Freddie Mac Initiates Winter Sales Promotion

Freddie Mac's HomeSteps, the real estate sales unit for its inventory of foreclosed homes, started a winter sales promotion offering closing-cost assistance to buyers and bonuses for selling agents.

Through this promotion, HomeSteps will pay up to 3% of the final sales price to help a buyer with their closing costs. Also, a selling agent will receive a $1,000 incentive for receiving offers between Nov. 15, 2011 and Jan. 31, 2012 on a foreclosed Freddie Mac property.

Escrow has to be closed for the REO property on or before March 15, 2012 in order to receive the bonus.

The winter sales promotion selling agent bonus offer is only available on HomeSteps sales in 28 states and Washington. Additionally, the offer is only valid on HomeSteps homes sold to owner-occupant buyers, which occurs about 70% of the time, Freddie Mac said.

Some HomeSteps properties are eligible to receive a two-year home protect warranty that covers electrical, plumbing, air conditioning, heating ,and other major systems and appliances. This warranty also provides discounts of up to 30% to purchase appliances.

Freddie Mac said HomeSteps properties sell for an average of 94% of the estimated market price.

The government-sponsored enterprise added that its inventory of foreclosed homes that have been sold is about 4.4% of the nation's total through the end of September.