Fixing to Sell REO in Today's Market
Freddie Mac's HomeSteps® sales division, which sells foreclosed properties, repaired or upgraded nearly half of the 72,000 homes it sold last year. That's way up from an average year when HomeSteps may make limited repairs to about a third of the homes it markets. Why the change? Because that's what it takes to sell to owner-occupants who focused on finding the best value for their money in today's tighter markets, according to HomeSteps Senior Vice President Chris Bowden. Bowden says repairs recommended by listing agents are screened for their potential to build traffic, attract competitive offers, and be cost-effective. Examples of winning kitchen and bathroom upgrades can be seen here.