HomeSteps, the real estate sales arm of Freddie Mac, just introduced a new program in an attempt to thin its inventory of agency-owned homes, in other words homes it has foreclosed on. In this demanding housing environment it predictably has quite a few of them available for purchase and has decided to do something meaningful about it.
HomeSteps has dubbed the campaign SmartBuy. Someone at Freddie Mac must be really good at coming up with catchy names. Anyhow, it runs from July 17 to October 31, 2009, unless extended. It's good for single-family homes only from HomeSteps inventory and it must be the buyer's primary residence.
Freddie Mac has included two nice incentives in the SmartBuy sales promotion. The first one is the 2-year comprehensive home warranty that covers the usual items that we see in other warranties. It never hurts to have one in the early years when budgets can be tight and making mortgage payments could become a challenge in case something major breaks down. If the homeowner wishes to continue the coverage after that, he can do so on his own.
In the second one Freddie Mac offers to pay up to 3.5% of the contract price in buyer's closing costs. That's not bad, either.
For additional info visit HomeSteps or dial 800-972-7555.
Las Vegas housing market, for instance, is awash in foreclosure listings and to get an edge here something like this will help out. And of course, the properties for sale ought to be priced right. Moreover, it's an indication that Freddie Mac, among all the other lenders with a mountain of non-performing real estate, is really starting to work on lowering its REO, real estate owned, database.