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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$249,900 :: 4236 W MONTEBELLO Avenue, Phoenix AZ, 85019

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3 beds, 2 baths
Home size: 1,888 sq ft
Lot Size: 9,584 sq ft
Added: 01/13/20, Last Updated: 04/02/20
Property Type: Single Family
MLS Number: 6023362
Community: WEST PLAZA 24
Tract: WEST PLAZA 24
The price of this listing was last reduced on 4/2/2020 by 0%
Status: Active


LEASE PURCHASE WITH 15%DOWN OR BRING YOUR HIGHEST AND BEST CASH OFFER READY TO MOVE INN.CORNER LOT ON A CUL-DE-SAC . SPLIT FLOOR PLAN 3 BEDROOM 2 BATH HOME WITH 2 CAR GARAGE, 2 CAR COVERED CARPORT,10 FOOT SINGLE DOOR RV GATE WITH AUTOMATIC OPENER.BACK YARD COVERED PATIO,AND POOL FRONT COURT YARD SITTING AREA WITH GATE,LARGE LAUNDRY ROOM AND CLOSETS WITH ADJUSTABLE SHELVING. JUST PAINTED INSIDE.

Listed with HomeSmart


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


$129,000 :: 207 W CLARENDON Avenue #21H, Phoenix AZ, 85013

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1 bed, 1 bath
Home size: 908 sq ft
Lot Size: 0 sq ft
Added: 04/02/20, Last Updated: 04/02/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6060424
Community: EXECUTIVE TOWERS
Tract: EXECUTIVE TOWERS
Status: Active


Beautiful views of downtown and South Mountain from the 21st floor of this Mid-Century highrise. Built in '64 & designed by Phoenix's own Al Beadle. Executive Towers has a community pool, spa, tennis courts, and guarded entry. You also are required to provide gloves to your buyers in order to enter the building.

Listed with Brokers Hub 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/!


$237,000 :: 3010 W CLINTON Street, Phoenix AZ, 85029

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4 beds, 2 baths
Home size: 2,680 sq ft
Lot Size: 8,712 sq ft
Added: 04/02/20, Last Updated: 04/02/20
Property Type: Single Family
MLS Number: 6060277
Community: SUNSET NORTH 3
Tract: SUNSET NORTH 3
Status: Active


Check the comps! Charming curb appeal with low maintenance gravel and mature trees nestled in the Sunset North community! This home welcomes you to an abundance of natural light, spacious great room, cozy fireplace, saltillo tile and a bonus room off the kitchen. Wood cabinetry, tile countertops, stainless steel appliances and a breakfast bar completes this space. The master suite offers a full bath with walk in shower and separate tub. Enjoy the spacious backyard and enjoy a nice evening meal under the patio. Home needs upgrading but is priced Thousands below market price.

Listed with Milly Sells Az


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


$1,499,900 :: 2285 E CHANDLER HEIGHTS Road, Chandler AZ, 85249

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5 beds, 6.5 baths
Home size: 8,152 sq ft
Lot Size: 36,155 sq ft
Added: 04/02/20, Last Updated: 04/02/20
Property Type: Single Family
MLS Number: 6053351
Community: metes & bounds
Tract: metes & bounds
Status: Active


Landscaping being completed now. GREAT ROOM WITH 20+ FOOT CEILINGS. Luxury throughout... custom solid wood cabinetry w/ soft close, high end granite/quartz; gourmet kitchen w/ 20 foot island, breakfast bar seating, luxury appliances incl 36'' gas oven, 42'' built in fridge w/ water/ice and TWO dishwashers to help ease clean up for those large parties! Spacious floor plan offers an unbelievable movie theater style loft w/ bar area; 2 story library/office/closet or whatever you can dream up! Master suite w/ extra large sitting room, his/her bathroom w/ his/her closets and heated jacuzzi tub. Property is owned by a private lender, buyer must do all due diligence and inspections to verify any and all material facts they deem important.

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/!


$285,000 :: 1334 W UTOPIA Road, Phoenix AZ, 85027

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4 beds, 2 baths
Home size: 1,555 sq ft
Lot Size: 8,712 sq ft
Added: 02/10/20, Last Updated: 04/01/20
Property Type: Single Family
MLS Number: 6035205
Community: DESERT VALLEY ESTATES 6
Tract: DESERT VALLEY ESTATES 6
Status: Active


Must See! 4 bedrooms, 2 bathrooms in North Phoenix with NO HOA. This beautiful home offers an eat-in kitchen with granite counter tops, Tile bathroom. Double RV Gate with slab parking, 2 car garage and a spacious backyard with a utility shed that has power! Conveniently located near the 101. The Sale of the property is subject to higher and better offers at the bankruptcy court hearing. Please contact the listing agent for details.

