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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$262,200 :: 2753 E HOPE Street, Mesa AZ, 85213

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3 beds, 2 baths
Home size: 1,832 sq ft
Lot Size: 10,454 sq ft
Added: 02/20/18, Last Updated: 02/20/18
Property Type: Single Family
MLS Number: 5725840
Community: CHATEAU D ARNETT 4 LOT 115-166
Tract: CHATEAU D ARNETT 4 LOT 115-166
Status: Active


3 bedroom/2 bath home in Chateau D'Arnett. Conveniently located near Loop 202, US-60 and schools. Home features include North/South exposure tile floors, private pool, fireplace, split floor plan, covered patio, RV gate, and a Master Bath with double sinks and separate tub & shower. 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/!


$257,300 :: 2020 E CHICAGO Street, Chandler AZ, 85225

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3 beds, 2 baths
Home size: 1,060 sq ft
Lot Size: 7,405 sq ft
Added: 02/20/18, Last Updated: 02/20/18
Property Type: Single Family
MLS Number: 5725845
Community: COLONIA CORONITA UNIT 3
Tract: COLONIA CORONITA UNIT 3
Status: Active


3 bedroom/2 bath home in Colonia Coronita on large lot. Conveniently located near Loop 202. Home features North/South exposure, RV gate, covered patio, 2 storage sheds, garage parking, split floor plan, ceiling fans, brick fireplace and dual pane windows. This home has been remodeled from top to bottom and features a brand new roof, new flooring, new modern granite counters and stainless steel appliances. 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/!


$43,100 :: 64 W CHORRITO Court, Queen Valley AZ, 85118

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2 beds, 1 bath
Home size: 1,000 sq ft
Lot Size: 11,325 sq ft
Added: 01/26/18, Last Updated: 02/20/18
Property Type: Mobile/Manufactured
MLS Number: 5714627
Community: LAKEVIEW PARK NO. 2 AMD
Tract: LAKEVIEW PARK NO. 2 AMD
The price of this listing was last reduced on 1/26/2018 by 21%
Status: Active


PRICED REDUCED - Queen Valley is situated in a Mountain Range with beautiful desert around it.Golf Course - Come out and see what you can enjoy during the winters in Az. 2 bedrooms 1 bath - Kitchen has newer kitchen cabinets and large eating area. Living room has a room added on with beautiful views out the windows. Other Extra room added on for whatever... AS IS Condition - no repairs

Listed with 1st Class Property Experts, 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/!


$337,000 :: 6787 W CHARTER OAK Road, Peoria AZ, 85381

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4 beds, 3 baths
Home size: 2,674 sq ft
Lot Size: 5,227 sq ft
Added: 01/26/18, Last Updated: 02/20/18
Property Type: Single Family
MLS Number: 5714786
Community: PEORIA VILLAGE
Tract: PEORIA VILLAGE
The price of this listing was last reduced on 1/26/2018 by 1%
Status: Active


Beautiful two story home in Peoria. Custom color palette flowing throughout. Eat in kitchen is complete with a plethora of custom cabinets, center island with breakfast bar, and black appliances. Large loft at top of stairs! Master suite has plush carpet, ceiling fan, and picture window. 3/4 bathroom with dual sink vanity and private toilet room. Spacious walk in closet! Fiber Optic Internet installed for faster internet. Backyard features a covered patio with lush green grass and plenty of room for entertaining. A lot of privacy with single story surrounding neighbors. Only 2 houses down from community park. This home is sure to go quick, so come see it today!

Listed with Century 21 Northwest


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


$109,900 :: 29 W Whyman Avenue, Avondale AZ, 85323

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3 beds, 1 bath
Home size: 912 sq ft
Lot Size: 5,227 sq ft
Added: 12/05/17, Last Updated: 02/20/18
Property Type: Single Family
MLS Number: 5695096
Community: Avondale
Tract: Avondale
The price of this listing was last reduced on 1/17/2018 by 6%
Status: Active


THE PRICE WILL MOVE YOU! 3 BEDROOMS, 1 BATHROOM*CARPORT SPACE*LARGE BACKYARD SPACE, ENDLESS POSSIBILITIES*A LITTLE TLC GOES A LONG WAY!

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/!


