Joe, Home Buyer in Bradenton, FL

what is a Freddie Mac/HomeSteps Foreclosure? Is it true Freddie Mac only conveys real property not appliances?

Asked by Joe, Bradenton, FL Wed Sep 8, 2010

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When a home gets foreclosed, once the old owner is out everything inside becomes "left behinds". Often the banks will have someone remove old furnishings and trash that may affect for showing purposes, but things in ok shape are frequently left in the property. Furnishings are of no material value to the transaction, since you are buying the structure. Keep in mind many Freddie homes end up being sold via FHA loans...and those require a working range and heating system in order to close.

Tony Vega
Charles Rutenberg Realty
1 vote Thank Flag Link Thu Sep 9, 2010
Joe Freddie only owns the real property not any personal items left in it so they can not convey them. Also on a REO the property is vacant and things may disappear. Freddie does not want to be liable for replacing an old beat up range with a new one.
1 vote Thank Flag Link Thu Sep 9, 2010

I have sold these properties under the Freddie Mac Home Steps Program. Under this program, appliances that are with the property are passed through and left to the new owners. If the former owners took the Stove, etc, the Home Steps usually replaces the appliance with a new or nearly new one. It all depends on the price of the home sometimes.

The disclaimer from Freddie Mac about that they do not convey personal property is for a number of possible circumstances and specific loan program requirements for possible new owners. The Home Steps program may even have a Home Warranty that is attached to the sale of the property that covers the appliances. I can better explain it to you directly. Remember, each sale of a property is a unique event.

If you have further questions about this program or other options that you may have, feel free to contact me at or by email or phone.

Thank you and have a Great Day.

Ken Ipox, Realtor
Office 941-993-7279
Fax 941-923-0834
Web Reference:
0 votes Thank Flag Link Thu Sep 9, 2010
Hi Joe,

Many foreclosed properties have wording that indicates the appliances are not included. In reality I haven't seen the appliances removed.

Good luck!
0 votes Thank Flag Link Thu Sep 9, 2010

I have run into this several times. They do not want appliances included in the sale price. I'm assuming it is to cover them in the event the new buyer defaults on the loan. While in a normal market a home appreciates in value, appliances lose their value rapidly.

I had one instance where the home appraised so close to selling price that they made me remove two very old end tables that were in the basement from the includes. The resale value? Probably about two bucks!

Hope that helped.

Web Reference:
0 votes Thank Flag Link Wed Sep 8, 2010
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