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.

Related Posts

 In search of happily ever after with an Arizona Short Sale

Who really loses on a foreclosure? The Bank- Think Again

The Lakes in Tempe Waterfront Property and Homes

Luxury Waterfront Property

Waterfront Homes by City

$215,000 :: 860 N MCQUEEN Road #1128, Chandler AZ, 85225

Property Photo

Mls Icon

3 beds, 2.5 baths
Home size: 1,287 sq ft
Lot Size: 1,307 sq ft
Added: 03/14/20, Last Updated: 09/28/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6050796
Community: TOWNHOUSES AT NEW CASTLE
Tract: TOWNHOUSES AT NEW CASTLE
The price of this listing was last reduced on 5/28/2020 by 4%
Status: Active


TRUSTEE SALE - MUST SELL!! AUCTION DATE Beautiful 3 bedroom 2.5 bath townhouse. This home has 3 very spacious bedrooms. Master bedroom has a nice size walk in closet along with a separate linen closet. There are ceiling fans in every room. Family room has new ceiling fan and a beautiful vaulted ceiling. Kitchen includes all appliances and has room for bar stools at the kitchen counter along with a kitchen table. Off the kitchen is the exit to a private cozy backyard with covered patio and storage area, Just outside BY gate are 2 covered parking spaces.

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/!


$450,000 :: 3806 N 14TH Place, Phoenix AZ, 85014

Property Photo

Mls Icon

4 beds, 3 baths
Home size: 2,191 sq ft
Lot Size: 6,970 sq ft
Added: 09/26/20, Last Updated: 09/26/20
Property Type: Single Family
MLS Number: 6137922
Community: STERLING TRACT
Tract: STERLING TRACT
Status: Active


When I walked into this project I was WOWED by the excellent craftsmanship. These bones are boss! And this is your opportunity to take this project to the finish line and make it your own! Top quality construction project that needs to be completed. Looking for buyer wanting to have fun selecting their own finishes or investor wanting to have fun completing the project. Owner awaiting capital to finish project but willing to liquidate at the right price. Plans and permits can be included in sale. Sold As-Is. This is someone's dream home in the making. Why not yours?

Listed with Urban Blue 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/!


$565,000 :: 17508 E HAWLEY Drive, Fountain Hills AZ, 85268

Property Photo

Mls Icon

4 beds, 3.5 baths
Home size: 3,129 sq ft
Lot Size: 10,455 sq ft
Added: 09/26/20, Last Updated: 09/26/20
Property Type: Single Family
MLS Number: 6137556
Community: FOUNTAIN HILLS AZ FP 431_TR A-D
Tract: FOUNTAIN HILLS AZ FP 431_TR A-D
Status: Active


4 BEDROOMS - (2 masters)! Gorgeous Fountain Hills location. Mountain views from the back with no back neighbors for miles!Hurry this one surely won't last.This property is in an upcoming online event. All bids can be submitted online via your agent.

Listed with Vylla Home


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


$1,395,000 :: 8943 E PALM Lane, Mesa AZ, 85207

Property Photo

Mls Icon

7 beds, 7 baths
Home size: 7,221 sq ft
Lot Size: 83,636 sq ft
Added: 09/24/20, Last Updated: 09/24/20
Property Type: Single Family
MLS Number: 6137021
Community: Metes & Bounds
Tract: Metes & Bounds
Status: Active


Motivated Seller, Looking at all offers. Need Space?? Check out this Amazing Opportunity! This exquisite home has all the upgrades and space along with a cash flow rental opportunity. Located in North East Mesa near Las Sendas area - Features 1.92 acre lot, Mountain Views & City Lights, Full Basement, detached Casita - 7 Bed 7 Bath, 6 car garage, large custom diving pool, covered patios, viewing deck, plantation shutters, game room, wine cellar, close to hiking, trails, golf, equestrian trails, easy 202 access, Saguaro Lake, & much More. ** More Data & Pics, and a 3D Tour to Come.

