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What is a HomeSteps foreclosure?

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Quick Answer

A HomeSteps foreclosure is a home that returned to the bank through the foreclosure process and is available through a special Freddie Mac program, explains Freddie Mac. HomeSteps is the sales branch for Freddie Mac, a company that sells real estate-owned, or REO, properties. This group handles all of the marketing and sales efforts.

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Full Answer

Individuals and investors use HomeSteps to purchase REO properties, says Freddie Mac. This group works to iron out any challenges after foreclosure, such as title issues, and engages with local real estate agents to get the properties sold. The homes available through this program are exclusively foreclosed and deed-in-lieu of foreclosure properties. A person interested in one of these properties contacts the listing agent or works with his current real estate agent to view the property and make an offer.

Buying a HomeSteps house and the process of making an offer is similar to that of buying and making an offer on any other home on the market, according to Freddie Mac. After creating an offer, the real estate agent contacts HomeSteps and works with the company to facilitate the sale of the home. Completed offers include a sales contract, proof of prequalification for a mortgage, fund availability for a cash sale, earnest money check and a HomeSteps contract addenda.

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