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.

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$179,850 :: 52013 N 36TH Avenue, New River AZ, 85087

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3 beds, 2 baths
Home size: 2,272 sq ft
Lot Size: 98,881 sq ft
Added: 12/14/18, Last Updated: 12/14/18
Property Type: Single Family
MLS Number: 5857156
Community: NONE
Tract: NONE
Status: Active




Listed with West USA 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/!


$228,000 :: 18606 N GRANITE Court, Surprise AZ, 85387

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2 beds, 1.75 baths
Home size: 1,298 sq ft
Lot Size: 6,098 sq ft
Added: 12/14/18, Last Updated: 12/14/18
Property Type: Single Family
MLS Number: 5857692
Community: SUN CITY GRAND PATAGONIA
Tract: SUN CITY GRAND PATAGONIA
Status: Active


Beautiful 2 bedroom 2 bath in Sun City Grand. The home has a great room, dining area and nice kitchen. The backyard has a nice patio and backyard. Sun City Grand is a master planned community that offers Golf, pools and recreation facilities. This might be a great winter home or year round active adult living.

Listed with West USA 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/!


$176,800 :: 5610 W PALO VERDE Avenue, Glendale AZ, 85302

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3 beds, 2 baths
Home size: 1,475 sq ft
Lot Size: 6,534 sq ft
Added: 12/14/18, Last Updated: 12/14/18
Property Type: Single Family
MLS Number: 5857458
Community: BRAEMAR ESTATES 2
Tract: BRAEMAR ESTATES 2
Status: Active


Awesome lender owned opportunity! This home offers 3 bedroom and 2 baths with tile in traffic areas. Carpet in bedrooms. Kitchen is open to large eat in area and enclosed patio. Cozy brick fireplace in family room.

Listed with RE/MAX Professionals


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


$359,000 :: 6318 N 13TH Street, Phoenix AZ, 85014

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3 beds, 2.5 baths
Home size: 1,966 sq ft
Lot Size: 11,325 sq ft
Added: 08/02/18, Last Updated: 12/14/18
Property Type: Single Family
MLS Number: 5801256
Community: MARYLAND HEIGHTS
Tract: MARYLAND HEIGHTS
Status: Active


Great opportunity in the A-rated Madison School District. Home is in pre-foreclosure and need cash buyers only. Pricing reflects home being sold as-is and needs TLC. Kitchen was update in 2014 with shaker style cabinets and granite in the kitchen. Tons of potential on an oversized lot and huge backyard with pool and outdoor fireplace. Ideal location to nearby shopping, entertainment, awarded winning restaurant, and hiking. A lot of upside for this area and home.

Listed with Stunning Homes 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/!


$337,000 :: 3331 N SPYGLASS Drive, Florence AZ, 85132

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5 beds, 4.5 baths
Home size: 3,928 sq ft
Lot Size: 8,276 sq ft
Added: 12/13/18, Last Updated: 12/13/18
Property Type: Single Family
MLS Number: 5856228
Community: ANTHEM AT MERRILL RANCH UNIT 11
Tract: ANTHEM AT MERRILL RANCH UNIT 11
The price of this listing was last increased on 12/13/2018 by 2%
Status: Active


This house is a must see! This home has been completely updated with new interior/exterior paint, new wood tile and new carpet throughout the home. The kitchen offers a stainless steel double oven, stainless steel microwave along with a gas stove, brand new backsplash and the cabinets have been freshly painted. Separate dining room. Downstairs you have an open den, full bedroom and bathroom along with a half bath. Huge master bedroom and bathroom with new tile in shower and bath. 3 other bedrooms upstairs along with 2 full baths. The backyard has an extended covered patio and a perfect area to play or relax. This home features tall ceilings, ceiling fans, has a 3 car tandem garage along with a separate 1 car garage with home entry, and lots of living space. Come see today!

Listed with Summit Real Estate Professionals


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


$219,900 :: 16724 W VILLA Lane, Surprise AZ, 85387

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2 beds, 1.75 baths
Home size: 1,178 sq ft
Lot Size: 6,969 sq ft
Added: 12/13/18, Last Updated: 12/13/18
Property Type: Single Family
MLS Number: 5857136
Community: SUN CITY GRAND DURANGO
Tract: SUN CITY GRAND DURANGO
Status: Active


Desirable IRIS floor plan! 2 bed, 2 bath home for sale in Surprise in the master planned community of Sun City Grand. Open and bright with eat-in kitchen bay window. Spacious kitchen with recessed lighting overlooks the living area with custom tile floors. Generously proportioned master bedroom and ensuite. Plenty of storage throughout. Covered patio with extended privacy wall and trees for privacy. Two car garage with North/South exposure. Solar panels keep the electric bills low!

