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Are you seeing the homes for sale in Macomb County by Freddie Mac?

December 14th, 2010 · 1 Comment · tips for home buyers, tips for purchasing a foreclosure, VA mortgages

I can’t pinpoint the date it happened, but it seemed that overnight our multilist databases were becoming filled with local homes for sale (Macomb County MI) by Freddie Mac and Fannie Mae.  They seemed to have overtaken HUD homes for sale in the numbers of them on the market right now.

A couple of notes about the process in purchasing them (May not apply to all homes, but has applied with the ones I have viewed with buyer clients):

Freddie Mac and Fannie Mae generally have the utilities turned on in the homes. This is a huge plus for all of us involved, as it helps to ensure that the home stays warm enough for pipes to not freeze and burst and also for the drywall / plaster walls to not continue to crack from the extreme weather changes.   It is also extremely helpful when it comes time for your home inspection and appraisal.  (No need to call and have utilities transferred in to your name in order to have your home inspection and/or appraisal.)

The homes may be winterized, meaning that the plumbing systems will be flushed of their water and an anti-freeze additive sent through the pipes to keep them from freezing. Even though the utilities are turned on and maintained, Freddie Mac and Fannie Mae do not like to have plumbing problems in their homes and the resulting damage it can cause to the home.   When you are ready to have your home inspection the property manager for the home will come out and de-winterize the home for you and then reverse the process when you are finished.

FHA and VA ordered repairs to the home may not be completed by the buyer without prior approval from Freddie Mac or Fannie Mae.  In most cases any needed repairs to close on your FHA or VA loan will have to be approved first, then completed by the property manager.  Each case may differ, but the standard language in the Freddie Mac contracts state that no repairs may be made by the buyer prior to closing on the house.

A buyer client of mine recently closed on a Freddie Mac home purchase using his VA mortgage benefits. Even though there were several “hoops” to jump through, the home buying procedure from start to finish took less than 60 days and the home was well maintained by the property manager throughout the process.  Congratulations Paul on your home purchase, I know you will be happy with it!

~Kris Wales~ A partner for your real estate needs in Macomb County MI
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1 response so far ↓

  • 1 Ted // Dec 16, 2010 at 7:35 am

    Ms Wales == I am seeing lots of Freddie Mac homes for sale in Oakland county as well. It sounds like they may be easier to work with than regular bank owned homes???

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