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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$100,000 :: 17200 W BELL Road #1665, Surprise AZ, 85374

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2 beds, 1.75 baths
Home size: 953 sq ft
Lot Size: 2,614 sq ft
Added: 10/21/20, Last Updated: 01/16/21
Property Type: Mobile/Manufactured
MLS Number: 6149948
Community: HAPPY TRAILS RESORTS NO 7 AMD LOT 1540-1752 A B
Tract: HAPPY TRAILS RESORTS NO 7 AMD LOT 1540-1752 A B
The price of this listing was last reduced on 1/16/2021 by 7%
Status: Active


Cute home in a great active adult community. Home features newer HVAC, dual pane windows, large AZ room, 2 bedrooms and 2 bathrooms. This place is a great value.

Listed with Keller Williams Realty Sonoran Living


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


$175,000 :: 14062 S CAPISTRANO Road, Arizona City AZ, 85123

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3 beds, 2 baths
Home size: 1,323 sq ft
Lot Size: 9,584 sq ft
Added: 01/15/21, Last Updated: 01/15/21
Property Type: Single Family
MLS Number: 6181706
Community: ARIZONA CITY UNIT TWELVE
Tract: ARIZONA CITY UNIT TWELVE
Status: Active


Nice 3 Bedroom 2 bath home with large fenced back yard. This home features a walk in pantry, kitchen island, and open floor plan. Back patio roof needs replacing and is reflected in list price. This home is being sold as is.

Listed with Ivory Towers 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/!


$1,349,900 :: 6831 N 58TH Place, Paradise Valley AZ, 85253

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4 beds, 3 baths
Home size: 2,656 sq ft
Lot Size: 50,530 sq ft
Added: 01/15/21, Last Updated: 01/15/21
Property Type: Single Family
MLS Number: 6181540
Community: LEGAL TO FOLLOW IN ESCROW
Tract: LEGAL TO FOLLOW IN ESCROW
Status: Active


LOCATION, LOCATION, LOCATION. THIS 1964 YEAR BUILT CUSTOM HOME IS LOCATED IN TOWN of PARADISE VALLEY PRIME POCKET WITH SO MUCH POTENTIAL & UPSIDE AFTER NEW BUYER UPDATES & REMODELS or ''SCRAPE & RAZE'' AND BUILD YOUR CUSTOM DREAM HOME. PROPERTY IS LOCATED ON DEAD-END STREET WITH SURROUND MOUNTAIN VIEWS ON 1.16 ACRE LOT. FLOOR PLAN FEATURES OPEN GREAT ROOM WITH CUSTOM FIREPLACE, 4 BEDROOMS (SPLIT MASTER) PLUS SEPARATE OFFICE/DEN, POOL, SPA, CIRCULAR DRIVEWAY, PRIVATE PATIOS FROM ROOMS, AND MORE. UTILITIES: APS ELECTRIC, SWGAS, EPCOR PRIVATE WATER, & SEPTIC SYSTEM. TERRIFIC VALUE AND FUTURE POTENTIAL AWAITS. GO QUICKLY ON THIS AMAZING PROPERTY AND 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/!


$280,000 :: 6022 W CROCUS Drive, Glendale AZ, 85306

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3 beds, 2 baths
Home size: 1,494 sq ft
Lot Size: 7,406 sq ft
Added: 11/10/20, Last Updated: 01/15/21
Property Type: Single Family
MLS Number: 6149853
Community: WESTREE UNIT 1 PHASE 4
Tract: WESTREE UNIT 1 PHASE 4
Status: Active


This home's amazing 3 Bedroom 2 Bathroom home has many desirable features including vaulted ceilings and a great floor plan offering more square footage than other similar homes in the area. Updated electrical throughout the home with surround sound wiring. NO HOA!! RV GATE! Great location near Thunderbird Park, gyms, shopping, and dining. This home will not last long, do not miss out!

Listed with Libertas 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/!


$1,100,000 :: 9814 E PIEDRA Drive, Scottsdale AZ, 85255

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3 beds, 3.5 baths
Home size: 3,110 sq ft
Lot Size: 7,841 sq ft
Added: 01/15/21, Last Updated: 01/15/21
Property Type: Single Family
MLS Number: 6179875
Community: WINDGATE RANCH
Tract: WINDGATE RANCH
Status: Active


This is a wonderful opportunity to live in the prestigious community of Windgate Ranch. This fabulous home offers Two master suites plus another bedroom and then an office. So many upgrades to mention. Stunning and tastefully appointed. Gorgeous pool and spa with gas raised fire pit, stunning mountain views and wonderful BBQ entertaining area. This is a 10 plus.

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/!