Listed with eXp 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/!


$136,000 :: 5244 W HEARN Road, Glendale AZ, 85306

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3 beds, 2 baths
Home size: 1,260 sq ft
Lot Size: 7,840 sq ft
Added: 12/13/18, Last Updated: 12/13/18
Property Type: Single Family
MLS Number: 5857168
Community: DEERVIEW UNIT 15
Tract: DEERVIEW UNIT 15
Status: Active


MULTIPLE OFFERS RECEIVED: HIGHEST & BEST DUE NO LATER THAN SUNDAY 12/16/18. PRICED FOR IMMEDIATE SALE! EXCELLENT BUYER OPPORTUNITY IN HIGH DEMAND GLENDALE (85306) MARKET SERVICE AREA. NO HOA! PROPERTY IS LOCATED ON NICE INTERIOR STREET WITH ATTRACTIVE RANCH DESIGN FRONT ELEVATION. BIG UPSIDE & POTENTIAL AFTER NEW BUYER REMODELS & UPDATES! FLOOR PLAN FEATURES 3 BEDROOMS & 2 BATHS, LIVING RM, REAR KITCHEN & DINING, ENCLOSED REAR PATIO / ARIZONA ROOM, WASHER & DRYER HOOK-UP IN GARAGE, 2 CAR GARAGE, & MORE. SUBMIT ALL CASH ONLY OFFERS NOW FOR SELLER REVIEW AND APPROVAL. NO ICH REPORT OR SPDS BY SELLER. A TERRIFIC BUYER FIX UP OPPORTUNITY!!!

Listed with Realty 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/!


$309,900 :: 373 E TREMAINE Drive, Chandler AZ, 85225

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4 beds, 3 baths
Home size: 1,323 sq ft
Lot Size: 41,382 sq ft
Added: 12/13/18, Last Updated: 12/13/18
Property Type: Single Family
MLS Number: 5857043
Community: TREMAINE PARK
Tract: TREMAINE PARK
Status: Active


4 bedroom/3 bath home in Tremaine Park. Conveniently located near US-60 and Loop 202. Home features include North/South exposure, large fenced yard with private pool, dual pane windows, RV gate, 3 baths, open kitchen and covered patio. No HOA and horse privileges with set-up! 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/!


$208,000 :: 40947 W MARY LOU Drive, Maricopa AZ, 85138

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4 beds, 2.5 baths
Home size: 2,561 sq ft
Lot Size: 5,227 sq ft
Added: 11/29/18, Last Updated: 12/13/18
Property Type: Single Family
MLS Number: 5851991
Community: SMITH FARMS PARCEL 2
Tract: SMITH FARMS PARCEL 2
The price of this listing was last reduced on 12/13/2018 by 2%
Status: Active


Beautiful 4 bed, 2.5 bath home Built in 2015, Only 3 years old! Located right across the street from Legacy Charter School, the best school in Maricopa! Community features a resort style pool and splash pad, covered parks, lighted basketball court, sand volleyball court, soccer and baseball fields! Double insulated to keep you extra cool on those hot days! House features inviting Great Room with ceramic tile flooring and flex space, and a Living Room! Island kitchen, all stainless steel appliances stay! Large master bedroom with his/her walk-in closets. Double sinks in bathrooms. BBQ on the patio, has gas hookups and electricity, ceiling fan perfect for entertaining! Water Softener Included with Sale! ~ Hurry! Seller is motivated and ready to sell ~

Listed with Sonoran Premier 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/!


$218,000 :: 4146 E SILVERWOOD Drive, Phoenix AZ, 85048

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3 beds, 2 baths
Home size: 1,443 sq ft
Lot Size: 5,662 sq ft
Added: 12/13/18, Last Updated: 12/13/18
Property Type: Single Family
MLS Number: 5856956
Community: REMINGTON TRACE LOT 110-217 TR A-F
Tract: REMINGTON TRACE LOT 110-217 TR A-F
Status: Active


Wow!! Lowest price in the neighborhood!!! Comps are over $268,000! Cute 3 bedroom 2 bath home in a great neighborhood. Light and bright open floor plan with vaulted ceilings, eat in kitchen and formal dining. The master bath features dual sinks with a vanity, separate tub and shower and a skylight. You don't want to miss this opportunity!!

Listed with The Offer Company


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


 

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