Has this happened to you?!?

Lately I have had clients make offers on Freddie Mac REOs with the local Freddie Mac REO listing companies. In Boise, as in many communities around the country, local brokerages have a virtual monopoly on listing properties for Fannie Mae and Freddie Mac.

The overwhelming number of REOs dumped onto our market has completely overwhelmed these listing agents. Of course, some of these REO agents are really great. Others agents though.... Just try getting a response from them within a week or two! We have one offer in on a Freddie Mac property and have not had a response from the listing agent for over three weeks! Turns out they recently received approximately 50 new Freddie Mac REO listings. Seems to me that this will merely reduce their poor service and slow responsiveness to non-existent!

It stands to reason that if Fannie and Freddie really do want to liquidate their massive inventory, then they need to spread these listings out over many more agents so that no one individual is overwhelmed. If you have had similar frustrations please comment so we can raise awareness of this issue and help facilitate positive changes in this industry!

I found the following graphic at REOInsider.com

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Comments

  • As far as I know Freddie is by Homesteps which is locked for application. Is there any other company, I would like to know?????. The consequences in my area is they are using the same agent who is from another County with extended proximity resulting difficult follow up, minimal marketing and major price reduction to be finally sold and used as comparable for other future transaction and therefore a declining market !!!!
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