they will give you renovation financing where they hold in escrow funds for the repairs that are disbursed to you as the repairs are done. This may not be available on all F-Macs (or any – again not sure about this seller) but I’d look into it. Try to find a realtor in the area to represent you that has experience with lots of these. You could also call up the listing agent and ask about this (they may know alot about it, or may know nothing) but if you do call them you may want to tell them you are already working with another realtor (otherwise they’ll say they brought the property to you and deserve to represent you, but since they also represent the seller this is not a great situation for you to be in).

Of course you could also just get the 203k financing which may be about as good. Also expect they won’t do any of the repairs but you can bid whatever price you want.

freddie mac foreclosures