Freddie Mac's Having a Foreclosure Sale
Freddie Mac just sweetened the deal for people willing to make a home out of one of its foreclosures. Through Oct. 30, Freddie is offering to pay a buyer's closing costs, up to 3.5 percent of the sales price.
And as part of Freddie's "Smart Buy" program, it is throwing in a free two-year warranty on the home's electrical, plumbing, air-conditioning and heating systems, plus major appliances
such as water heaters, stoves, washers and dryers, dishwashers, and refrigerators. After the warranty expires in two years, owners would have the option of renewing it at their own expense.
Investors and vacation-home shoppers need not apply. This program is limited to people buying a house or townhouse, or a condo or co-op apartment unit, and planning to make it their primary residence. And it applies only to homes that Freddie Mac is selling out of its own inventory of foreclosures.
To get the warranty and closing costs, buyers need to submit a purchase contract by Oct. 31 and close the deal by Dec. 31.
You do not have to be a first-time buyer to qualify, but if you are a first-timer, you may be able to combine Freddie's deal with the $8,000 first-time-buyer tax credit. Note that the first-timer deadline is a month earlier than Freddie's. Those closings have to be completed by Nov. 30.
Freddie's "Home Protect" warranty program is run by Cross Country Home Services. There is a $100 deductible for each claim. The plan includes a discount program offering price cuts of up to 30 percent on appliances and up to 15 percent on installation fees.
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