Freddie Mac is warning potential buyers of its foreclosed properties that they have to submit a bid by Oct. 30 to take advantage of its temporary offer to cover part of the closing costs. Freddie has 34,700 in real estate owned properties. To expedite REO sales the government-sponsored enterprise will put up to 3.5% of the house price toward closing costs. "Every home shopper should know there are only 30 days left to save potentially thousands of dollars in transaction costs when they buy a HomeSteps home," said Freddie vice president Chris Bowden. HomeSteps is Freddie's REO sales unit. Buyers also have to complete the closing by Dec. 31 to get the closing cost discount.
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