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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$489,000 :: 14602 N CORAL GABLES Drive, Phoenix AZ, 85023

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4 beds, 3.5 baths
Home size: 3,708 sq ft
Lot Size: 25,264 sq ft
Added: 12/15/17, Last Updated: 05/24/18
Property Type: Single Family
MLS Number: 5698935
Community: MOON VALLEY 2
Tract: MOON VALLEY 2
Status: Active


This Spanish style 4 bedroom, 3.5 bath home has vaulted ceilings, with a huge kitchen for entertaining. You get mountain views, and a spacious backyard with a diving pool and slide for those long summer days. For those Arizona winter nights, you can light fires in one of your 3 fireplaces and relax to this nice quiet neighborhood.

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/!


$321,300 :: 3924 N 146th Avenue, Goodyear AZ, 85338

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4 beds, 3 baths
Home size: 2,680 sq ft
Lot Size: 8,712 sq ft
Added: 05/23/18, Last Updated: 05/23/18
Property Type: Single Family
MLS Number: 5770265
Community: Palm Valley
Tract: Palm Valley
Status: Active


ENDLESS POSSIBILITIES! THIS HOME FEATURES OVER 2600 SF OF LIVING SPACE! 4 BEDROOMS, 3 BATHROOMS*3 CAR GARAGE*FANTASTIC LOCATION ON QUIET STREET FACING NO NEIGHBORS, NEAR COMMUNITY PARK! OPEN KITCHEN AREA FEATURES BREAKFAST BAR & BREAKFAST NOOK*LARGE LIVING ROOM GREAT FOR ENTERTAINING*LARGE MASTER BEDROOM*MASTER BATHROOM FEATURES DUAL SINKS, SOAKING TUB, & SEPARATE STAND IN SHOWER*BACKYARD FEATURES COVERED PATIO, PRIVATE POOL COMPLETE WITH ROCK WATERFALL FEATURE*OPPORTUNITY IS KNOCKING, COME BY!

Listed with Keller Williams Realty Professional Partners


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


$220,000 :: 2052 E JEROME Avenue, Mesa AZ, 85204

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4 beds, 2 baths
Home size: 1,754 sq ft
Lot Size: 7,405 sq ft
Added: 05/23/18, Last Updated: 05/23/18
Property Type: Single Family
MLS Number: 5770171
Community: RANCH UNIT 1 LOT 206-288 &
Tract: RANCH UNIT 1 LOT 206-288 &
Status: Active


What a price for a 4 bedroom home with Gilbert Schools!!! No HOA. Exterior painted in 2014. Needs some TLC. Great location close to shopping, restaurants, & Hwy 60

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/!


$229,900 :: 20017 N 2ND Drive, Phoenix AZ, 85027

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3 beds, 2 baths
Home size: 1,451 sq ft
Lot Size: 8,276 sq ft
Added: 05/23/18, Last Updated: 05/23/18
Property Type: Single Family
MLS Number: 5770041
Community: DESERT VALLEY LOT 1-132 TR A
Tract: DESERT VALLEY LOT 1-132 TR A
Status: Active


Home Sweet Home!! Once you walk in the door you will understand, this is the home you were looking for, with the right touches in just the right places, This affordable 3 bedroom home is in a large Cul de sac, with easy access to the 101 Frwy, with wonderful open floor plan, bright large kitchen, with breakfast bar and comfortable dining area, vaulted ceilings, large great room, tile and carpet throughout the house. Huge Backyard with grass, with a play area, extended covered patio and storage shed.

Listed with The Real Estate Firm


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


$255,000 :: 861 E HACKAMORE Street, Mesa AZ, 85203

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3 beds, 2 baths
Home size: 1,552 sq ft
Lot Size: 8,276 sq ft
Added: 05/23/18, Last Updated: 05/23/18
Property Type: Single Family
MLS Number: 5770025
Community: HOHOKAM VILLAGE UNIT 1-C LOT 1
Tract: HOHOKAM VILLAGE UNIT 1-C LOT 1
Status: Active


You Will Love Your New Home With This Open Floor Plan, 3 Bedroom, 2 Bathroom, Open Living Room With Formal Dining Overlooking The Pool Area & Great Family Room Area. Nice backyard & pool!

