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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$220,000 :: 5623 W VOGEL Avenue, Glendale AZ, 85302

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4 beds, 2 baths
Home size: 1,464 sq ft
Lot Size: 7,405 sq ft
Added: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808514
Community: BRAEMAR ESTATES 2
Tract: BRAEMAR ESTATES 2
Status: Active


Ready for new owner; spacious property down the street from the park; private pool; barbecue area; no HOA; close to Glendale Com College; tile in all the traffic areas; fireplace; spacious rooms; new blinds throughout. Put it first on your list!!!

Listed with Realty ONE 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/!


$270,000 :: 1035 S ROWEN --, Mesa AZ, 85208

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3 beds, 2 baths
Home size: 1,648 sq ft
Lot Size: 7,405 sq ft
Added: 06/26/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5785718
Community: FULTON HOMES AT SUPERSTITION S
Tract: FULTON HOMES AT SUPERSTITION S
The price of this listing was last reduced on 8/17/2018 by 4%
Status: Active


20x20 diagonally tile*surround sound* wood blinds*all stainless steel GE profile appliances*Corian counter tops*California closets*security system*custom cabinetry*lots of flagstone*custom Pebbletec heated pool with waterfall*spa*landscaping front and back*custom Bar-B-Q with sink and refrigerator*the list goes on .This is a wonderful home for entertaining in and out .must call agent to show owner has dogs.

Listed with Century 21 Arizona Foothills


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


$329,500 :: 726 E IRMA Lane, Phoenix AZ, 85024

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4 beds, 3 baths
Home size: 2,832 sq ft
Lot Size: 6,098 sq ft
Added: 04/23/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5755715
Community: ARROYO ROJO
Tract: ARROYO ROJO
The price of this listing was last increased on 8/3/2018 by 6%
Status: Active


Great community located near trails, parks, & a children's playground. North/south location with mountain views from the backyard. Spacious loft with access to balcony. Master bedroom is on the 1st level. The vaulted ceilings give the home a spacious feel. The large den could be converted to a 5th bedroom.

Listed with Realty ONE 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/!


$183,000 :: 10555 E SUNFLOWER Lane, Florence AZ, 85132

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3 beds, 2.5 baths
Home size: 1,405 sq ft
Lot Size: 6,098 sq ft
Added: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808440
Community: MAGMA RANCH I UNIT 1
Tract: MAGMA RANCH I UNIT 1
Status: Active


Your beautiful 3bedroom 2.5 bath home with 2 car garage featuring large open great room to kitchen. Great kitchen space with plenty of cabinets and counter top space, new stainless steel appliances, granite counter tops and pantry overlooking great room. Fresh three tone interior paint, new exterior paint, new wood like tiled floors all down stairs, new carpet upstairs, new ceiling fans , light in bath room, hallways, Nice sized bedrooms and master suite. Master bath features walk in tub/shower for easy entry. Home is in a new master planned community with parks, water park, bike paths, basketball, and swimming pool. Property is close to schools, and college, shopping is 15 miles away a Queen Creek Market Place with over 50 shops

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/!


$300,000 :: 1715 E BETH Drive, Phoenix AZ, 85042

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3 beds, 3 baths
Home size: 2,365 sq ft
Lot Size: 24,829 sq ft
Added: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808280
Community: Villa Vista
Tract: Villa Vista
Status: Active


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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/!


$314,900 :: 15040 W Post Drive, Surprise AZ, 85374

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3 beds, 2.5 baths
Home size: 2,856 sq ft
Lot Size: 6,534 sq ft
Added: 07/23/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5797279
Community: ORCHARDS PARCEL 5
Tract: ORCHARDS PARCEL 5
Status: Active


REFRESHED & UPDATED! 3 BEDROOMS/2.5 BATHROOMS, WITH OVER 2800 SQ OF LIVING SPACE! NEWLY PAINTED! DOWNSTAIRS FEATURES A DEN & HALF BATHROOM FOR GUESTS. 3RD CAR GARAGE HAS BEEN CONVERTED INTO A BONUS ROOM! FALL IN LOVE WITH THE OPEN KITCHEN COMPLETE WITH GRANITE COUNTERTOPS, KITCHEN ISLAND & BREAKFAST BAR. ALL BEDROOMS ARE ON THE SECOND LEVEL. LARGE MASTER BEDROOM HAS PLENTY OF WINDOWS TO ENJOY NATURAL LIGHT & VIEWS OF COMMUNITY. MASTER BATHROOM FEATURES A SOAKING TUB, SHOWER STALL, DUAL SINKS & WALK IN CLOSET WITH ADDITIONAL STORAGE SPACE. 2 CAR GARAGE ALSO FEATURES ADDITIONAL STORAGE CABINETS. ENJOY THE RESORT LIKE BACKYARD COMPLETE WITH COVERED PATIO, PRIVATE POOL, & BUILT IN BBQ. DON'T DELAY! OFFERS RESPONDED TO WITHIN 24-48 HOURS.

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/!


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4 beds, 4 baths
Home size: 3,200 sq ft
Lot Size: 68,824 sq ft
Added: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808199
Community: PHOENIX MTN. PRESERVE RAN
Tract: PHOENIX MTN. PRESERVE RAN
Status: Active


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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/!


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3 beds, 2 baths
Home size: 1,421 sq ft
Lot Size: 5,227 sq ft
Added: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808195
Community: TATUM RANCH PARCEL 32A
Tract: TATUM RANCH PARCEL 32A
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Open floor plan with spacious feel. Great room open to hall thru to back of home dining area and kitchen. Convenient kitchen w/island and pantry. Everything at your fingertips. Tile in all the right places. Master suite has full bath/walk-in closet. Covered patio and large yard ready for your special touches. EZ-care desert landscape in front. This home is located in a nice neighborhood close to schools, restaurants, and shopping. This is a must see!!! This one won't last long!!!!!

Listed with Tru 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/!


$215,000 :: 2615 W ISABELLA Avenue, Mesa AZ, 85202

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3 beds, 2 baths
Home size: 1,348 sq ft
Lot Size: 9,583 sq ft
Added: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808157
Community: LOS ALTOS AMD
Tract: LOS ALTOS AMD
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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/!


$424,500 :: 712 E TANYA Trail, Phoenix AZ, 85086

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4 beds, 2.5 baths
Home size: 3,096 sq ft
Lot Size: 45,302 sq ft
Added: 05/31/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5773421
Community: APACHE PEAK RANCH
Tract: APACHE PEAK RANCH
The price of this listing was last reduced on 8/17/2018 by 5%
Status: Active


Located in North Phoenix, this 3,096 SQ FT corner lot home features a 3-car garage, desirable N/S exposure, 1.04 acre lot and more!

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/!


 

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