Freddie Offers Home Warranties, Partial Coverage Of Closing Costs

e Mac has launched a new sales promotion in which the company will pay buyers of single-family HomeSteps homes a two-year home warranty. HomeSteps is the real estate sales unit of Freddie Mac. In addition, for a limited time, Freddie Mac says it will pay up to 3.5% of the sales price in buyers' closing costs, potentially saving qualified buyers of HomeSteps homes thousands of dollars in transaction costs. HomeSteps' SmartBuy initiative began on July 17 and is scheduled to end Oct. 30. ‘Combined with our offer to pay up to 3.5 percent of the sales price in buyers' closing costs, we believe HomeSteps homes will have a competitive edge at building buyer confidence and increasing sales for our affordable homes,’ says HomeSteps' vice president, Chris Bowden. The two-year warranty, called Home Protect, is provided by Cross Country Home Services and will cover electrical, plumbing, air-conditioning and heating systems, as well as ductwork and many major appliances such as water heaters, stoves, washer and dryers, dishwashers and refrigerators. Freddie Mac will pay for the first two years of the warranty, after which buyers will have an option to continue the warranty on their own. Cross Country Home Services will also guarantee each repair made under the warranty for 180 days and replace appliances that cannot be repaired with comparable units. Each Home Protect warranty also includes a buying program providing discounts of up to 30% on the purchase of name-brand appliances and up to 15% on their installation. The home must be sold as a primary residence for at least $25,000 in the 48 contiguous states or Washington, D.C. The warranty and closing cost opportunities are not available on HomeSteps homes sold as investor properties, second homes or vacation homes. To qualify for the limited-time closing-cost offer, buyers must submit initial purchase offers by Oct. 31 and complete the closing by Dec. 31. The warranty program will be ongoing SOURCE: Fred

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