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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$399,900 :: 38446 N SPUR CROSS Road, Cave Creek AZ, 85331

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3 beds, 2.5 baths
Home size: 2,848 sq ft
Lot Size: 13,939 sq ft
Added: 09/20/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5662876
Community: MOUNTAIN VIEW SUB
Tract: MOUNTAIN VIEW SUB
Status: Active


Fantastic location within walking distance of many of the restaurants in the town of Cave Creek! This home backs the Rancho Manana Golf Course driving range, rather than another home. Enjoy mountain views, sunsets, and a sparking pebble tec pool, featuring a waterfall, cave and built in slide! Mature landscaping, circular driveway, a large that is zoned multi family, and a layout that is great for entertaining guests, grab this one and update it to your tastes before it's off the market!***See Realtor Remarks for access information. Buyer to verify all facts, figures, measurements and HOA related fees. Property sold as-is!*** Seller is offering a $500 home warranty credit if the buyer is an owner occupant!***

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/!


$231,000 :: 34962 N CAMP FIRE Circle, Queen Creek AZ, 85142

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4 beds, 2.5 baths
Home size: 2,789 sq ft
Lot Size: 8,712 sq ft
Added: 09/20/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5662849
Community: MORNING SUN FARMS PHASE 2
Tract: MORNING SUN FARMS PHASE 2
Status: Active


SPACIOUS HOME WITH OVER 2700 SF, GREAT LENDER OWNED PROPERTY!!! 4 BEDROOMS WITH 2.5 BATHS WITH FORMAL LIVING & DINING ROOM AND FAMILY ROOM. NICE KITCHEN WITH STAINLESS APPLIANCES.THE MASTER BEDROOM HAS DOUBLE DOORS, THE MASTER BATH HAS A SEPARATE TUB SHOWER AND A WALK-IN CLOSET. THERE IS A REAR COVERED PATIO, A LARGE BACK YARD AND A 3 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/!


$480,000 :: 23116 N PADARO Court, Sun City West AZ, 85375

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3 beds, 2.5 baths
Home size: 3,027 sq ft
Lot Size: 13,939 sq ft
Added: 09/20/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5662795
Community: CORTE BELLA COUNTRY CLUB AT SA
Tract: CORTE BELLA COUNTRY CLUB AT SA
Status: Active


Beautiful upgraded home in Corte Bella Country Club is a dream come true. Sitting on an oversized lot, this home has 3 bedrooms plus a double door den, 2 and a half bathrooms, and 3 car garage. Oversized guest bedrooms share a jack-n-jill style bathroom with double sinks and private bath. Extraordinary master suite has large walk in closet, garden tub, walk in shower, and double sinks. Home has formal living and dining room with kitchen open to the family room. Beautifully upgraded kitchen with wall oven and island. Mature easy care landscaping in the rear with covered patio to enjoy Arizona evenings. All located in a spectacular neighborhood with private pools and fitness center.

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/!


$519,000 :: 3010 E CEDAR Drive, Chandler AZ, 85249

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4 beds, 3.5 baths
Home size: 3,606 sq ft
Lot Size: 17,859 sq ft
Added: 08/24/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5651016
Community: MESQUITE GROVE ESTATES
Tract: MESQUITE GROVE ESTATES
The price of this listing was last reduced on 8/24/2017 by 5%
Status: Active


Please read the MLS complete. HUGE secluded lot!Employees and family members residing with employees of JPMorgan Chase Bank,N.A, its affiliates or subsidiaries are strictly prohibited from directly or indirectly purchasing any property owned by JPMorgan Chase Bank,N.A. Please READ through the MLS completely. As / IS sale, seller does NOT provide SPDS or CLUE disclosures. Buyer to verify all infoherein. DO NOT SUBMIT BLIND OFFERS!! Agent of record (not an associate) must register at the ARMLS box to validate the offer. Offers will otherwise be rejected as blind offers. It's usually best to TEXT with your questions. Cash offers must include updated proof of funds. Seller will NOT make repairs of any kind. Please do not adjust the thermosta

Listed with Merit 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/!


$188,000 :: 10672 W ROSS Avenue, Peoria AZ, 85382

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2 beds, 1.75 baths
Home size: 1,320 sq ft
Lot Size: 13,939 sq ft
Added: 09/06/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5656729
Community: NORTH PARK-PHASE 1 AT VENTANA
Tract: NORTH PARK-PHASE 1 AT VENTANA
The price of this listing was last reduced on 9/6/2017 by 1%
Status: Active


Bring all offers!! One of the largest lots in Ventana Lakes!2 bedroom with office/den which has a walk-in closet. Vaulted ceilings & ceiling fans thru out, two-panel doors, trigger handle hardware. Huge backyard with heated pool w/water feature & heated spa, built-in Gas BBQ & Kiva fireplace. Unobstructed views for some gorgeous sunsets. 2-car garage with built in cabs. Exterior painted 2016. Gas hot water & heat. Solar panels from Solar City-Buyer must qualify for lease. Bring highest & best offer.