$159,900 :: 6109 E ELLIS Street, Mesa AZ, 85205

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2 beds, 2.5 baths
Home size: 1,302 sq ft
Lot Size: 7,840 sq ft
Added: 01/13/18, Last Updated: 02/19/18
Property Type: Single Family
MLS Number: 5708812
Community: DREAMLAND VILLA 15
Tract: DREAMLAND VILLA 15
The price of this listing was last reduced on 1/13/2018 by 5%
Status: Active


HURRY! Great home in Dreamland Villa. 2 bed with 1 full bath, one 3/4 bath and a half bath! Additional rooms are not included in the assessor square footage. This one has mature citrus trees and lots of potential. Close to shopping, Freeways and community amenities. This community has a voluntary HOA with access to pools and facilities. This is a lender owned property.

Listed with Coldwell Banker Residential Brokerage


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


$199,900 :: 28748 N APATITE Way, San Tan Valley AZ, 85143

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5 beds, 3 baths
Home size: 2,837 sq ft
Lot Size: 9,147 sq ft
Added: 02/17/18, Last Updated: 02/18/18
Property Type: Single Family
MLS Number: 5725258
Community: THE VILLAGE AT COPPER BASIN UN
Tract: THE VILLAGE AT COPPER BASIN UN
Status: Active


Gorgeous San Tan Valley home with great curb appeal, plus new HVAC units, neutral interior colors, pool, dual sinks in master and large covered back patio. This one is missing the kitchen and is priced accordingly. Install the kitchen of your dreams! Seller will accept FHA 203K loans for buyers who wish to install a kitchen and go FHA! No FHA offers unless they are FHA 203K! ***See Realtor Remarks for access information. Buyer to verify all facts, figures, measurements and HOA related fees. Property sold as-is!*** Seller is offering a $500 home warranty credit if the buyer is an Owner Occupant Primary Residence buyer!!!

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/!


$330,000 :: 2807 E AVALON Drive, Phoenix AZ, 85016

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3 beds, 2 baths
Home size: 1,425 sq ft
Lot Size: 8,712 sq ft
Added: 02/17/18, Last Updated: 02/18/18
Property Type: Single Family
MLS Number: 5725249
Community: MOUNTAIN VIEW PARK PLAT 2 BLKS
Tract: MOUNTAIN VIEW PARK PLAT 2 BLKS
Status: Active


Beautiful home on large lot close to it all! Remodeled in 2015 it features 3 bedrooms, 2 baths, an open floor plan, and an oversized backyard. Beautiful open kitchen with stainless steel appliances, oversized master bedroom, updated baths, laminate wood floors, and new roof in 2017! Great backyard with large paved covered patio, storage shed, fire pit, and RV gate. A definite 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/!


$375,000 :: 6611 E THUNDERBIRD Road, Scottsdale AZ, 85254

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4 beds, 2 baths
Home size: 2,350 sq ft
Lot Size: 10,018 sq ft
Added: 02/17/18, Last Updated: 02/17/18
Property Type: Single Family
MLS Number: 5725071
Community: RASKIN EST 2 LTS 1-360, 367-40
Tract: RASKIN EST 2 LTS 1-360, 367-40
Status: Active


Location, Location, Location!! Lots of potential in one of Scottsdale's most desirable zip codes!!! Surrounded by shopping & dining at Kierland Commons and Scottsdale Quarter. This is a great opportunity to buy low in Scottsdale. With some love this home will be amazing. 4 bedrooms, 2 baths with large yard and pool.

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/!


$144,900 :: 5416 W VIRGINIA Avenue, Phoenix AZ, 85035

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3 beds, 2 baths
Home size: 1,407 sq ft
Lot Size: 10,454 sq ft
Added: 02/17/18, Last Updated: 02/17/18
Property Type: Single Family
MLS Number: 5725054
Community: HOMESTEAD TERRACE 3
Tract: HOMESTEAD TERRACE 3
Status: Active


This home boasts mature shrubs and trees, plus a one car carport. The bedrooms are the perfect size with ample storage space. The galley kitchen has window that open to the family room or dining area. In the backyard enjoy the oversized corner lot with a swimming pool and large covered patio! Nearby there is easy access to major freeways including US60, I17, and I10. Plus there is the Grand Canyon Golf Course within a mile to enjoy and many shopping and dining options as well.

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/!