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HomeSteps Launches Closing Cost Promotion

  • May 18, 2011

by UrbanTurf Staff

HomeSteps, the real estate sales unit of Freddie Mac, launched a sales promotion this week for its inventory of foreclosed homes in an effort to boost sales this summer.

HomeSteps is 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 and escrows closed on or before September 30, 2011. To qualify for this offer, a HomeSteps home must be a single family, owner-occupied, financed dwelling used solely for residential purposes. Auction, sealed bid and bulk sale properties do not qualify.

Freddie Mac’s Brad German told UrbanTurf 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.

“The inventory has fallen to about 65,000 properties,” German said of HomeSteps properties, while noting that 25,000 additional properties had come in.

HomeSteps Launches Closing Cost Promotion: Figure 1
Historical trend of Freddie Mac REO inventory

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

See other articles related to: reo properties, homesteps, freddie mac

This article originally published at http://dc.urbanturf.com/articles/blog/homesteps_launches_closing_cost_promotion/3512

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