Banks are consistently moving inventory, and one way to acquire real estate assets is through bulk sales. Here’s a quick overview of Freddie Mac’s “HomeSteps” program for bulk sales.
What is a Bulk Sale? A bulk sale through “HomeSteps” is the sale of six or more properties to the same purchaser at the same time. This could be any combination of single family homes, condos, town homes, or 2-4 family units.
We’ve been handling these for years at Design Escrow so we’ve developed a workflow to efficiently handle the potential issues and pitfalls of bulk sales and large real estate acquisitions.
The typical pre-approval process through Freddie Mac is as follows (for other tips and strategies give us a call, we don’t post everything online). It only takes a phone call to start learning from our 20 years of experience and countless transactions.
1: Complete the Bulk Sale Questionnaire
2: Complete the letter of interest, including tax information
3: Complete the letter of intent
4: Sign the Bulk Sale Contract
To get all that paperwork started, organized, and make sure that nothing goes wrong, give us a call and we’ll help you get sorted out.
You can find info directly from Freddie Mac Bulk Sales Here.