Phoenix Fannie Mae Short Sales and Foreclosures – Are they over priced?

View of Crystal Point from BalconyAre Fannie Mae Short Sales and Foreclosures A Bargain?

When you see a short sale or foreclosure, do you think a bargain is coming  your way?   My advice: slow down and see who owns the note on the property.  If the foreclosure is a Fannie Mae owned property, be patient.  If it is a short sale and Fannie Mae holds the lien, you should seriously question submitting an offer.  You could wait months and then be asked to pay market value or higher. Don’t expect logic or common sense to found anywhere in the transaction.

 

The Oasis at Anozira lake community in TempeFannie Mae REO’s – Foreclosures – Not a bargain at first

Foreclosure properties have become synonomous with value if the buyer is willing to overlook certain deficiencies.  There are no disclosures, the property has been vacant, neglected and possibly mistreated by the previous owner.  Many buyers are willing to accept these risks if the price is right.  In the current market,  Fannie Mae foreclosures are initially listed over market value.  The prudent buyer will recognize this and wait.  Don’t assume that it is priced below market

An analysis of Fannie Mae foreclosures or REO properties that closed in January 2013 for Mesa, Gilbert, Chandler and Tempe revealed that Fannie Mae foreclosures were  initally priced 20% over the eventual sales price.   It appears that their strategy changed from the previous year.  In January 2012,  Fannie Mae properties were listed 10% over the eventual sales price.

Fulton Ranch Waterfront Home in Lake community Chandler azWaterfront Homes by City

There can only be two reasons for this direction. With low inventory, FHMA is hoping that a buyer with financing will offer the higher price and use Homepath financing which does not require an appraisal.  A cash offer would have the same benefit, no appraisal.  The other strategy is to steadily reduce the inflated list price until buyers find it attractive, thus convincing Fannie  Mae that they received the highest possible price and compensates for increased carrying costs such as taxes, HOA dues, utilities and maintenance.

The best advice to buyers is to understand the market and don’t assume that a Fannie Mae foreclosure means bargain pricing.

Fannie Mae Short Sales – A disaster in process!

Santan House with neg edge poolShort sales are synonomous with headache, and now Fannie Mae is trying to take it to the migrane level!   I’ve had two Fannie Mae short sales that based on updated BPO’s the servicer countered at prices at or above market value.   Other short sale agents have complained about the same challenge.  In one instance the counter offer price from Fannie Mae was more than the price for the same floor plan for a new build, 5 years newer, in the same subdivision.   The best advice is when you’re making an offer on a Fannie Mae short sale, be ready to pay market value or above,  and expect no discount for being a short sale with the related uncertainty.

It would be very beneficial when considering a foreclosure or short sale to research which investor holds the note.  If it is a foreclosure, Fannie Mae will eventually lower the price, but with a JFannie Mae short sale it may be better to move on.

Related Posts

 In search of happily ever after with an Arizona Short Sale

Who really loses on a foreclosure? The Bank- Think Again

The Lakes in Tempe Waterfront Property and Homes

Luxury Waterfront Property

Waterfront Homes by City

$294,900 :: 12010 W MORNING DOVE Drive, Sun City AZ, 85373

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 2,011 sq ft
Lot Size: 5,663 sq ft
Added: 07/06/19, Last Updated: 07/22/19
Property Type: Single Family
MLS Number: 5949111
Community: CROSSRIVER
Tract: CROSSRIVER
The price of this listing was last reduced on 7/22/2019 by 2%
Status: Active


Stunning single family home in a PRIME location in the Northwest Valley! This home is NOT an active adult community! The home is in a desirable community situated right off of Happy Valley & Lake Pleasant Pkwy, which features TONS of amenities, including Lake Pleasant Town Center, endless restaurants, quick-eats, shops, grocery stores, excelling schools, parks, biking/walking/hiking trails, and much more! The home has a gorgeous sparkling blue fenced in pool in the back with water features, an extended covered patio, built-in BBQ, and easy to maintain landscaping with artificial turf! The home has tile and laminate wood floors throughout, an open concept floor plan, a fully renovated kitchen with modern backsplash and a beautiful wood island! There is a loft upstairs which would be ideal

Listed with My Home Group Real Estate


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$335,000 :: 11059 N VALLEY Drive, Fountain Hills AZ, 85268

