Home Steps Smart Sell Program
Looking to purchase a foreclosure or REO property? Here is a short explanation of how Fannie Mae foreclosures are handled.
Home Steps is the real estate unit of Fannie Mae and handles all their foreclosed homes. Home Steps markets a nationwide selection of Fannie 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
Lyn, This is a great re-blog, thank you for sharing and discovering. I missed it. I will re-blog it myself. Thank you and have a Merry Christmas and a Prosperous New Year.
Endre: No reblog, just me providing buyers with info on a great program.
Foreclosures make me tired. We were one of the first areas to be hit by the economy and we are making a come back! Good job on the Blog! Let's hope for better times ahead for all of us!
awesome post! I have to re-blog also. Just got a buyer into a homesteps (freddie) contract and she is tickled about the cc's and home warranty!
Merry Christmas to You and Yours :)
This is a fantastic post with great information! FHLMC is really offering a great program here!
Renee: It's a great program & things have worked well with it.
Stephanie: The foreclosures are in good shape, well maintained & offer closing costs (sometimes) and the warranty so buyers feel more comfortable with the appliances that are left behind. There is also a program for appliance $$ off.
Hi Lyn,
I saw your post on Renee's B's blog. Thanks for the information. I have only seen a small handful of properties like this in my market, but I hear there going to increase.
On another note, I used to like the food at Yu's on GOlf Rd (?). Is it still there?
Rich, it's a great program that most agents don't know about. You can sign up for email updates with property addresses for your area too.
Yu's is great!
Lyn thanks for the information. I will definitely pass this on to the realtors i work with. Have you found certain areas in Illinois have more homes available through this program? I work mostly with first time home buyers so this sounds like it would be a great option.
Roy, You can go to their website & sign up for area notices by zip code and they will send you emails on current listings and upcoming listings every week.
Lyn...
Just a general comment from an old timer in the mortgage industry and a new blogger... I'm new to Active Rain and have been studying the posts of quite a few individuals and have found yours to be one of the most professional, topical and relevant sites out there.
I will continue to visit and have subscribed.
Thanks for the timely information!
Chuck Murphy
Hiton Financial Services
www.illinoishomemortgagerates.com
Thanks Chuck. It's a good program that most people don't know about yet.