Buyer Feels Let Down by Freddie Mac
Lew Sichelman’s article on Freddie Mac’s HomeSteps program (“Steps Toward Home,” Jan. 30) should have come with a disclaimer: “This result is not typical. Individual results will vary.”
I do not agree that Freddie Mac makes an effort to help first-time buyers. As a first-time pre-approved moderate-income buyer, I put in an offer on a HomeSteps condo in mid-January before the unit came on the market.
All comps and other listing prices in that same complex supported an offer between $90,000 and $95,000. I also offered to take the unit “as is” and save Freddie Mac around $4,000 to bring the unit up to a livable condition.
Much to my surprise, Freddie Mac listed the unit at an outrageous and unsubstantiated price of almost $137,000.
They never took the time or had the courtesy to respond to my offer. I then sent a certified letter with my supporting sales comps to plead my case. To date, I have not received a reply.
I am happy that Maria Shelton had such a positive outcome with HomeSteps. However, I am completely disillusioned with the program.
BARBARA KAYE
Los Angeles
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