Freddie offers closing cost help, agent bonuses on REO
The Freddie Mac real estate sales division, HomeSteps, began its summer promotion Monday to boost sales of previously foreclosed homes, known as REO. The government-sponsored enterprise held 65,000 REO properties at the end of the first quarter, but it sold a record 31,000 during the period, according to its financial supplement. To push sales even higher during the usually busy real estate season, Freddie will offer up to 3.5% buyer's closing cost assistance. The offer is available for owner-occupants only. Freddie will also grant a $1,200 bonus to agents who submit an initial offer to HomeSteps between May 16 and July 31. The escrow must close on or before Sept. 30. Freddie will also offer a two-year limited home warranty covering electrical, plumbing, air conditioning, heating and other major systems. It can also provide a 30% discount on appliances for the new buyer. Write to Jon Prior. Follow him on Twitter @JonAPrior.