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– Trash is removed from both the interior and exterior of the property – Home is secured (safety concerns are addressed via random property inspections) One advantage to HomeSteps is its so-called “HomeSteps Good Neighbor Practices,” which adheres to the following procedures once Freddie Mac acquires a home: The properties found on HomeSteps are assigned listing agents, which can be contacted directly by prospective buyers (or by their own real estate agents). However, you’ll still deal with a real estate agent, as you would when buying any other property. There’s nothing wrong with buying a foreclosed home, but it can be riddled with issues if the former owner didn’t maintain the property, which is often the case.įortunately, Freddie Mac is a reputable company that is basically overseen by the government, so you might feel more comfortable buying through them versus a private real estate company, bank, or investor. Put simply, the homes were lost or given up by the former owners, and because Freddie Mac was the investor, they wound up with them. The properties you’ll find via the HomeSteps website were acquired by Freddie Mac as a result of foreclosure or deed-in-lieu of foreclosure, or perhaps a borrower walkaway. Some refer to them as “Freddie Mac homes.” They can be found in cities nationwide, though inventory is pretty light in more popular areas of the country for obvious reasons. In short, Freddie Mac has a bunch of single-family homes, townhouses, and condos that they need to sell.
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Let’s start with some basics about the home buying program offered by Freddie Mac so you know what you’re looking at here. HomeSteps is the name of the program tasked with unloading all of this REO inventory.Thanks to the housing crisis and the many foreclosures that came with it.
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So if you’re in the market to purchase real estate, one avenue you can consider along with the traditional channels is Freddie Mac HomeSteps. Sure, they probably don’t want to be in the business of selling real estate, but because they’re a quasi-government agency, they have to do it efficiently and ethically. In case you weren’t aware, Freddie Mac, along with sister Fannie Mae, acquired a ton of real estate as a result of the ongoing mortgage crisis.Īnd one way Freddie Mac is reducing their inventory of real estate owned (REO) is via their “HomeSteps” program, which is the name of the company’s real estate sales unit.