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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$99,900 :: 1340 N RECKER Road #208, Mesa AZ, 85205

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1 bed, 1 bath
Home size: 743 sq ft
Lot Size: 871 sq ft
Added: 10/18/18, Last Updated: 10/18/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5835349
Community: ARRIVA CONDOMINIUM HOMES
Tract: ARRIVA CONDOMINIUM HOMES
Status: Active


Great condo in Mesa! This one features built ins, fireplace, and ceiling fans. Seller even put in brand new neutral colored carpet and paint!***See Realtor Remarks for access information. Buyer to verify all facts, figures, measurements and HOA related fees. Property sold as-is!***

Listed with Olson Gough


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


$180,000 :: 7208 N 36TH Lane, Phoenix AZ, 85051

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3 beds, 2.5 baths
Home size: 1,745 sq ft
Lot Size: 7,840 sq ft
Added: 10/18/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5835254
Community: SUNGOLD
Tract: SUNGOLD
Status: Active


PRICED FOR IMMEDIATE SALE! EXCELLENT BUYER OPPORTUNITY IN HIGH DEMAND PHOENIX (85051) MARKET SERVICE AREA. NO HOA! PROPERTY IS LOCATED ON NICE INTERIOR STREET WITH ATTRACTIVE RANCHDESIGN FRONT ELEVATION. BIG UPSIDE & POTENTIAL AFTER NEW BUYER REMODELS & UPDATES! FLOOR PLAN FEATURES 3 BEDROOMS & 2.5 BATHS, FORMAL LIVING ROOM, CENTER KITCHEN & DINING, REAR BONUS ROOM WITH FIREPLACE & WINDOW A/C UNIT, INSIDE WASHER & DRYER HOOK-UP, ENCLOSED REAR PATIO + COVERED REAR PATIO, BACKYARD TUFF SHED STORAGE, NEWER LOOKING COMP SHINGLE ROOF, 2 CAR GARAGE, & MORE. SUBMIT ALL CASH & NEW CONVENTIONAL LOAN OFFERS NOW FOR SELLER REVIEW AND APPROVAL. NO ICH REPORT OR SPDS BY SELLER. A TERRIFIC BUYER 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/!


$265,000 :: 2806 S ANDERSON Lane, Gilbert AZ, 85295

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3 beds, 2.5 baths
Home size: 1,875 sq ft
Lot Size: 5,227 sq ft
Added: 10/18/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5835158
Community: COOLEY STATION PHASE 1
Tract: COOLEY STATION PHASE 1
Status: Active


BEAUTIFUL 3 BEDROOM HOME IN COOLEY STATION ON RARE CORNER LOT! THIS PROPERTY HAS ONLY ONE NEIGHBOR AND PRIVATE SIDE YARD W/COVERED PATIO. BUILT IN 2015, THIS HOME IS LOCATED ON PREMIUM GREENBELT & FRONT IS MAINTAINED BY HOA!! THE KITCHEN FEATURES UPGRADED MAPLE CABINETRY, GAS RANGE/OVEN, WALK-IN PANTRY & BREAKFAST BAR. OPEN CONCEPT GREAT ROOM ADJOINS BREAKFAST ROOM & LOOKS OUT TO COVERED PATIO. 1ST FLOOR HAS DEN & POWDER ROOM THAT WAS PRE-PLUMBED FOR FUTURE SHOWER/TUB. MASTER & SECONDARY BEDROOMS ON 2ND FLOOR W/LOFT & LAUNDRY

Listed with Keller Williams Realty East Valley


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


$314,900 :: 15040 W Post Drive, Surprise AZ, 85374

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3 beds, 2.5 baths
Home size: 2,856 sq ft
Lot Size: 6,534 sq ft
Added: 07/23/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5797279
Community: ORCHARDS PARCEL 5
Tract: ORCHARDS PARCEL 5
Status: Active


REFRESHED & UPDATED! 3 BEDROOMS/2.5 BATHROOMS, WITH OVER 2800 SQ OF LIVING SPACE! NEWLY PAINTED! DOWNSTAIRS FEATURES A DEN & HALF BATHROOM FOR GUESTS. 3RD CAR GARAGE HAS BEEN CONVERTED INTO A BONUS ROOM! FALL IN LOVE WITH THE OPEN KITCHEN COMPLETE WITH GRANITE COUNTERTOPS, KITCHEN ISLAND & BREAKFAST BAR. ALL BEDROOMS ARE ON THE SECOND LEVEL. LARGE MASTER BEDROOM HAS PLENTY OF WINDOWS TO ENJOY NATURAL LIGHT & VIEWS OF COMMUNITY. MASTER BATHROOM FEATURES A SOAKING TUB, SHOWER STALL, DUAL SINKS & WALK IN CLOSET WITH ADDITIONAL STORAGE SPACE. 2 CAR GARAGE ALSO FEATURES ADDITIONAL STORAGE CABINETS. ENJOY THE RESORT LIKE BACKYARD COMPLETE WITH COVERED PATIO, PRIVATE POOL, & BUILT IN BBQ. DON'T DELAY! OFFERS RESPONDED TO WITHIN 24-48 HOURS.

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/!


