Freddie Mac repurchased by Servicer

**Matt1999** · 03-27-2009, 10:35 AM

Has anyone else come across the sitution when working with a property owned by Freddie Mac or Fannie Mae where when you submit an offer the response is "This asset was repurchased by the Servicer."?

I have been working to buy a property from Freddie Mac that was foreclosed 7 months ago and on the market for at least 90 days. We have been negotiating the price for about a month now and my last offer was the price that they have been sticking with the entire time during negotiations. Once I submitted this offer that agreed with their price, the property all of a sudden is no longer for sale and I receive this reply. Shortly after, the MLS listing was removed.

Who is the servicer when Freddie Mac owns a property? I though it was Freddie Mac.!? It was quite the coincidence that 7 months after the property was for sale, the "servicer" happened to purchase the property a day after the listing agent submitted my offer that agreed to their asking price.

Thanks for any feedback!

**Greg** · 03-28-2009, 04:35 AM

From what I understand, if freddie or fannie finds anything that looks like the original loan might have been a part of mortgage fraud they make the original loan servicer buy the property back.

It was legit, they are not playing head games. Just keep trying till you get one.

**Matt1999** · 03-28-2009, 12:35 PM

Thanks for the insite, Greg. What do you think the odds are of me finding the servicer and purchasing from them? Or is that not a good idea?

**danford_paul** · 03-30-2009, 10:00 PM

If the servicer is really another person, then new negotiation will start.. I think the price of the property will become much higher than your expected price...