Freddie Mac is upping its cash incentive for real estate agents to sell its foreclosure properties this summer.
The GSE periodically offers to pay real estate agents a $500 to $1,000 incentive for each real estate owned property sale they make to an owner-occupant.
This summer, Freddie will pay a $1,200 cash bonus with each successful closing. "This promotion is available on initial offers submitted through July 31," with the escrow closing on or before September 30, Freddie says.
As part of the promotion, Freddie is offering to cover 3.5% of the buyer's closing costs and a two-year home warranty to shield homeowners from bearing the cost of expected repairs.
Freddie sold 31,600 REO properties in the first quarter and nearly two-thirds of the sales involve buyers who plan to live in the house.
Despite these sales, the GSE had an inventory of approximately 65,200 REO properties as of March 31.
