Purchasing a bank-owned home is an excellent way to get a great deal without having to go through the lengthy short-sale process. However, these purchases are not without some risk. There is often a large amount of deferred maintenance and/or repairs that need to be done, which the bank will not do. The banks also do not provide a property disclosure for the home. Freddie Mac is now taking a little of the risk out of buying certain bank-owned homes by offering the
HomeSteps Smart Buy Program. The two main components of the program are:
- A two-year home warranty that covers repair or replacement of covered systems due to regular wear and tear.
- An appliance purchase discount that saves you 30% on new appliances.
This program only applies to certain properties and the home being purchased must be for use as a primary residence. For more information on the program, go the Smart Buy Website.
For a list of homes that qualify for this program, send me an e-mail at johnblom@hasson.com or call me at (360) 977-8329.
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