I am a new investor. A house in my neighborhood just became an REO with Freddie Mac. It is not listed with a broker as of yet. How would one go about making an offer directly to Freddie Mac without a broker? :help
Hi,
In the western US specifically California, Nevada and Arizona there are thousands and thousands of properties owned by Fannie Mae and Freddie Mac and the VA that are sitting empty and some have been empty upwards of 3 years. Here in the west there have been so many foreclosures that lenders are sitting on inventory that will not start being sold until the market stabalizes!
Then as we understand it is the major agencies will sell them off at “Some Percentage Per Year” (Ten Thousand Homes Being Sold at One Thousand a Year for Ten Years Projected - Example) until they sell the inventory without flooding or destabalizing the market!
It is very difficult to go directly to Fannie or Fredie as I don’t think they completely realize what they even own in each state or have any idea what it will sell for today or in the future? Some of these properties need major remodels and most need basic interior and exterior lipstick and rouge.
Keep your eye on it and watch for it to go to real estate auction or become listed in your area in the next 10 years!
Good luck,
GR
I believe for the most part they deal with brokers/agents rather than selling directly…especially if you are only buying one property.
How did you find out it just became an REO? They probably already have a broker in mind for it. They usually have one local broker handle many of their properties , which does make sense.
Why not just wait and be the first to make an offer with the listing agent if it’s a deal?
It seems unlikely you will be able to change the way a huge organization like Freddie Mac operates.