Property Photo

Mls Icon

2 beds, 2 baths
Home size: 1,831 sq ft
Lot Size: 16,989 sq ft
Added: 07/22/19, Last Updated: 07/22/19
Property Type: Single Family
MLS Number: 5955524
Community: FOUNTAIN HILLS AZ FP PLAT 204
Tract: FOUNTAIN HILLS AZ FP PLAT 204
Status: Active


Be Quick! Prime Fountain Hills fix-up opportunity near Desert Canyon Golf Course and with great mountain views. Great bones in this home with mainly single level living plus an open loft. Note: Pool will need major attention. Large, elevated .39 acre homesite. Please note this is an estate sale, and is priced as-is. In pre-foreclosure.

Listed with Sonoran Lifestyle Real Estate


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$139,500 :: 8381 W TERESITA Drive, Arizona City AZ, 85123

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,271 sq ft
Lot Size: 7,841 sq ft
Added: 06/19/19, Last Updated: 07/22/19
Property Type: Single Family
MLS Number: 5941861
Community: ARIZONA CITY UNIT SIX
Tract: ARIZONA CITY UNIT SIX
The price of this listing was last reduced on 7/22/2019 by 10%
Status: Active


Good looking single story home in a great neighborhood. Property features 3 bedrooms, 2 baths, a largekitchen with breakfast bar that opens to a great room with plenty of natural light. The backyard has a largepatio cover and is a clean slate to design your outdoor oasis. The home is in need of a little TLC but hasgood potential. Property is lender-owned, being sold ''as-is'', the seller is making no representations orwarranties.

Listed with Real Home Services & Solutions


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$157,000 :: 4918 W COOLIDGE Street, Phoenix AZ, 85031

Property Photo

Mls Icon

4 beds, 2 baths
Home size: 1,642 sq ft
Lot Size: 7,406 sq ft
Added: 07/22/19, Last Updated: 07/22/19
Property Type: Single Family
MLS Number: 5955413
Community: MARYVALE TERRACE 2B LOTS 787-951
Tract: MARYVALE TERRACE 2B LOTS 787-951
Status: Active


Lovely home on a cul-de-sac lot! Nearby is easy access to US60, Maryvale Baseball Park, Grand Canyon Golf Course, and different shopping or dining options. The kitchen has the perfect layout for gatherings. Covered patio in the front and back yard with a shade tree in the front to enjoy the Arizona weather! Make this house your home today!

Listed with Arizona Executives


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$178,000 :: 931 E WEBER Drive, Tempe AZ, 85281

Property Photo

Mls Icon

3 beds, 1 bath
Home size: 1,024 sq ft
Lot Size: 8,277 sq ft
Added: 07/22/19, Last Updated: 07/22/19
Property Type: Single Family
MLS Number: 5955363
Community: NORTH TEMPE
Tract: NORTH TEMPE
Status: Active


3 bedroom/1 bath block home in North Tempe. Conveniently located near Loop 202, ASU and Tempe Town Lake. Home features include open kitchen, patio, covered parking and large fenced lot. This remarkable property is available for immediate sale. The seller is very responsive and the property is a perfect opportunity. Take advantage of this amazing opportunity.

Listed with American Allstar Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$254,000 :: 21427 W MONTE VISTA Road, Buckeye AZ, 85396

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,400 sq ft
Lot Size: 6,970 sq ft
Added: 06/20/19, Last Updated: 07/22/19
Property Type: Single Family
MLS Number: 5942407
Community: SIENNA HILLS PARCEL 1 NORTH
Tract: SIENNA HILLS PARCEL 1 NORTH
The price of this listing was last reduced on 7/22/2019 by 5%
Status: Active


Welcome home to this beautifully remodeled 3 bedroom/'2 bath home on a large corner lot in Sienna Hills. The home borders natural open space and offers spectacular desert and mountain views. The home is just minutes from the popular Verrado community. The home features include North/South exposure, beautiful mountain views, ceiling fans, storage shed, solar panels, tile floors, open kitchen with granite counters and inside laundry. This remarkable property is available for immediate sale. The seller is very responsive and the property is a perfect opportunity for all buyer types.