$265,000 :: 7606 W GLENROSA Avenue, Phoenix AZ, 85033

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4 beds, 2 baths
Home size: 1,412 sq ft
Lot Size: 6,534 sq ft
Added: 01/15/21, Last Updated: 01/15/21
Property Type: Single Family
MLS Number: 6179835
Community: MARLBOROUGH COUNTRY
Tract: MARLBOROUGH COUNTRY
Status: Active


This is it! This partially remodeled home is close to stadiums and shopping. Very open and bright floor plan. Featuring a stunning fireplace, and spacious rooms. This outstanding home has has the roof replaced in the last 6-7 years, a year old water heater and 3 year old AC unit. The owner has upgraded the flooring and carpet throughout most of the home and repainted it. Come check it out while it lasts!

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/!


$149,900 :: 206 E CEDAR Avenue, Casa Grande AZ, 85122

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3 beds, 0 bath
Home size: 1,937 sq ft
Lot Size: 13,940 sq ft
Added: 01/14/21, Last Updated: 01/14/21
Property Type: Single Family
MLS Number: 6181025
Community: BurgessAdd CG lots 15, 16 Blk 4
Tract: BurgessAdd CG lots 15, 16 Blk 4
Status: Active


Handyman / Investor Special - Big opportunity for cash flow and perfect for a contractor or anyone looking for a big 40X30 metal building SHOP with electrical, concrete floor and paved driveway. Home is a 3 Bed 2 Bath with an attached 1 Bed 1 Bath full kitchen casita / Mother in Law Suite or rental. Home is ready for final touches. 80% of the plumbing and electrical are new and complete. Comes with additional oversized AC units. Lots of income opportunity or move in to one side and rent the other. Use the shop or rent it out. Must see. Seller has window, plumbing bids available and other contractors referrals if needed. Work in progress so price will increase. Final ARV estimated at $250k when all work is completed. So buy now at wholesale price and save. ROOF is only 3 years old!

Listed with Delex 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/!


$399,900 :: 18103 W CANYON Lane, Goodyear AZ, 85338

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4 beds, 3 baths
Home size: 2,825 sq ft
Lot Size: 11,326 sq ft
Added: 01/14/21, Last Updated: 01/14/21
Property Type: Single Family
MLS Number: 6180965
Community: SUNCHASE AT ESTRELLA PARCEL 52 AMD
Tract: SUNCHASE AT ESTRELLA PARCEL 52 AMD
Status: Active


INVESTOR SPECIAL! This 4 bdrm, 3 bath, home for sale in the Master-Planned Community of Estrella Mountain Ranch and sits on a quarter acre corner lot! Needs work, but has great curb appeal, pool, and 2 car garage. Vaulted ceilings, dining/living areas & loft. Generously proportioned master suite w/walk-in closet, full bath with separate tub & shower. Entertainers backyard w/ extended covered patio, walkways, private swimming pool & beautiful views of the mountains. Home needs a lot of TLC but has so much potential. Come see for yourself & enjoy all the amenities Estrella has to offer.

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/!


$213,000 :: 8625 E BELLEVIEW Place #1073, Scottsdale AZ, 85257

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2 beds, 2 baths
Home size: 900 sq ft
Lot Size: 872 sq ft
Added: 01/13/21, Last Updated: 01/13/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6180507
Community: SCOTTSDALE TRAILS
Tract: SCOTTSDALE TRAILS
Status: Active


Cozy 2 Bedroom 2 Bathroom Townhouse. 2 Assigned Covered Spots. Community Pool. Great Location in Scottsdale. All On One Level, and on the corner of the complex with spacious patio area to enjoy the AZ sunrise. You'll Enjoy your Covered Patio. Tile floor, and central location close to Loop 101, 202 and US60. Right down the street from ASU Skysong. 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/!


$399,900 :: 17779 W HOLLY Drive, Surprise AZ, 85374

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3 beds, 2.5 baths
Home size: 1,911 sq ft
Lot Size: 6,534 sq ft
Added: 12/12/20, Last Updated: 01/12/21
Property Type: Single Family
MLS Number: 6170617
Community: ARIZONA TRADITIONS
Tract: ARIZONA TRADITIONS
The price of this listing was last reduced on 1/12/2021 by 2%
Status: Active


This home is located on a rare golf course lot with gorgeous view of the 14th green as it has 3 bedrooms , 2.5 bathrooms 1933 square feet. A marvelous kitchen with double ovens, center island with breakfast bar, tile back-splash, and beautiful cabinets with roll out shelves. Kitchen flows into eating area and great room with stone work fireplace. Living and dining room with lots of natural light emphasizing the open feel and spectacular views of the golf course that can be viewed inside or outdoors under the covered patio. This home is located in a guard-gated 55+ a well recognized community in Arizona Traditions known for its many amenities that include Biking/Walking Path; Clubhouse/Rec Room; Community Tennis Court(s); Community Heated Pool and Spa Gated/Guarded Entry; On-Site Guard

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/!


 

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