Replies to This Discussion

Permalink Reply by Jeff Payne on February 17, 2012 at 11:32am

Tni, I have a limited partnership buyer that is purchasing two Freddie short sales currently and have not had any issues

Permalink Reply by Tni LeBlanc (805) 878-9879 on February 17, 2012 at 12:09pm

Hmmmm... well when we called the customer service number at Freddie they are backing up the servicer on this...  

Permalink Reply by Tni LeBlanc (805) 878-9879 on February 22, 2012 at 5:54am

Hi Jeff,

Have you completed any "entity" deals on a FM short sale? 

Can you message me who the servicer is on your deals?  I'm getting nowhere fast and it sounds like this is not a real guideline but rather just something Freddie prefers....

Tni

Permalink Reply by joe beauchamp on February 17, 2012 at 8:54pm

I had one w/INC buyer via BOA. The negotiator even claimed a Freddie guideline that INC/LLC must pay full market value.  Hard to have a rule like that if they don't allow LLC/INC buyers, right?  I was also surprised when the negotiator seemed to accept a counter at a lower value from this same buyer.  However, BOA botched it - didn't open a task and killed the sale because of not receiving a document that they didn't ask for and not getting the HUD-1 in the task which they did not open.  At that point the buyer had had enough.  So, I cannot say if it would really complete.

After getting the "we don't care" responses from FNMA over the years, I have not tried going directly to Freddie - which seems to be a lot more arbitrary and squirrely than just lazy on the fed dole FNMA.  But, I suspect that you need to get to someone at Freddie who cares enough to actually know or look up the answer.

Permalink Reply by Tni LeBlanc (805) 878-9879 on February 18, 2012 at 1:26am

Thanks Joe.  I suppose I just have to write a letter. 

All this so they accept what is a fantastic offer for THEM.

Unbelievable.

Permalink Reply by Smitty on February 20, 2012 at 5:34am

Tni, post back what you find.  I was told straight from someone at FM that they have NOTHING in writing but that it's known throughout FM that they won't let buyers purchase in anything but an individual name.  I'd LOVE to see if you get a different response.

Oh, and I can show you the email correspondence directly with them.

Permalink Reply by Tni LeBlanc (805) 878-9879 on February 20, 2012 at 5:44am

Hi Smitty,

I will.  I'm composing a letter today.  Trying to figure out the best place/person at Freddie Mac to send it though. 

Any suggestions or ideas?

Tni

Permalink Reply by Smitty on February 20, 2012 at 5:54am

YES.  Let me PM you.

Permalink Reply by Smitty on February 20, 2012 at 5:56am

Whoops...I can't send you info unless you accept me as a friend.  If you do, I have a small stack of contacts at FM and the one person who told me we could not submit offer in anyting other than personal name.

Permalink Reply by Tni LeBlanc (805) 878-9879 on February 20, 2012 at 6:06am

OK just did! 

Thanks Smitty.