Disappointment with Freddie mac and their vendors
We are a hardworking family who saved money for years to put down on our dream house. We were in the process of closing through freddie mac homesteps and were excited about this house coming through homesteps as we assumed we would be dealing with the best vendors as freddie mac takes pride in helping hard working families.
We are so disappointed with the way our situation has been handled. We started working on this property, in Crystal Beach FL on 11/22. Since then we have done the heavy lifting to close and it feels as though the vendors they hired either aren't capable of handling the transaction or don't care how their failures and delays have burdened us.
The legal deed description of this property contains two parcels. Someone failed to catch this and the sales contract lists only one of the parcels. After receiving confirmation that the title search was clean(12/21) we moved ahead to hire a survey company and 12/28 the survey company received the legal deed description. As they prepared to survey they questioned the discrepancy with the legal deed description and the parcel description on the sales contract and contacted the lawyer/title company on 1/2.
On 1/3 the lawyer confirmed with the survey company that there were two parcel IDs but did not give clear direction to the survey company on how to proceed. On 1/4 we were provided a commitment of title but it only listed the metes and bounds description for the entire property and did not include the the 2 parcel ID descriptions. We received an e-mail that included comments that indicated both parcels would be included in this transaction and were confident hitting the close date of 1/9 was achievable.
In addition to the proper description of what was being conveyed getting worked out we were dealing with the issue of a proper enclosure being installed around the pool that was delayed due to Freddie Mac vendors. 1/7 we were informed that the enclosure would not be completed till the 9th so closing would be pushed out a day. A little later that same day they amended the close date to the 24th or sooner. We assumed there standard procedure was to add 15 days to the amended close date regardless of how much time was necessary and still expected to close that week but were waiting for their confirmation of the date so that we could finalize insurance.
To our surprise, that Friday the 11th we received an e-mail stating they wanted to terminate the contract. Our broker pushed for answers and based on a conversation with the title companies attorney it appeared that the Seller had yet to be contacted regarding the issue. We were dismayed with the process, felt helpless and frustrated and the time and money lost in this transaction. Expecting the release letter to come early the next week our broker followed up on Wednesday the 16th to get an update regarding the termination and was told that they still wanted us as a buyer and had begun the process of getting bids to have the property surveyed. We wondered why this hadn't been done 10 days earlier when the issue was first discovered but accepted the new reality of our situation and hoped we might now make the amended close date of the 24th.
Alas, their delay in getting the property description issues resolved meant they needed more time and we received a request to amend the close date to 1/28. We signed the amendment the day it was received and, though frustrated, were comforted in knowing this would end soon. The following day the Seller's agent advised us that the date of the 28th was unacceptable. I like roller coasters but this isn't Disney.
By the way, our rate lock ends on the 28th, the house we are renting was sold and we need to be out on the 31st and we have 5 and 3 year old boys. We don't know where we'll be sleeping 2/1 and will we ever get this house. All the stress of a move has been exacerbated by degrees we hope no one has to endure. And that is the intent of sharing our story, that companies involved in this process step up and do a better job. Real people are impacted by your mistakes, how would you like to be treated?
Along with this we've had issues with the contractors, the broker and title company. the survey company contacted the lawyer/title company confirming that there were 2 parcel IDs within the metes and bounds description of the deed. The discrepancy was found because the contract listed 1 parcel ID and the tax assessors metes and bounds description for the 1 parcel only.
Because people that were hired by Freddie Mac to help middle class income families like us into new homes did not do their jobs, we are out money, time and effort. We had put money into a mortgage, which once is canceled we owe a fee, a home inspection and a termite inspection. Not to mention the amount of times that my broker and I had to drive over to check to make sure work was being done on the house, which was multiple times on one issue.
Overall, I expect much better service from Freddie Mac and the fact that this property was put up for sale is unbelievable. A lot of people dropped the ball on this, but it's our family that has to pay for this. And to top it all off, now we're in the process of finding a new place to rent as this mess took two months and now we had 18 days to find a new home. It would be easy if it were just me and my husband but now our 5 and 3 year sons have to suffer. I suggest that Freddie mac hire vendors that can do the job in timely and efficient manner. There was plenty of time for all the vendors to have dealt with the issue of the two parcels if it was worked on immediately.
We've contacted Freddie Mac directly to see if they will help us. We'll keep everyone updated to let you know how Freddie Mac deals with the situation.