In an effort to reduce its inventory of foreclosed homes this summer, HomeSteps, the real estate sales unit of Freddie Mac, this week launched a nationwide promotion to lure potential buyers.

The HomeSteps Summer Sales Promotion is offering to cover up to 3.5 percent of a buyer's closing costs and a $1,200 bonus to selling agents for initial offers received between May 16, 2011 and July 31 and when escrows close on or before September 30. This offer is good only for homes sold to buyers who plan to live in them.

Also a two-year limited home warranty that covers electrical, plumbing, air conditioning, heating and other major systems and appliances is available for some of Freddie Mac's foreclosed homes. Buyers of Freddie Mac homes also in certain instances can obtain discounts of up to 30 percent on the purchase of appliances. For more details see www.HomeSteps.com/smartbuy. For HomeSteps Summer Sales Promotion details and conditions, visithttp://www.HomeSteps.com.