"SmartBuy" Sales Promotion Offers Two-Year Warranty to Owner-Occupants Buying Freddie Mac Homesteps® Homes
July 20,
2009
Contact:
corprel@freddiemac.com
or (703) 903-3933
McLean, VA – People purchasing single family HomeSteps® homes as a primary residence will receive a comprehensive two-year home warranty paid for by Freddie Mac (NYSE:FRE) as part of HomeSteps' SmartBuy sales promotion. In addition, for a limited time, Freddie Mac will pay up to 3.5 percent of the sales price in buyer's closing costs, potentially saving qualified buyers of HomeSteps homes thousands of dollars in transaction costs.
HomeSteps' SmartBuy sales promotion began on July 17 and is scheduled to end on October 30, 2009. HomeSteps, the real estate sales unit of Freddie Mac, markets a nationwide selection of Freddie Mac-owned homes.
"This unprecedented offer will enable HomeSteps buyers to protect against unexpected repair costs which could interfere with their ability to meet their mortgage obligation," said Chris Bowden, Vice President of HomeSteps. "Combined with our offer to pay up to 3.5 percent of the sales price in buyer's closing costs, we believe HomeSteps homes will have a competitive edge at building buyer confidence and increasing sales for our affordable homes."
"We expect SmartBuy's comprehensive two-year warranty and closing cost offer to help more families buy and own HomeSteps homes, which in turn will help support home values and stabilize communities," said Ingrid Beckles, Senior Vice President, Default Asset Management at Freddie Mac. "Today's announcement shows another way Freddie Mac is addressing impacted markets to achieve the goals of the Obama Administration's economic recovery effort."
Two-Year HomeProtect Warranty Paid by Freddie Mac
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 & 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 will replace appliances that can't be repaired with comparable units. In addition, each Home Protect warranty includes a buying program providing discounts of up to 30 percent on the purchase of name brand appliances and up to 15 percent on their installation.
The warranty is available only on single family HomeSteps homes. The home must be sold as primary residence for at least $25,000 in the 48 contiguous states or Washington, DC. 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 buyer's closing cost offer, buyers must submit initial purchase offers by October 31, 2009 and complete the closing by December 31, 2009. The warranty program will be on-going.
For more information, visit www.HomeSteps.com or call 800-972-7555.
Cross Country Home Services, Inc. has nearly 30 years of experience of providing home warranty and home service related plans on a national basis. Its coast to coast operation is open 24 hours a day, 365 days a year and supported by more than 40,000 pre-screened and pre-qualified plumbing, electric, heating, ventilation, air conditioning and appliance service providers. Cross Country Home Services has a patent pending on the Home Protect program.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
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