Freddie Mac is offering up to 3.5% in closing cost assistance and a $1,200 buyer’s agent bonus for HomeSteps real estate owned (REO) properties sold to owner-occupants. Purchase agreement offers must be received by July 31, 2011 and escrow must close on or before September 30, 2011.
Some HomeSteps REO properties may be eligible for a two-year Home Protect warranty covering electrical, plumbing, air conditioning, heating and other appliances. For qualifying homeowners, a Home Protect warranty can also provide discounts of up to 30% on appliance purchases.
first tuesday take: Buyer’s agents can take advantage of Freddie Mac’s effort to move its foreclosure REO inventory by investigating whether their buyer qualifies for incentive programs such as these.
California’s excessive supply of real estate owned (REO) properties will continue to bulge until buyers regain purchasing confidence. For those who haven’t drowned their credit scores, home purchasing conditions are very advantageous. Brokers and agents must spread the word that mortgages are available at 4.5% if you apply. [For more information regarding California housing, see the June 2011 first tuesday article, One long, grueling summer for California’s recovery.]
Re: “Freddie’s HomeSteps offers sales promotion on its REOs” from Mortgage Banking