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Freddie Mac Begins Promotion to Sell REO Homes

HomeSteps, the real estate sales unit of Freddie Mac, started its nationwide promotion to increase the number of sales for foreclosed homes.

The summer sales promotion will offer homebuyers up to 3.5% closing cost assistance for any REO purchase made during the season.

The government-sponsored enterprise will also give selling agents a $1,200 bonus for initial offers received between May 16 and July 31. The escrows for these offers have to be closed on or before Sept. 30.

This promotional offer is valid only on HomeSteps homes sold to owner-occupant buyers.

As part of the promotion, a two-year limited home warranty that covers electrical, plumbing, air conditioning, heating and other major systems and appliances will be offered on some eligible homes. The Home Protect warranty also provides discounts of up to 30% on the purchase of appliances.

At the end of this year’s first quarter, Freddie Mac had an REO inventory of more than 65,000 properties.