Freddie Mac - Posted by Willis Smith

Posted by Frank Ross on July 17, 2002 at 06:12:12:


I just had the same problem, I was told by two different REO realestate agents, that they were informed in writing, that almost all major banks and all the government agencies have stopped assignments. You have to prove to them that you can close.
I asked, but did not get an answer to this question. If, I have a prequalifing letter when I make my offer and they accept that offer, will they close if I assign my contract to my end buyer? I don’t believe it is legal to write a contract to sell a property you don’t own, so the way I see it, they have solved the seasoning issue.
Now you buy, hold until they will allow you to sell.


Freddie Mac - Posted by Willis Smith

Posted by Willis Smith on July 16, 2002 at 23:40:47:

Hi Everyone,

I submitted a contract for an REO property two days ago and today I get a call from the realitor trashing my contract. I addressed the buyer line with my name and with and/or assigns. Very standard right?

She said that Freddie Mac will not accept and/or assigns. This was one of maybe 12 line items she didn’t like.

Has anyone had this problem with a Freddie Mac property?

Thanks for your help,

Willis Smith

Re: Freddie Mac - Posted by Joe

Posted by Joe on July 17, 2002 at 13:19:33:

It’s very common for REO sellers to NOT allow assignments, so no, your “and/or assigns” made you look like a newbie.

The way to flip these is to double-close. One contract to buy from the bank, a different contract to sell to your buyer, both closed on the same day.