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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$374,900 :: 6202 E MCKELLIPS Road #61, Mesa AZ, 85215

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3 beds, 3.5 baths
Home size: 3,284 sq ft
Lot Size: 6,969 sq ft
Added: 10/25/17, Last Updated: 11/23/17
Property Type: Single Family
MLS Number: 5679098
Community: TUSCANY VILLAS AT PAINTED MOUN
Tract: TUSCANY VILLAS AT PAINTED MOUN
The price of this listing was last reduced on 11/15/2017 by 11%
Status: Active


REDUCED FOR IMMEDIATE SALE! RARE BUYER OPPORTUNITY FOR LARGE GOLF COURSE PROPERTY IN HIGH DEMAND ''TUSCANY VILLAS at PAINTED MOUNTAIN''. SO MANY UPGRADES & EXTRAS! HUGE POTENTIAL TO MAKE THIS YOUR YEAR ROUND HOME or THAT SPECIAL 2ND WINTER HOME! MAIN LEVEL DESIGN FEATURES SPLIT MASTER BEDROOM, OPEN ISLAND CENTER KITCHEN, GREAT ROOM W/GAS FIREPLACE, GUEST BEDROOM W/PRIVATE ENTRY & ACCESS TO HALL GUEST BATH, INSIDE LAUNDRY RM, REAR COVERED PATIO W/PAVER SURFACING LOOKING OUT TO BEAUTIFUL LAKE & GOLF COURSE FAIRWAY VIEWS, SUPER PRIVATE BACKYARD WITH ROOM FOR OUTDOOR BBQ & ABOVE GROUND SPA or YOUR SPECIAL DESIGN! HUGE FINISHED BASEMENT FOR THAT SPECIAL MEDIA ROOM or MAN CAVE, 1/2 BATH POWDER ROOM, WET BAR, SEPARATE DEN/BONUS ROOM AND 3RD BEDROOM or 2ND MASTER SUITE. (click on more tab)...

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/!


$249,900 :: 2310 W KEIM Drive, Phoenix AZ, 85015

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4 beds, 3 baths
Home size: 2,349 sq ft
Lot Size: 8,712 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691268
Community: MELROSE VALLEY ESTATES UNIT 2
Tract: MELROSE VALLEY ESTATES UNIT 2
Status: Active


Beautiful home with many upgraded features that you will love. Large living room with beautiful tile flooring. Updated kitchen with granite counters, white cabinetry, decorative back splash and newer appliances. Large bedrooms. In-law suite with private entry. Home has large yard with covered patio and play pool. Great location close to I-17, shopping, parks, schools, and more.

Listed with Cerreta 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/!


$274,975 :: 3313 N REYNOLDS --, Mesa AZ, 85215

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4 beds, 3 baths
Home size: 2,026 sq ft
Lot Size: 9,147 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691158
Community: SUMMIT LOT 1-275 TR A,B
Tract: SUMMIT LOT 1-275 TR A,B
Status: Active


Ready to move in a spacious home with over 2,000 SF, great lender owned property!! 4 bedrooms with 3 baths with formal living & dining room and a family room that can be utilized as a den or office. Nice kitchen with stainless appliances. Spacious living & dining room. Large backyard with a private pool and a two car garage. Hurry this one will not last. Property is sold in AS IS conditions with no SPDS or clue report. Buyer to verify all major facts and measurements.

Listed with DA FA Realty & Investments


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


$300,000 :: 7838 S 141ST Avenue, Goodyear AZ, 85338

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4 beds, 3 baths
Home size: 3,019 sq ft
Lot Size: 217,800 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691178
Community: None
Tract: None
Status: Active


Charming home with beautiful panoramic mountain views. Situated on 5 acres of natural desert habitation, its close to hiking trails at Estrella Mountain Park, PIR, lake and golf course. And to top it all off, it's zoned horse property. The home is over 3,000 sq ft and just waiting for you to make it your own. Use your imagination to do some basic updating, add to it or build around it. In addition to other large rooms, it features a massive size Master bedroom with a hugh walk-in closet, wood or gas burning fireplace, saltillo tile thru-out, 3 car garage and city light views.

