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.

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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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$360,000 :: 16935 W DALE Lane, Surprise AZ, 85387

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2 beds, 3.5 baths
Home size: 2,627 sq ft
Lot Size: 173,369 sq ft
Added: 04/22/19, Last Updated: 04/22/19
Property Type: Single Family
MLS Number: 5914919
Community: Baldwin Estates
Tract: Baldwin Estates
Status: Active


This Surprise home features vaulted ceilings, fireplace in the living room & master bedroom, dining area, open kitchen with island and breakfast bar, pantry, diagonally laid tile flooring, downstairs master bedroom with walk-in closet, double sinks in the master bath, upstairs loft area that can be used as a 2nd bedroom, covered patio, 3.97 acre lot 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/!


$239,000 :: 4852 W ONYX Avenue, Glendale AZ, 85302

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4 beds, 2 baths
Home size: 1,939 sq ft
Lot Size: 7,841 sq ft
Added: 01/08/19, Last Updated: 04/22/19
Property Type: Single Family
MLS Number: 5864918
Community: GREENBRIER UNIT 4
Tract: GREENBRIER UNIT 4
The price of this listing was last reduced on 4/22/2019 by 2%
Status: Active


Cute and Cozy 4 bedroom 2 bath home. The kitchen has been newly remodeled with gorgeous cabinets, countertops and backsplash! Enjoy the cool nights with the wood burning fireplace in the great room. The large master bedroom features an ensuite with dual sinks and a walk in closet. This home also has a large backyard with covered patio, lots of space and an RV gate. On top of that there is no HOA!! Don't miss this opportunity!!

Listed with The Offer Company


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


$62,495 :: 6734 W ZOE ELLA Way, Peoria AZ, 85382

2 beds, 2 baths
Home size: 720 sq ft
Lot Size: 7,841 sq ft
Added: 04/22/19, Last Updated: 04/22/19
Property Type: Mobile/Manufactured
MLS Number: 5914887
Community: GRANADA ESTATES 4
Tract: GRANADA ESTATES 4
Status: Active


Fixer-upper. Priced for quick sale. Great lot on cul de sac.

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/!


$29,000 :: 54073 W Stallion Road, Maricopa AZ, 85139

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1 bed, 0 bath
Home size: 200 sq ft
Lot Size: 143,748 sq ft
Added: 04/22/19, Last Updated: 04/22/19
Property Type: Single Family
MLS Number: 5914802
Community: Hidden Valley Estates Unit #20
Tract: Hidden Valley Estates Unit #20
Status: Active


There are several structures on this parcel. Structure size is approximate, buyer to verify all. Buyer may need to obtain permits before occupancy. This is REO, seller has limited information, buyer to verify.

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/!


$235,000 :: 6826 W DARREL Road, Laveen AZ, 85339

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4 beds, 2 baths
Home size: 2,149 sq ft
Lot Size: 6,970 sq ft
Added: 04/20/19, Last Updated: 04/20/19
Property Type: Single Family
MLS Number: 5914445
Community: LAVEEN FARMS PHASE 1
Tract: LAVEEN FARMS PHASE 1
Status: Active


Former Model!! Pre-foreclosure Sale. Beautiful 4 bedroom home in master planned community of Trailside Point in Laveen Farms. Featuring tree line streets, walking trails, 11 acre park, splash pad, catch and release fish pond,K-8 elementary and much more! Formal living room and dining room, split large master bedroom, great size secondary rooms, large kitchen with gas range, breakfast bar. Beautifully landscaped, private lot with no homes behind. Priced below comps for a quick sale. Come see it today!

Listed with Revelation 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/!


$879,000 :: 10051 N 118TH Street, Scottsdale AZ, 85259

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5 beds, 4.5 baths
Home size: 4,769 sq ft
Lot Size: 23,959 sq ft
Added: 04/04/19, Last Updated: 04/20/19
Property Type: Single Family
MLS Number: 5906523
Community: MONTANA RANCH LOT 1-95 TR A-H
Tract: MONTANA RANCH LOT 1-95 TR A-H
The price of this listing was last reduced on 4/20/2019 by 1%
Status: Active


SELLER MAY CARRY!!! Private Lender Financing Terms Available... Awesome Floor Plan... 5Bedroom + Den/Office Situated on more than 1/2 acre with N/E backyard, expansive covered patios. Soaring foyer, large entertaining kitchen with vast granite counters & island, abundant cabinets and storage, quaint breakfast nook plus formal dining, full guest suite w/private bath and entrance. Expansive master retreat that's literally a flat of it own, with large double shower, soaking tub, huuuuge walk-in closet, fireplace and private view deck overlooking spacious backyard and the McDowell Mountains. Huuuuuuge Beautiful Garden Beds and Fruit Trees Galore.

