They are familiar with the local market. While larger banks may offer attractive incentives they may cost you in the long run. A local lender know the El Paso and Fort Bliss real estate market and understands that this market is not like others across the US. Many states are experiencing the impact of the recession in every area of their economies. El Paso and the surrounding area generally run 6 months behind the national economy and in the real estate market only slightly  unaffected by the recession. When buying a home your lender will require, particularly if your loan is an FHA, an appraisal of the property you are buying. If you lender is not familiar with the local market his underwriter may not approve the home loan for its full value.  For more information contact Yvonne Russell at (915) 873-8646 or use the contact page for comments or questions.

How to Buy a Freddie Mac Foreclosure

Freddie Mac published this document on how to purchase a HomeSteps Mac foreclosure
 5 Easy Steps to Buying a HomeSteps Home.

1. Prepare your offer, signed by the buyer(s), in writing on your local or state contract.  The seller should appear as "Freddie Mac."
2. Include signed copies of the following HomeSteps addenda: (1) the Single-Family Real Estate Disposition, (2) the Lead-based Paint Disclosure addendum, (3) Property Condition addendum and release, (4) State Riders (if applicable) and (5) Manufactured Home addendum (if applicable). These addenda are available from the listing agent. Please reference them in the contract, and remember, no changes are allowed to the addenda printed text.
3. Submit a buyer pre-qualification letter with the purchase contract and addenda to the listing broker. The listing broker must have all required documentation prior to presenting the offer to HomeSteps.
4. Negotiate the written offer verbally until final agreement is reached.
5. Submit final terms on a clean, typed contract with buyer’s original signatures and initials, along with all required addenda. Return the executed contract and any additional deposit monies to the listing broker no later than three (3) business days from the verbal acceptance by HomeSteps. If the contract is not returned timely, HomeSteps (Freddie Mac) may withdraw its verbal acceptance to sell the home at the agreed-upon terms.

According to the document, HomeSteps (Freddie Mac) will not agree to the following items:

• Offer contingent on the sale of buyer’s current residence.
• Buyer(s) to occupy or store personal items at the home prior to closing.
• Buyer(s) allowed access to the home to perform repairs prior to closing.
• Buyer(s) to receive credit at closing for repairs not completed.
• Repairs after the buyer(s) signs the closing documents.
• Seller’s funds to be escrowed