Listed with Keller Williams Realty Professional Partners


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


$69,800 :: 4155 W MILLER Road, Eloy AZ, 85131

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3 beds, 1.75 baths
Home size: 1,120 sq ft
Lot Size: 6,969 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Mobile/Manufactured
MLS Number: 5691125
Community: MIDWAY CITY AMD
Tract: MIDWAY CITY AMD
Status: Active


Charmingly restored to better than new! Featuring new interior and exterior paint, new flooring throughout, new HVAC, new appliances and so much more! Check docs tab for all repairs. Location allows for easy access to I-10 and within walking distance of Toltec Elementary School. Truly move in ready and you can't beat this price!

Listed with RE/MAX Casa Grande


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


$159,900 :: 25648 W DUNLAP Road, Buckeye AZ, 85326

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3 beds, 2 baths
Home size: 1,598 sq ft
Lot Size: 5,227 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691103
Community: WESTPARK PARCEL 15S
Tract: WESTPARK PARCEL 15S
Status: Active


Great potential with this 3 bedroom, 2 bathroom home in Westpark. Everything is here, just needs a little TLC to make it great! Great investment opportunity for anyone looking for a nice home in a clean community. Three bedroom, two bath, den, covered patio... it's all here!

Listed with Keller Williams Realty Professional Partners


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


$258,000 :: 9030 E DIAMOND Drive, Sun Lakes AZ, 85248

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2 beds, 2 baths
Home size: 2,028 sq ft
Lot Size: 8,712 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691048
Community: SUN LAKES UNIT THIRTY-SIX
Tract: SUN LAKES UNIT THIRTY-SIX
Status: Active


Adorable 2 bedroom 2 bath main home plus 1 bedroom 1 bath private guest home/casita. Main house features a spacious great room floor plan with formal dining, bright roomy kitchen with center island and separate eating area. Enjoy all the Resort style amenities in the active adult community of Sun Lakes Iron Oaks including golfing, tennis, restaurants, club house, pool and so much more. Buyer to verify any and all items that are of material issue. **HOA Fees, Amenities, etc. are estimates only, Buyer to verify prior to Close of Escrow. **

Listed with Legion 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/!


$289,999 :: 20021 W PASADENA Avenue, Litchfield Park AZ, 85340

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3 beds, 2 baths
Home size: 1,987 sq ft
Lot Size: 37,461 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691032
Community: BEAUTIFUL ARIZONA ESTATES SUB
Tract: BEAUTIFUL ARIZONA ESTATES SUB
Status: Active


Wow what a gorgeous Custom property. This 3bed/2bath home sits on a near ACRE Lot with many upgrades. House boasts: Granite Counters, Upgraded Cabinetry, Tile Flooring, Recessed Lighting, Pantry, Island, Breakfast Bar, Eat In Kitchen, Greatroom, Split Floorplan, Upgraded Fixtures, Dual Pane Windows, Large Master Retreat with Walk In Closet, Double Sinks, Separate Tub and Shower, Large Covered Patio and Much More. Horse Property. Great location with convenient access to Shopping, Dining and Entertainment. Loop 303 and I-10 nearby for quick commute anywhere in the Valley. Wonderful School District. Skyline Regional Park and White Tank Mountain Regional Park just around the corner. Not your typical Bank Owned Property. Do not miss out on this fantastic opportunity.

Listed with Revelation 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/!


$74,900 :: 1654 S 77TH Way, Mesa AZ, 85208

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2 beds, 2 baths
Home size: 1,400 sq ft
Lot Size: 7,840 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Mobile/Manufactured
MLS Number: 5691007
Community: DESERT SANDS GOLF AND COU
Tract: DESERT SANDS GOLF AND COU
Status: Active


Lovely area of Desert Sands Golf Community!

Listed with Realty ONE Group


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


$69,000 :: 10845 W MICHAEL Drive, Sun City AZ, 85373

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2 beds, 2 baths
Home size: 924 sq ft
Lot Size: 6,098 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5690997
Community: LAKE PLEASANT MOBILE HOME ESTA
Tract: LAKE PLEASANT MOBILE HOME ESTA
Status: Active


Nice manufactured home in the heart of sun city. Property features 2 bedrooms, 2 baths and 2 carports. Thehome is in need of a little TLC but is priced to sell.

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/!