Get $1500 "Condo Cash" for Limited Time

By Yuval Degani · August 15, 2011 · Buying

A new offer was announced today from Freddie Mac’s HomeSteps real estate sales division. It gives eligible condo buyers up to $1,500 to pay for condo association fees. This “Condo Cash” incentive is a limited-time deal that is only available for 3 months.

News of the condo buyer’s special was released early this morning and has created a buzz throughout the national real estate market. It provides qualifying condo buyers with a maximum of $1,500 to put toward their standard condominium association dues, which typically help with the upkeep, running and repairs of a condo building, grounds, common areas and other communal expenses.

The new program, dubbed “Condo Cash,” is only available to buyers who purchase condos from HomeSteps, the property sales branch of Freddie Mac. Through its Good Neighbor Practices, Homesteps ensures its foreclosure/bank-owned homes are properly secured, cleaned and maintained. This includes trash removal, lawn care and periodic property inspections.

A search engine on the HomeSteps website allows home buyers to find condos that are part of the HomeSteps initiative. Those that qualify for “Condo Cash” must have a minimum market time of 120 days and they cannot be purchased through bulk sales, auctions or sealed bids. Another requirement of the deal says the condo must be occupied by the owner (i.e. it cannot be rented out).

In order to get the “Condo Cash” money, an offer needs to be submitted on a qualifying HomeSteps condo unit between now and November 15th of this year. The deal must close on or before December 30, 2011. HomeSteps also sponsors a two-year warranty on some of its properties. The warranty covers heating and AC, plumbing and electrical, appliances and other mechanical systems. These homes receive 30% discounts for new appliance purchases as well.

The “Condo Cash” incentive is only around for the next 92 days. So interested condo buyers should contact a Chicago real estate agent immediately if they want to find a property and submit an offer before the mid-November deadline. Remember, you’ll have another month and a half to actually close on the condo.