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Foreclosure Basics – Freddie Mac and the Home Steps Program

Posted on Dec 24, 2009 by in Active Rain | 0 comments

This is sent via Lyn Syms. She did a great job in presenting a concise manner how the HOME STEP program works.

Home Steps Smart Sell Program

Looking to purchase a foreclosure or REO property?  Here is a short explanation of how Freddie Mac foreclosures are handled.freddie mac,home steps,foreclosures,buying a foreclosure,

Home Steps is the real estate unit of Freddie Mac and handles all their foreclosed homes. Home Steps markets a nationwide selection of Freddie Mac owned properties.  Home Steps works strictly thru Realtors® and are available in the local MLS system of your area.

Items required on every offer:

  • Sales contract
  • Pre-approval Letter from Lender
  • Proof of funds for cash sales
  • Earnest Money Check (possible certified)

Home Steps will not agree to the following:

  • Offer contingent on sale of buyers current home
  • Buyers to occupy or store items at the home prior to closing
  • Buyer allowed to access home to perform repairs prior to closing
  • Buyers to receive credit at closing for repairs not completed
  • Repairs after buyer signs closing documents


Buyers must understand:

  • All homes have been through the foreclosure process
  • Are sold as-is
  • Have insurable title with no outstanding liens

Possible promotions on Home Steps Homes:

  • Up to 3.5% buyer closing costs coupon
  • Home Protection two-year home warranty program


Think buying a foreclosure is for you?  Want to know more information and what homes are available in the area?

Please contact me so we can get started right away!

 

Sample Contract and Riders

 

 

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