Listed with NextHome Alliance


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


$142,900 :: 38110 W LATHAM Street, Tonopah AZ, 85354

Property Photo

Mls Icon

4 beds, 3 baths
Home size: 2,129 sq ft
Lot Size: 108,900 sq ft
Added: 09/24/20, Last Updated: 09/24/20
Property Type: Mobile/Manufactured
MLS Number: 6136808
Community: N/A
Tract: N/A
Status: Active


Affixed manufactured home with fantastic views and sunsets True AS / IS sale, seller does NOT provide SPDS or CLUE disclosures (waive in offer). BUYER TO VERIFY ALL INFO HEREIN. Do not make blind offers on the property please. Buyers/agents need to review and execute the attachment previous to making an offer as well. No repairs, credits, treatments, or reductions will be made at anytime. Read through the MLS complete previous to showing please. No reductions or repairs will be made for any reason once contracted. Not suitable for financing. Buyer to be responsible for obtaining the septic certification and reimbursed by theseller at COE. Buyer to obtain shard water well information. Buyer agent of record to register at the ARMLS box.

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/!


$684,900 :: 3509 N 32ND Street, Phoenix AZ, 85018

Property Photo

Mls Icon

4 beds, 3 baths
Home size: 2,248 sq ft
Lot Size: 16,118 sq ft
Added: 07/22/20, Last Updated: 09/23/20
Property Type: Single Family
MLS Number: 6106654
Community: POMELO PARK
Tract: POMELO PARK
The price of this listing was last reduced on 9/23/2020 by 1%
Status: Active


Gorgeous dream home in Arcadia Lite Area! Four bedrooms, three baths, and tile in all the right places! The living room is bright with all dual pane windows throughout. The kitchen is every chef's dream with granite and upgraded cabinets. The master bedroom is an oasis with a built in electric fireplace. The master shower has rain shower heads and a bench seat with jets. The master walk-in closet has ample space! The garage is extended for additional storage with shelving. There is a tank less water heater. Nearby there is easy access to shopping or dining, US51 or I10 and the Arizona Biltmore Golf Club or many other downtown Phoenix amenities are just a short drive away.

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/!


$168,000 :: 4438 W Solano Drive. N. Drive N, Glendale AZ, 85301

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,426 sq ft
Lot Size: 3,050 sq ft
Added: 09/20/20, Last Updated: 09/20/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6135229
Community: Villa Charme 5 Townhouses
Tract: Villa Charme 5 Townhouses
Status: Active


Nice place close to a lot of businesses look at living square area.

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/!


$115,000 :: 1114 E 2ND Street, Casa Grande AZ, 85122

Property Photo

Mls Icon

2 beds, 1 bath
Home size: 1,269 sq ft
Lot Size: 6,970 sq ft
Added: 09/19/20, Last Updated: 09/19/20
Property Type: Mobile/Manufactured
MLS Number: 6134888
Community: ALTA VISTA ADDITION
Tract: ALTA VISTA ADDITION
Status: Active


MH on 7001 sq ft lot, built in 1998 - Lucid Motors has already taken initiative in breaking ground on its manufacturing facility in Casa Grande. Great opportunity with some sweat equity for either an investment or first time purchase. Priced for quick sale, make an offer today.

Listed with Legendary 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/!


$115,000 :: 208 E 9TH Street, Casa Grande AZ, 85122

Property Photo

Mls Icon

2 beds, 1 bath
Home size: 678 sq ft
Lot Size: 6,970 sq ft
Added: 09/19/20, Last Updated: 09/19/20
Property Type: Single Family
MLS Number: 6134868
Community: FIRST ADDITION TO C.G.
Tract: FIRST ADDITION TO C.G.
Status: Active


2/1 SFD on 7001 sq ft lot, 678 sq ft built in 1920 - Lucid Motors has already taken initiative in breaking ground on its manufacturing facility in Casa Grande. Great opportunity with some sweat equity for either an investment or first time purchase. Priced for quick sale, make an offer today.

Listed with Legendary 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/!


$412,000 :: 5616 W SAGUARO Drive, Glendale AZ, 85304

Property Photo

Mls Icon

5 beds, 3 baths
Home size: 3,368 sq ft
Lot Size: 12,633 sq ft
Added: 09/18/20, Last Updated: 09/18/20
Property Type: Single Family
MLS Number: 6134499
Community: North Place
Tract: North Place
Status: Active


Features for this spacious, multi-level Glendale home include 5 bedrooms, 3 bathrooms, formal living room & family room, dining room, vaulted ceilings, tri-level floor plan, walk-in closet in the upstairs master bedroom, indoor laundry room, 3 car garage, RV gate, pool, BBQ area w/firepit, desirable N/S exposure and more! Take a look!

Listed with A.Z. & Associates


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 Replies to “Phoenix Fannie Mae Short Sales and Foreclosures – Are they over priced?”

Leave a Reply

Your email address will not be published. Required fields are marked *