Listed with Diamondback Realty 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/!


$109,000 :: 921 W UNIVERSITY Drive #1142, Mesa AZ, 85201

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2 beds, 2.5 baths
Home size: 1,046 sq ft
Lot Size: 435 sq ft
Added: 09/20/17, Last Updated: 09/20/17
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5662642
Community: DISCOVERY AT CONTINENTAL ORCHA
Tract: DISCOVERY AT CONTINENTAL ORCHA
Status: Active


This great 2 bedroom townhome that has tile on the first floor and features a nice fireplace in the great room. There is a good sized patio off the kitchen and dining area to enjoy the great Arizona weather! The kitchen is bright and light and includes a refrigerator. The bedrooms are decent sized and have vaulted ceilings. This location is close to shopping, restaurants, and the Mesa Arts Center and the Light Rail for convenience.

Listed with Respect 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/!


$69,900 :: 1002 E OSBORN Road #A, Phoenix AZ, 85014

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1 bed, 1 bath
Home size: 678 sq ft
Lot Size: 871 sq ft
Added: 09/20/17, Last Updated: 09/20/17
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5662595
Community: LE CONTINENTAL
Tract: LE CONTINENTAL
Status: Active


GREAT CENTRAL CORRIDOR LOCATION! VERY WELL KEPT COMMUNITY. 1 BEDROOM 1 BATH THAT CAN USE SOME UPDATING. UNIT DOES OFFERS CERAMIC TILE AND A PRIVATE PATIO THAT IS ONLY STEPS FROM PRIVATE ACCESS TO THE POOL!! HOA PAYS ALL THE UTILITIES. THIS COMPLEX IS CLOSE TO EVERYTHING THAT DOWNTOWN HAS TO OFFER!!!

Listed with Carrington Real Estate Services (US), 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/!


$185,250 :: 34445 N MASHONA Trail, San Tan Valley AZ, 85143

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4 beds, 2.5 baths
Home size: 2,051 sq ft
Lot Size: 5,227 sq ft
Added: 08/10/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5644738
Community: PARCEL 8 AT CIRCLE CROSS RANCH
Tract: PARCEL 8 AT CIRCLE CROSS RANCH
The price of this listing was last reduced on 8/10/2017 by 5%
Status: Active


THIS STUNNING THREE BEDROOM, TWO AND HALF BATH DYNAMO WILL SURELY THRILL AND DELIGHT! NESTLED ON A SENSATIONAL LOT IN A GREAT COMMUNITY AND LOADED WITH BEAUTIFUL TOUCHES. THIS HOME IS A MUST SEE! THERE IS A HUGE COVERED PATIO, WITH A WALK OUT DECK FROM THE MASTER. THERES A SPACIOUS LIVING ROOM AND A COZY DINNING ROOM. SIMPLY ONE OF THE NICEST HOMES YOU WILL FIND IN THIS PRICE RANGE! CALL YOUR REALTOR TODAY AND MAKE THIS HOUSE YOUR HOME!

Listed with Visionary 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/!


$198,000 :: 7336 W CORDES Road, Phoenix AZ, 85043

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4 beds, 2 baths
Home size: 1,835 sq ft
Lot Size: 8,276 sq ft
Added: 09/01/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5655011
Community: TRAVERTINE AT ESTRELLA VILLAGE
Tract: TRAVERTINE AT ESTRELLA VILLAGE
Status: Active


Located in the Travertine At Estrella II community in Phoenix, this home features 3 bedrooms + den that can be used as a 4th bedroom, spacious living room with vaulted ceilings, tile flooring & oak cabinets in the kitchen, island with breakfast bar, pantry & breakfast room, split master bedroom floor plan featuring walk-in closet, double sinks in the master bath, covered patio, swimming pool, desirable N/S exposure, 2 car garage and more! Take a look!

Listed with A.Z. & Associates Real Estate 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/!


$238,500 :: 4384 E MORENCI Road, San Tan Valley AZ, 85143

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5 beds, 4 baths
Home size: 3,735 sq ft
Lot Size: 8,276 sq ft
Added: 09/20/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5662526
Community: COPPER BASIN UNIT 4
Tract: COPPER BASIN UNIT 4
Status: Active


Lender Owned Home sold ''As Is'' without repairs or warranty.

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/!