Listed with Sonoran 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/!


$415,000 :: 29015 N 259TH Avenue, Wittmann AZ, 85361

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5 beds, 3 baths
Home size: 2,913 sq ft
Lot Size: 54,015 sq ft
Added: 04/19/19, Last Updated: 04/20/19
Property Type: Single Family
MLS Number: 5914269
Community: Metes and Bounds
Tract: Metes and Bounds
Status: Active


This is an amazing home. It boasts 5 bedrooms, 3 full baths, dual masters on 1.25 acres fully fenced with a 4 stall insulated and air conditioned garage and forever views to State land across the street. It has leased solar but THE LEASE HAS BEEN PREPAID FOR THE NEXT 14 YEARS. So, you have the benefit of the solar company maintaining the panels with NO PAYMENTS. The ample kitchen is fit for the gourmet cook in you with tons of storage, a walk in pantry and lovely finishes. The huge master has a 2 sided gas fireplace with a Jacuzzi tub, walk in shower and an ample closet. The A/C's are 4 years new. The back yard boasts a commercial misting system on the patio, multiple fruit trees, a shaded dog run, hot tub under a custom Ramada with lighting, a wonderful 1,000 gallon

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/!


$205,000 :: 2943 E MOBILE Lane, Phoenix AZ, 85040

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3 beds, 2 baths
Home size: 1,320 sq ft
Lot Size: 7,406 sq ft
Added: 04/19/19, Last Updated: 04/19/19
Property Type: Single Family
MLS Number: 5914147
Community: WIER ESTATES MCR 35-43-W2 LOT 97
Tract: WIER ESTATES MCR 35-43-W2 LOT 97
Status: Active


Home features 3 bedroom 2 bath, eat in kitchen with granite counter tops, back splash, black appliances, built in microwave and refrigerator, great room, inside laundry room, no carpet just tile flooring, ceiling fans, vaulted ceilings, 2 car garage

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/!


$1,300,000 :: 6736 E MONTEROSA Street, Scottsdale AZ, 85251

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4 beds, 3.5 baths
Home size: 4,000 sq ft
Lot Size: 12,197 sq ft
Added: 04/19/19, Last Updated: 04/19/19
Property Type: Single Family
MLS Number: 5913905
Community: HIDDEN VILLAGE 16
Tract: HIDDEN VILLAGE 16
Status: Active


What an AMAZING opportunity in Arcadia! This home was totally rebuilt in 2018 from the ground up. Now it needs the finishing touches. Open concept floorplan, soaring ceilings, gas fireplace, picturesque Arcadia street, and large backyard. This home features four huge bedrooms including a Mother-in-law suite/guest suite/office and expansive master with office/sitting room. Home still needs flooring, kitchen countertops, bathrooms, fixtures, pool finishes and landscaping. Such a great opportunity for investors/remodelers or buyers looking to put their own distinct touch on their home. Please note home is being sold AS-IS.

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/!


$414,900 :: 15084 E MUSTANG Drive, Fountain Hills AZ, 85268

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3 beds, 2.5 baths
Home size: 2,366 sq ft
Lot Size: 15,246 sq ft
Added: 03/25/19, Last Updated: 04/19/19
Property Type: Single Family
MLS Number: 5901238
Community: FOUNTAIN HILLS F P 604-B AMD TR A & B
Tract: FOUNTAIN HILLS F P 604-B AMD TR A & B
The price of this listing was last reduced on 4/19/2019 by 6%
Status: Active


Great home in the heart of Fountain Hills ready for your personal touch! This one has amazing mountain views, pool, vaulted ceilings, ceiling fans, dual AC units, fireplace, built ins, kitchen island, dual sinks as well as separate tub and shower in master bathroom, and much more! Seller has replaced the walk deck! See Realtor Remarks for access information. Buyer to verify all facts, figures, measurements and HOA related fees. Property sold as-is!

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/!


 

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