Just Like Freddie? Fannie Mae Launches Home Sales Promotion

• June 14, 2011

by UrbanTurf Staff

Almost a month after HomeSteps, the real estate sales unit of Freddie Mac, launched a sales promotion for its inventory of foreclosed homes, Fannie Mae has announced a very similar promotion for its HomePath properties.

Fannie Mae is now offering up to 3.5 percent in closing cost assistance to qualified buyers of properties in its HomePath database, and a $1,200 bonus to the real estate agent who represents the owner-occupant buyer. The incentive is for offers submitted on or after June 14, 2011, which close by October 31, 2011. Investor sales are not eligible for the incentive.

Around May 18th, Freddie Mac’s HomeSteps program announced a promotion for 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.

Fannie Mae spokesperson Andy Wilson told UrbanTurf that, despite the similarities, Fannie Mae did not choose to run the promotion because of the HomeSteps incentive, noting that HomePath has run similar promotions over the last year to encourage sales of REO properties. Wilson estimates that there are over 70,000 properties in the HomePath database, and that on average, two-thirds are sold to owner-occupants.

To find out more about HomePath properties available in the DC area, click here.

This article originally published at https://dc.urbanturf.com/articles/blog/just_like_freddie_fannie_mae_launches_home_sales_promotion/3657