Freddie To Auction Vegas And Inland Empire REOs

Freddie Mac and New Vista have announced plans to auction hundreds of the government-sponsored enterprise's real estate owned (REO) homes to individual home buyers later this month in Las Vegas and in California's Inland Empire in support of the Neighborhood Stabilization Program (NSP). The auctions are being conducted in coordination with Freddie's real estate sales unit, HomeSteps, and are designed to help more first-time home buyers and owner-occupants purchase the properties.

Under the 2009 Neighborhood Stabilization Program, home buyers are eligible for closing costs and down-payment assistance when they buy foreclosed or abandoned homes in designated communities that were hit hard by the housing downturn.

The Las Vegas and Inland Empire community auctions for first-time homeowners and borrowers currently eligible and approved for the NSP program are scheduled to start at 9:30 a.m. on April 24 and 25, respectively. HomeSteps and New Vista plan to hold separate afternoon auctions for bidders who do not qualify for the NSP program but intend to occupy the home as their principal residence.

"Freddie Mac's first-time home buyer auctions in Las Vegas and in California's Inland Empire builds on our long-standing effort to use our REO inventory to foster new opportunities for new homeowners and shows another way Freddie Mac is working to achieve the Obama administration's goals of stabilizing and reviving impacted communities," says Ingrid Beckles, senior vice president of default asset management at Freddie Mac.

By scheduling these two auctions on April 24 and 25, bidders may still be able to qualify for the federal home purchase tax credit, which is set to expire on April 30. The tax credit offers eligible first-time home buyers up to $8,000 on qualifying homes.

Home buyers at the NSP auctions will also benefit from HomeSteps' existing SmartBuy program. Under SmartBuy, HomeSteps will pay up to 3.5% of the closing costs and offer a two-year limited home warranty on homes sold as a primary residence to eligible buyers when the purchase price is equal to or greater than $25,000.

SOURCE: Freddie Mac


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