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Freddie Mac REO Illinois contingency start time

Hello. Does anyone know when the clock starts ticking to get the contingencies done oon a Freddie Mac property? I've read that it starts on verbal acknowledgement of verbal acceptance on the internet. Our realtor says it doesn't start until we get the addendums signed back to us from the seller. Thanks
  • March 04 2013 - South Elgin
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Answers (4)

Profile picture for cap0396
Thanks for your answers. Worrying less now. We haven't received anything signed by the sellers yet, so I guess the lawyers can work it out. Thank you.
  • March 04 2013
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I agree with Philip, mostly. It has to be signed by both parties....However, if it is signed and dated but not delivered for a week or two, then there is something for the attorneys to discuss. Acceptance is actually upon delivery of the signed contract.
  • March 04 2013
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Profile picture for cap0396
Thank you for your reply. What throws me off, is why in the addendum, it says purchaser acknowledges the purchaser has had an opportunity to consult with legal counsel regarding the contract of sale and all addenda.

The addendum also says inspections within 10 days from the final execution date (seller's acceptance date) of the contract of sale. The realtor said the bank put in the acceptance date in the contract of sale, but we never got it.
Thank you in advance if you can explain this.
  • March 04 2013
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The A/I starts when both sides have signed the contract and addendum. Verbal agreement means nothing.
  • March 04 2013
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