Listed with Cactus Mountain Properties, LLC


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


$285,000 :: 2006 W SILVERGATE Drive, Chandler AZ, 85224

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4 beds, 2 baths
Home size: 1,882 sq ft
Lot Size: 7,406 sq ft
Added: 03/31/20, Last Updated: 03/31/20
Property Type: Single Family
MLS Number: 6059514
Community: SILVERGATE LOT 1-181 & TR A&B
Tract: SILVERGATE LOT 1-181 & TR A&B
Status: Active


Popular Floorplan with NO HOA! This 4 bedroom, 2 bath, 1882 sqft Home awaits your personal Touches! With a little TLC and updating, this spacious home on a large corner lot, 2 car garage, and front courtyard will be the envy of your friends! Features Large great room/living room, Kitchen overlooks Eat in Nook, Extra cabinet storage and counter in hallway, Large master bedroom, 4 Full bedrooms with closets, RV gate to backyard, NEW Roof in 2019, New Water Heater in 2019, Newer Ceiling fans, New hall bath and kitchen faucets, Block fence done in 2007, Garage and front Steel doors also 2007. Don't miss this great opportunity! Close to Freeway access, stores and entertainment!

Listed with Berkshire Hathaway HomeServices Arizona 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/!


$290,000 :: 3140 W ROSE GARDEN Lane, Phoenix AZ, 85027

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4 beds, 2 baths
Home size: 1,908 sq ft
Lot Size: 7,406 sq ft
Added: 03/19/20, Last Updated: 03/31/20
Property Type: Single Family
MLS Number: 6051382
Community: FOOTHILLS NORTH 3
Tract: FOOTHILLS NORTH 3
The price of this listing was last reduced on 3/31/2020 by 3%
Status: Active


You'll appreciate the curb appeal of this centrally and conveniently located home. No HOA. Spacious kitchen perfect for entertaining or family gatherings. Large pantry and ample storage throughout. There is a 3-car garage with built-in cabinetry plus additional parking. Update includes hardwood flooring in bedrooms; tile throughout original. Den converted to a 4th bedroom with closet perfect for an office or guest room. Needs interior painting. Fertile vegetable garden and 7 mature fruit trees (including cocktail) enhance the pleasure of the backyard and view from the covered patio. Outdoor sink for convenience. Free of HOA restrictions in a desirable, quiet neighborhood close shopping and restaurants.

Listed with Russ Lyon Sotheby's International 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/!


$305,000 :: 1044 E ALAMEDA Drive, Tempe AZ, 85282

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4 beds, 2 baths
Home size: 2,464 sq ft
Lot Size: 7,841 sq ft
Added: 03/31/20, Last Updated: 03/31/20
Property Type: Single Family
MLS Number: 6059424
Community: HUGHES ACRES 2 LOTS 141-219
Tract: HUGHES ACRES 2 LOTS 141-219
Status: Active


Spacious Basement Home Just Listed in Tempe with a POOL! What a perfect investment opportunity that is close to ASU or would make a very nice primary residence too. Before you enter the home notice the large open patio for relaxing with your morning coffee. This wonderful home has 4 bedrooms, 2 baths and over 2400 sq ft. Nice galley kitchen with plenty of counterspace and cabinets. This floorplan also has a formal dining, breakfast nook and large family room area. You will love the basement in this wonderful home. It even has a cozy brick fireplace area as well. Plenty of light and bright throughout the home. Walk out to the backyard and enjoy the extended private patio. Splash into your HUGE pebbletec pool this summer.

Listed with Coldwell Banker 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/!


$238,300 :: 12704 W MANDALAY Lane, El Mirage AZ, 85335

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3 beds, 2 baths
Home size: 2,178 sq ft
Lot Size: 6,099 sq ft
Added: 03/31/20, Last Updated: 03/31/20
Property Type: Single Family
MLS Number: 6059264
Community: RANCHO EL MIRAGE PARCEL C
Tract: RANCHO EL MIRAGE PARCEL C
Status: Active


Hard to find affordable single family home in a great neighborhood. Property features 3 bedrooms, 2 baths, a nice kitchen with breakfast bar, spacious family room and large 2nd story loft with great views. Large back yard is a cleanslate to design your outdoor oasis. The property needs a little TLC but has a ton of potential.

Listed with RealHome 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/!


$265,000 :: 10186 HACIENDA Drive, Goodyear AZ, 85338

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3 beds, 2 baths
Home size: 1,805 sq ft
Lot Size: 7,406 sq ft
Added: 03/31/20, Last Updated: 03/31/20
Property Type: Single Family
MLS Number: 6059219
Community: ESTRELLA PARCEL 51
Tract: ESTRELLA PARCEL 51
Status: Active


One-level home with two-car garage close to trails and lake! Cul-de-sac lot with beautiful desert landscaping in the front and plenty of space in the private fenced-in back yard. Fireplace in the family room. Carpet and tile throughout the house. Large windows let in lots of natural light. Don't miss your chance to call this home -- make an offer today!

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/!


 

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