Listed with American Allstar Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$860,000 :: 28907 N 136TH Street, Scottsdale AZ, 85262

Property Photo

Mls Icon

5 beds, 4 baths
Home size: 4,182 sq ft
Lot Size: 57,935 sq ft
Added: 07/05/19, Last Updated: 07/22/19
Property Type: Single Family
MLS Number: 5948618
Community: NO HOA
Tract: NO HOA
The price of this listing was last reduced on 7/22/2019 by 3%
Status: Active


This Equestrian Manor is the spot for your dream home or ranch! This incredible 5 bed, 4 bath home offers stone accents throughout, wooden & tile flooring, and great room w/beamed ceiling, gas fireplace, & 4-panel wall of sliding doors merging the interior of your home to the exterior of your backyard. Chef's kitchen delight has center island, walk-in pantry, granite counters, breakfast bar, plenty of cabinets, and SS appliances. Master retreat features fireplace, private exit, walk-in closet, and full bath w/dual sinks & separate tub/shower. Large backyard boasts fire pit, balcony, covered patio, beautiful pool & spa area w/synthetic grass, and equestrian amenities. Property is fully fenced with RV gates for trailer access. Must see!

Listed with Taylor Street Realty Services


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$419,000 :: 1515 E BERRIDGE Lane, Phoenix AZ, 85014

Property Photo

Mls Icon

4 beds, 3 baths
Home size: 3,000 sq ft
Lot Size: 12,197 sq ft
Added: 04/18/19, Last Updated: 07/20/19
Property Type: Single Family
MLS Number: 5913417
Community: ROSE GARDENS 2
Tract: ROSE GARDENS 2
The price of this listing was last reduced on 7/20/2019 by 1%
Status: Active


***PREFORECLOSURE FLIP ON CUL-DE-SAC LOT WITH $200,000 SPREAD***BUY IT NOW PRICED AT $419,000. SURROUNDED BY HOMES AS HIGH AS $800,000. This unique location features lots of square footage and great bones. Main house is 3/2 w/office and then you'll find an additional apartment/attached guesthouse with 1/1, family room and eat-in kitchen. Neutral colors, laminate and concrete floors. 2-car garage and large grassy backyard. This neighborhood has sales in the mid-$600,000 range for similar lots and house size. Main house has separate living room. Kitchen overlooks family room.***IMPORTANT***ALL OFFERS WILL BE REVIEWED ON 7/30/2019 OR ''BUY IT NOW FOR $419,000 - MUST BE AS-IS, QUICK CLOSE. BUYER MUST BE REPRESENTED BY A LICENSED REAL ESTATE AGENT IN ARIZONA.

Listed with Bellamak Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$209,900 :: 3445 N 36th Street #48, Phoenix AZ, 85018

Property Photo

Mls Icon

4 beds, 2 baths
Home size: 1,250 sq ft
Lot Size: 872 sq ft
Added: 06/28/19, Last Updated: 07/19/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5946085
Community: ROSE GARDEN CONDOMINIUM
Tract: ROSE GARDEN CONDOMINIUM
Status: Active


ARCADIA! Absolute Bargain! Unbelievable Price! Priced low and firm for your pre-approved Buyer who wants the best home in the neighborhood. Hurry it won't last long at this low low price, so do your Buyer a favor and write me a squeaky clean full price offer today and save your self all the fun of a full price counter offer.

Listed with RE/MAX Fine Properties


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$654,000 :: 8548 N FARVIEW Drive, Scottsdale AZ, 85258

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 2,852 sq ft
Lot Size: 8,277 sq ft
Added: 05/22/19, Last Updated: 07/19/19
Property Type: Single Family
MLS Number: 5929556
Community: EASTWOOD AMD
Tract: EASTWOOD AMD
The price of this listing was last reduced on 7/19/2019 by 4%
Status: Active


Extensive remodel with 4 br's and a loft in beautiful Gainey Ranch. The kitchen, bathrooms, laundry and wine room have custom shaker cabinets and quartz countertops. The home has new tile downstairs and new carpet upstairs, new paint, new appliances, ceiling fans, 84 new can lights, washer/dryer, new windows and countless additional upgrades. Located within a great school district with HOA fees of just $30 per month. A beautiful renovated home for just $242 per square foot! Act quickly.

Listed with Homie


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


 

2 Replies to “Phoenix Fannie Mae Short Sales and Foreclosures – Are they over priced?”

Leave a Reply

Your email address will not be published. Required fields are marked *