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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$142,000 :: 467 S GREENSIDE Court, Mesa AZ, 85208

3 beds, 2 baths
Home size: 1,414 sq ft
Lot Size: 871 sq ft
Added: 02/15/19, Last Updated: 02/15/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5884213
Community: FOUNTAIN OF THE SUN COND UNIT 2
Tract: FOUNTAIN OF THE SUN COND UNIT 2
Status: Active


3 bedroom/2 bath condo in guarded adult community of Fountain of the Sun. Conveniently located near US-60, Loop 202 & Costco. Community features include golf course & community center. Home features window coverings, tile floor, large master suite, full bedroom & bathroom downstairs, covered patio, balcony off master bedroom and covered parking. 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/!


$170,000 :: 4705 E SODALITE Street, San Tan Valley AZ, 85143

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4 beds, 2 baths
Home size: 1,557 sq ft
Lot Size: 6,098 sq ft
Added: 02/15/19, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5883989
Community: THE VILLAGE AT COPPER BASIN UNIT 5B 2013074919
Tract: THE VILLAGE AT COPPER BASIN UNIT 5B 2013074919
Status: Active


Nice single level home. Granite counter tops in the kitchen and all bathrooms. The cabinets are upgraded and matching throughout the home. Ceramic tile is in all wet areas. Kitchen features black appliances and recessed lighting. Ceiling fan pre-wires in all rooms. Backyard is landscaped. The property is located next to a common area with a park. This property may qualify for Seller Financing (Vendee). Please see document tab for more details.

Listed with Summit Real Estate Professionals


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 :: 1319 W COOLIDGE Street, Phoenix AZ, 85013

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3 beds, 2 baths
Home size: 1,653 sq ft
Lot Size: 9,583 sq ft
Added: 12/23/18, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5859410
Community: PARK VIEW HOMES PLAT 2 LOTS 88-273
Tract: PARK VIEW HOMES PLAT 2 LOTS 88-273
Status: Active


No HOA. Nice family style home. Ranch design, with 3 Bedrooms, 2 Baths, 1,650 SF of Living Space, Garage, Pool and Yard Area to play. Also, it's a 9,300 SF corner lot. Floorplan in Photos. House can use some TLC - Great Starter and you make it yours. Features 2010 Roof, 2011 HVAC Unit, Dual Pane Windows, Tankless Water Heater, Fireplace in Family Rm. Plus: Nearby Melrose District - offers countless restaurants, antique stores, bars, bistros, coffee shops, natural grocers and more.

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/!


$224,900 :: 119 E GLADE Avenue, Mesa AZ, 85210

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3 beds, 1.5 baths
Home size: 1,948 sq ft
Lot Size: 8,276 sq ft
Added: 02/01/19, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5876749
Community: MELODY MESA 2
Tract: MELODY MESA 2
The price of this listing was last reduced on 2/15/2019 by 4%
Status: Active


1948 Sq Ft Mesa Home. Centrally Located. One of the largest homes on the block. North/South Exposure. Conveniently located in a well established neighborhood. NO HOA FEES, Newer A/C and Roof. The HUGE backyard is a blank slate just waiting for ideas! featuring a storage shed, block fencing and RV gate. Ceiling fans throughout. Multiple exits. LARGE Laundry Room. Two 3/4 Baths. Spacious Room Addition adds endless possibilities. Mesa Community College, I-60, Shopping, Dining, and Spring Training are just minutes away. All appliances included. Come see it today!

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/!


$170,000 :: 2922 W MARLETTE Avenue, Phoenix AZ, 85017

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3 beds, 2 baths
Home size: 1,722 sq ft
Lot Size: 6,969 sq ft
Added: 02/15/19, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5883959
Community: WEST PLAZA 7
Tract: WEST PLAZA 7
Status: Active


A unique three bedroom, two bath home with a carport. An open living room with a bright window welcomes you home! The kitchen has a great layout with a wonderful eat in kitchen. The bedrooms are all the perfect size. A large family room has a window to the kitchen and offers a bar, and is a great open space to enjoy. Nearby there is easy access to Grand Canyon University, I17, and many different shopping or dining options.

Listed with Arizona 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/!


