""Freddie Mac"":http://www.freddiemac.com announced Monday the launch of a nationwide sales promotion for its inventory of foreclosed homes.
[IMAGE] Selling agents will receive a bonus of $1,200 for initial offers received between May 16th and July 31st with escrows closed on or before the final day of September.
The extra incentive applies to Freddie Mac's HomeSteps properties sold to owner-occupant buyers. ""HomeSteps"":http://www.homesteps.com is the McLean, Virginia-based GSE's real estate sales unit for its bank-owned homes.[COLUMN_BREAK]
To entice buyers, Freddie Mac is offering up to 3.5 percent buyer's closing cost on transactions that meet the offer and closing dates outlined above.
In addition, a two-year ""Home Protect limited home warranty"":http://www.HomeSteps.com/smartbuy that covers electrical, plumbing, air conditioning, heating, and other major systems and appliances is offered on some eligible HomeSteps homes. Home Protect also provides discounts of up to 30 percent on the purchase of appliances.
As of the end of the first-quarter, Freddie Mac held 65,174 REO homes. The GSE's operational expense for maintaining these properties was $159,000 during the first three months of this year.
""We expect the pace of our REO acquisitions to increase in the remainder of 2011,"" Freddie Mac said in its Q1 earnings supplement, ""in part due to the resumption of foreclosure activity by servicers, as well as the transition of many seriously delinquent loans to REO.""
The GSE said the average holding period for the company's REO dispositions was 191 days for the first quarter of 2011 but varies significantly in different states.