Listed with First Call, Realtors(r)


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


$140,500 :: 5490 E BOISE Street, Mesa AZ, 85205

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2 beds, 2 baths
Home size: 1,228 sq ft
Lot Size: 7,840 sq ft
Added: 03/16/18, Last Updated: 05/23/18
Property Type: Single Family
MLS Number: 5737987
Community: DREAMLAND VILLA 2 LOTS 50-58,
Tract: DREAMLAND VILLA 2 LOTS 50-58,
Status: Active


Beautiful home in Dreamland Villa 55+ community! Neutral colors throughout! Updated kitchen w/ small eat-in area for a table! Arizona Room! HUGE laundry room! 2 - 1 Car Carports on east and west side! 3 storage sheds! Dreamland Villa is NOT an HOA, it has an OPTIONAL ''community club'' that includes 2 clubhouses, community pools, tennis courts, clubs and much more! (175/yr per person) Home does need some work, please see all pictures for accurate representation.

Listed with Re/Max Precision


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


$309,000 :: 17668 W POLARIS Drive, Goodyear AZ, 85338

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4 beds, 2.5 baths
Home size: 2,649 sq ft
Lot Size: 9,583 sq ft
Added: 04/25/18, Last Updated: 05/23/18
Property Type: Single Family
MLS Number: 5756753
Community: SUNCHASE AT ESTRELLA PARCEL NO
Tract: SUNCHASE AT ESTRELLA PARCEL NO
The price of this listing was last reduced on 5/23/2018 by 6%
Status: Active


Great home in the highly sought after Estrella Mountain Ranch! This home is complete with 4 bedrooms, 2 1/2 baths, great room, eat-in kitchen, and Master Bedroom downstairs. The laundry room has built-in cabinets, and exterior huge loft and great office area. The backyard patio The upstairs features 3 bedrooms, a has a pool with waterfall. Community has lakes , clubhouse, dinning, shopping, walking trails, golf and so much more. Tenants rights

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/!


$180,000 :: 28249 N SHUNDEEN Circle, San Tan Valley AZ, 85143

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3 beds, 2 baths
Home size: 1,873 sq ft
Lot Size: 6,098 sq ft
Added: 05/10/18, Last Updated: 05/23/18
Property Type: Single Family
MLS Number: 5763981
Community: JOHNSON RANCH UNIT 28
Tract: JOHNSON RANCH UNIT 28
The price of this listing was last reduced on 5/23/2018 by 5%
Status: Active


Move in ready home in great Johnson Ranch Location. Located close to shopping, entertainment, Banner Ironwood, Florence Hospital, and public and charter schools. Johnson Ranch offers 3 pools & spas, Golf, tennis, catch and release lake, disc golf, and free pitch & putt course. Numerous parks and tot lots. This home has tile in all the right places. Great room, living room, and den! Entertainers delight kitchen and plenty of indoor and outdoor space. Great opportunity for those wanting to move quickly!

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/!


$299,500 :: 8754 W LANE Avenue, Glendale AZ, 85305

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5 beds, 3 baths
Home size: 3,197 sq ft
Lot Size: 6,969 sq ft
Added: 05/23/18, Last Updated: 05/23/18
Property Type: Single Family
MLS Number: 5769935
Community: ROVEY FARM ESTATES NORTH
Tract: ROVEY FARM ESTATES NORTH
Status: Active


Spacious home in excellent location close to the University of Phoenix Stadium, Gila River Arena and Westgate City Center with plenty of shopping, dining, movies & events. Inside lower level has spacious master bedroom w/large walk-in closet, 1 ADA compliant bedroom & full bathroom with upgrades such as roll in shower PLUS additional bonus room. Upstairs has 3 bedrooms, large entertainment room and spacious multi use area with built-in desk. Kitchen has granite counter tops and maple cabinetry w/ updated hardware and is open to family room that has a fireplace w/ ledgestone, brick trim and built-in entertainment center. Ceiling fans through-out, tile in many areas, upgraded stairway rails, soft water system, stone facade in front. Lowest price per square foot in the area! GREAT VALUE!

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/!


$290,000 :: 326 N CORRINE Drive, Gilbert AZ, 85234

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4 beds, 2 baths
Home size: 2,357 sq ft
Lot Size: 7,840 sq ft
Added: 05/23/18, Last Updated: 05/23/18
Property Type: Single Family
MLS Number: 5769810
Community: STONEBRIDGE LAKES ESTATES UNIT
Tract: STONEBRIDGE LAKES ESTATES UNIT
Status: Active


Priced to sell immediately!!! This very high demand Stonebridge Lakes estate oozes charm with a private and community pool/spa, stocked lake for fishing and boating, and numerous parks right by the canal! And its just minutes from the totally revamped downtown Gilbert! This one is truly a must see!

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/!