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Freddie Mac Offers Condo Cash for HomeSteps Properties

by UrbanTurf Staff

Freddie Mac Offers Condo Cash for HomeSteps Properties: Figure 1

HomeSteps, the real estate sales unit of Freddie Mac, launched an offer today that will provide eligible condo buyers (i.e. those that buy a HomeSteps condo) with up to $1,500 in association dues.

The Condo Cash program is limited to buyers who submit offers between today and November 15, 2011 and close escrows on or before December 30, 2011. The offer is valid only on HomeSteps homes that have been on the market for at least 120 days and are sold to owner-occupant buyers, so auction, sealed bid and bulk sale properties do not qualify.

If you think that offers like these from Fannie and Freddie have become a trend in recent months, you’d be right. In May, Freddie Mac announced that it was offering up to 3.5 percent in closing cost assistance and a bonus of $1,200 to the selling agent for offers on HomeSteps properties (real estate owned or REO) received prior to July 31, 2011, in an effort to boost sales this summer.

Freddie Mac’s Brad German told UrbanTurf back then that about two-thirds of HomeSteps homes are sold to owner occupants, and that there were record sales of 31,628 properties in the first quarter of 2011.

Freddie Mac Offers Condo Cash for HomeSteps Properties: Figure 2
Historical trend of Freddie Mac REO inventory

To find out more about HomeSteps properties that are available in the DC area, click here.

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See other articles related to: homesteps, freddie mac, dclofts, condo fees

This article originally published at http://dc.urbanturf.com/articles/blog/freddie_mac_offers_condo_cash_for_homesteps_properties/3981

1 Comment

  1. Laura Morton said at 2:39 pm on Friday August 19, 2011:
    The timeframe is too short. We need at least 1 year for the program to be effective. And $1,500 is not much. It should be $5,000.

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