FREDDIE MAC(k) Daddy . . . What is FREDDIE MAC Thinking?!?

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FREDDIE MAC(k) Daddy . . . OR . . . My Buyers are being FREDDIE MACKED! . . . OR . . . Who's Your (Freddie MAC) DADDY

Okay, you know you're getting SCREWED when . . .

A Freddie Mac owned property won't budge off price . . . and YOU want to buy it!

My clients have been pre-approved. They both are well-qualified AND can close! The problem is the home is owned by Freddie Mac. They are offering a 3% seller concession to buyers' closing costs and prepaids. A good thing, right?!?!

Today our offer was countered -- I think this was the counter, to the counter, to the counter, to the counter . . . every time we made a counter, the seller has only dropped their price by $1,000. It's $10,000 OVER PRICED as it is. We did NOT low-ball. We are consistent with our offer as the local market is slowing (again) and prices are being reduced.

The Freddie Mac tease offer of 3% (which is written as an "up to" seller's contribution of $10,340 towards buyers closing and prepaid) looks good on paper right?

That's $10,340 Freddie will have to eat, so the listing agent tells me. Did I know it's deducted from the sales price, she asks me? Yeah, it is -- only on paper!

The reality is: the buyers' closing and prepaids ARE NOT going to be $10,340. Not on the sales price.

There's going to be $3,000-$4,000 left on the table . . . remember, kids . . . it's an UP TO $10,340 amount.

So I asked the listing agent if the sellers would allow the buyers to use whatever might be left on the table of that 3% to buy down their points. The buyers have locked in a good rate, and the extra .25% would help, overall, to reduce their monthly payment.

FINE . . . leave the offer at the current seller's sale price. But at least let the ENTIRE 3% that you're offering as a seller's concession be used by the buyers!

Listing agent told me earlier today sellers "no can do!" It's an up to amount ONLY on buyers' closing costs and prepaids.

No buy down of points for you!

This family is a blended family with 4 children. The "Mom" owns and operates an adult-care facility, and has to live on site in the home (per state licensing guidelines) a certain amount of time. The adult-care home is located in another city (a 2 hour drive out), so she's gone for days at a time to run her business. "Dad" does double-duty when he has the kids. This family GIVES and GIVES . . .

They're being FREDDIE MACKED IMHO!