The push is on by Freddie to sell their REO properties and on May 16, 2011, they posted a home buyer incentive program and a selling agent bonus program and combined it with their FirstLook Initiative. Here are the details. If I have pointed out the "FINE PRINT” details that you need to know about!
- Purchase offers for select properties must be dated between May 16 and July 31, 2011
- Must close by September 30, 2011
- Owner-Occupied only
- "Select Properties” only
- Will pay up to 3.5% of buyer’s closing costs(Based on purchase price not loan amount) If closing costs are less than 3.5%, they will only pay actual amount. Examples of closing costs: Discount Points, Loan Origination Fees, Lender Fees, Survey, Appraisal, and Pre-Paids.
- Bonus to Selling agent - $1,200 (They can remove homes from the property incentive at any time)
- 2-Year Home Owner Warranty Included
- 30% discount for new appliances (if found to “have mechanical failure due to condition that existed prior to the closing date) 15% discount for repairs if buyer chooses from home warranty company’s list of providers
- First Look Initiative - New REO listings, First 15 days of listing, only offered to owner-occupied home buyers. After 15 days, offers from investors will be accepted.
IMPORTANT: Freddie Mac and Fannie Mae do NOT normally pay the seller's portion of state and county fees in every state, which are sometimes split 50/50. So make sure when doing the Good Faith Estimate you take this into account.
If you would like to know more, here's the link http://www.homesteps.com/smartbuy/
Feel free to email me or contact me with questions regarding this promotion offered by Freddie Mac. This promotion can be applied to a FHA, VA or Conventional loan. Freddie is paying incentives on top of these loan programs.
You have questions, I have answers. I look forward to becoming your lender of choice!
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