$187,000 :: 3240 E FARMDALE Avenue, Mesa AZ, 85204

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3 beds, 2 baths
Home size: 1,417 sq ft
Lot Size: 9,583 sq ft
Added: 10/18/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5834906
Community: COUNTRYSIDE ESTATES
Tract: COUNTRYSIDE ESTATES
Status: Active


Location, Location, Location! Inviting front porch! 3 bed 2 bath. **ALLERGY ALERT** Heavy cat smell. Separate Family and Living Room! Big backyard with pool! RV gate! Mature trees! No HOA! Home needs work. Please look at all pictures and walk through the home for an accurate representation.

Listed with Re/Max Precision


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 :: 9501 W TIMBERLINE Drive, Sun City AZ, 85351

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3 beds, 2 baths
Home size: 1,832 sq ft
Lot Size: 9,147 sq ft
Added: 10/17/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5834712
Community: SUN CITY 25
Tract: SUN CITY 25
Status: Active


Nicely kept 3 bed/2 bath home in quiet community. Open floor plan. Desirable location near country club. Backyard is perfect for entertaining. Community offers many amenities. Don't miss this opportunity and schedule a showing today!

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/!


$2,000,000 :: 10182 E PHANTOM Way, Scottsdale AZ, 85255

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7 beds, 7.5 baths
Home size: 5,449 sq ft
Lot Size: 20,037 sq ft
Added: 10/17/18, Last Updated: 10/17/18
Property Type: Single Family
MLS Number: 5834687
Community: DC RANCH PARCEL G.1
Tract: DC RANCH PARCEL G.1
Status: Active


All the bedrooms are up with a large lower living area accessing the outdoor areas through multiple courtyard doors. Separate pool and spa as well as two up and down casita areas with individually controlled heating/cooling. Solar panel system that is owned. Master bedroom with an adjacent office area and a walkout balcony overlooking the lush back yard. Large kitchen has all you would expect in this home. 5 bedrooms, 5.5 baths in the main home and additional 1 bdrm/full bath in each of the separate casitas.

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/!


$330,000 :: 3571 S Barberry Place, Chandler AZ, 85248

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3 beds, 2 baths
Home size: 1,900 sq ft
Lot Size: 7,405 sq ft
Added: 10/17/18, Last Updated: 10/17/18
Property Type: Single Family
MLS Number: 5834655
Community: CARMEL BAY AT OCOTILLO MC
Tract: CARMEL BAY AT OCOTILLO MC
Status: Active


Beautiful 3 bedroom + retreat, could easily be converted into 4th bedroom.Tile in Kitchen, wood flooring in family room+. Corner lot sits up high for privacy. Light, bright open floor plan. Outstanding value in Ocotillo lakes area with pool! Mature trees. Close to shopping, restaurants, schools and freeways. Please use Magnus Title 7400 S Power Rd # 102, Gilbert, AZ 85297

Listed with Century 21 Arizona Foothills


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


$289,900 :: 1744 E MISSOURI Avenue, Phoenix AZ, 85016

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4 beds, 4 baths
Home size: 2,907 sq ft
Lot Size: 8,712 sq ft
Added: 09/07/18, Last Updated: 10/17/18
Property Type: Single Family
MLS Number: 5817422
Community: COX MANOR
Tract: COX MANOR
The price of this listing was last reduced on 10/17/2018 by 3%
Status: Active


Super Great location in the valley.Fixup property will be some ones dream home. Corner lot, North/South Exposure. has an alley with a purpose. Two story house and very large square footage.

Listed with American Scene 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/!


$309,900 :: 17589 W MARCONI Avenue, Surprise AZ, 85388

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4 beds, 3 baths
Home size: 3,183 sq ft
Lot Size: 6,969 sq ft
Added: 10/17/18, Last Updated: 10/17/18
Property Type: Single Family
MLS Number: 5834426
Community: SURPRISE FARMS PHASE 2 PARCEL
Tract: SURPRISE FARMS PHASE 2 PARCEL
Status: Active


PRICED FOR IMMEDIATE SALE! EXCELLENT SURPRISE FARMS BUYER OPPORTUNITY! PREMIUM LOT & VIEWS W/NO HOUSES BEHIND! CUSTOM REAR STACK STONE GAS FIREPLACE & CVD BBQ STATION. UPDATED & MOVE-IN READY! FRESH INT PAINT, NEW CERAMIC TILE WOOD PLANK FLOORING, NEW CARPET & PAD, BEAUTIFUL KITCHEN W/GRANITE COUNTERS & NEW SS APPLIANCES, CEILING FANS, MISC NEW LIGHT FIXTURES, & MUCH MORE! SPACIOUS OPEN DESIGN W/MAIN LEVEL HOME OFFICE or BONUS RM, GUEST BEDROOM, 3RD BATH, OPEN EAT-IN-KITCHEN & FAMILY RM, FORMAL LIVING & DINING W/HIGH CEILINGS, & MORE! BEAUTIFUL IRON ACCENT STAIRCASE LEADS TO 2ND STORY LARGE LOFT, SPLIT MASTER SUITE W/PRIVATE REAR BALCONY, LAUNDRY RM, STUDENT WORKSTATION, 2 GUEST BEDROOMS & HALL BATH. OTHER FEATURES: OVERSIZE DRIVEWAY & EXTRA PARKING, SIDE DBL GATE, & MORE! EASY SALE!

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/!


 

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