$219,900 :: 938 W LA JOLLA Drive, Tempe AZ, 85282

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3 beds, 2 baths
Home size: 1,276 sq ft
Lot Size: 8,276 sq ft
Added: 02/15/19, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5883872
Community: SOUTHERN PALMS UNIT THREE LOT 223-383
Tract: SOUTHERN PALMS UNIT THREE LOT 223-383
Status: Active


Adorable 3 bedroom 2 bath home in great Tempe location! Easy access to freeways, minutes from ASU, shopping and restaurants. This home features a spacious great room floor plan, kitchen has lots of natural light along with most appliances, and plenty of counter and cabinet space with separate dining area, master bedroom with private master bath and so much more all with NO HOA! Buyer to verify any and all items that are of material issue.

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/!


$189,500 :: 11130 W NOCTURNE Court, Sun City AZ, 85351

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3 beds, 2 baths
Home size: 1,489 sq ft
Lot Size: 12,632 sq ft
Added: 11/20/18, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5849254
Community: SUN CITY 11A
Tract: SUN CITY 11A
The price of this listing was last reduced on 2/15/2019 by 3%
Status: Active


Nice 3 bedroom tucked away in a cul de sac lot. The home has tile in the kitchen, entry and bedrooms. Nice great room and dining combination. The home has newer appliances. Large double garage with lots of storage. Sun City is an age restricted community that offers golf, recreation centers, pools and activities. Don't pass this one bye.

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/!


$444,900 :: 2421 W NIGHT OWL Lane, Phoenix AZ, 85085

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5 beds, 3 baths
Home size: 3,348 sq ft
Lot Size: 7,840 sq ft
Added: 01/12/19, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5867226
Community: AMBER HILLS
Tract: AMBER HILLS
The price of this listing was last reduced on 2/15/2019 by 3%
Status: Active


***HIGHLY DESIRABLE GATED COMMUNITY OF AMBER HILLS*** This spacious 5 bedroom, 3 bath home has it all! Island kitchen with granite counter tops, upgraded back-splash and lots of cabinet space with great eat-in area opens to large family room with 3-way gas fireplace * Formal dining/living areas for entertaining * 3-CAR GARAGE w/cabinets * RV Gate * 1 bed and full bath downstairs * Spacious master suite with beautiful wood floors * Master bath features huge walk-in-closet, garden tub, separate shower & dual sinks * French doors leading to relaxing backyard featuring fire pit, grassy area and custom pool with waterfall and slide for lots of summer fun! * Custom security screen door * Shutters T/O * All new interior paint and stainless appliances.

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/!


$212,600 :: 1425 E NIELSON Avenue, Mesa AZ, 85204

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3 beds, 1 bath
Home size: 1,002 sq ft
Lot Size: 8,712 sq ft
Added: 02/15/19, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5883820
Community: MESA HOMES LOTS 15,16,27-36, 47-56, 67-73, 84-86
Tract: MESA HOMES LOTS 15,16,27-36, 47-56, 67-73, 84-86
Status: Active


Welcome home to this wonderfully remodeled 3 bedroom/1 bath block home in central Mesa. This attractive home is conveniently located near US-60, schools, shopping & entertainment. The home features brand new cabinets, updated kitchen with granite counters, stainless steel appliances and custom back splash. The home also includes covered parking, large fenced yard with covered patio, built-in BBQ fire pit, North/South exposure, storage shed with laundry room and low maintenance landscaping. This remarkable property is available for immediate sale. The seller is very responsive and the property is a perfect opportunity for all buyer types.

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/!


$251,800 :: 6354 S FOREST Avenue, Gilbert AZ, 85298

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3 beds, 2.5 baths
Home size: 1,628 sq ft
Lot Size: 4,356 sq ft
Added: 01/11/19, Last Updated: 02/15/19
Property Type: Single Family
MLS Number: 5866261
Community: SEVILLE PARCELS 5 & 6
Tract: SEVILLE PARCELS 5 & 6
The price of this listing was last reduced on 2/15/2019 by 5%
Status: Active


Great home in master planned community of Seville. Property features 3 bedrooms, 2.5 baths, a largekitchen with breakfast bar that opens to separate living and dining areas with plenty of natural light. Don'tdelay!

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/!


 

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