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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$44,900 :: 39 N MAGMA Avenue, Superior AZ, 85173

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3 beds, 2 baths
Home size: 1,378 sq ft
Lot Size: 3,050 sq ft
Added: 09/28/22, Last Updated: 11/29/22
Property Type: Single Family
MLS Number: 6469987
Community: SUPERIOR TOWNSITE
Tract: SUPERIOR TOWNSITE
The price of this listing was last reduced on 11/29/2022 by 25%
Status: Active


Great investment opportunity! This single family home is situated one block from the historic downtown Superior main street. The home is ready for your creative inspiration and offers a large fenced yard, storage shed and breathtaking mountain views. Located on the North side of town directly behind the NEW MAGMA HOTEL. This is a 3 bed 1 and 3/4 bath home Enjoy this festive little town Just 25 minutes away from the valley with 7-10 degrees cooler temps.. this town offers Hiking, Biking and 4 wheeling all year round! Thanks for looking

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/!


$350,000 :: 8541 W CORDES Road, Tolleson AZ, 85353

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4 beds, 2 baths
Home size: 1,603 sq ft
Lot Size: 6,099 sq ft
Added: 11/26/22, Last Updated: 11/26/22
Property Type: Single Family
MLS Number: 6493031
Community: Volterra
Tract: Volterra
Status: Active


Don't miss out on this fantastic opportunity, PRICED EXTREMELY COMPETITIVELY!Picture yourself in this beautiful 4 bedroom 2 bath home in the Volterra Community. This floor plan offers a spacious living area and a great split between the master and other bedrooms. All the carpet has been replaced and upgraded with a beautiful tile! This home features energy efficient features, such as solar panels, a new AC and Heating system. Close proximity to Loop 202 and I-10 makes it easy to get around the valley. Clean and ready to move in, schedule your showing today!

Listed with Keller Williams Elite


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


$306,000 :: 1319 E JULIUS Street, Casa Grande AZ, 85122

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2 beds, 2 baths
Home size: 1,282 sq ft
Lot Size: 6,099 sq ft
Added: 11/24/22, Last Updated: 11/24/22
Property Type: Single Family
MLS Number: 6492753
Community: ARROYO VISTA UNIT 1
Tract: ARROYO VISTA UNIT 1
Status: Active


Come check out this great 2 bedroom 2 bathroom single story starter or retirement home. This house could be turned into a 3 bedroom with the den. Located in the heart of Casa Grande with close proximately to schools and shopping.

Listed with Kenneth James 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/!


$79,900 :: 225 N Lobb Avenue, Superior AZ, 85173

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3 beds, 1 bath
Home size: 1,134 sq ft
Lot Size: 6,099 sq ft
Added: 11/23/22, Last Updated: 11/23/22
Property Type: Single Family
MLS Number: 6492635
Community: ADDITION TO SUPERIOR TOWNSITE
Tract: ADDITION TO SUPERIOR TOWNSITE
Status: Active


Great investment opportunity! This single family home is situated two blocks from the historic downtown Superior main street. The previous owner completed a significant portion of the renovation work; all this home needs is your creative finishes. Excellent income potential by finishing the 900 sq ft basement. This home offers breathtaking mountain views. This is a 3 bed 1 bath home upstairs with the potential to finish the basement for an additional bedrooms and bathroom. Enjoy this festive little town Just 25 minutes away from the valley with 7-10 degrees cooler temps.. this town offers Hiking, Biking and 4 wheeling all year round! Thanks for looking

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/!


$599,900 :: 40834 N 26TH Street, Cave Creek AZ, 85331

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4 beds, 2.5 baths
Home size: 2,735 sq ft
Lot Size: 110,643 sq ft
Added: 11/23/22, Last Updated: 11/23/22
Property Type: Single Family
MLS Number: 6492452
Community: Metes & Bounds
Tract: Metes & Bounds
Status: Active


Astounding mountain views await you in this adorable 4 bedroom 2.5 bath home located on a large 2.535 Acre lot. Enjoy all the peace and calm of being nestled right near the Cave Creek preserve with hiking and nature walks right out your front gate. Home features an open kitchen with gas stove and walk in pantry. The owners retreat upstairs is a private oasis complete with a private balcony where you can privately enjoy the breathtaking mountain views. You can bring all your Horses, animals and toys there is plenty of room. Shopping and restaurants are still nearby. Buyer and Buyer's Broker to verify any and all items that are of material issue.

Listed with Legion 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/!


$599,000 :: 10836 E SAHUARO Drive, Scottsdale AZ, 85259

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3 beds, 2 baths
Home size: 1,556 sq ft
Lot Size: 6,970 sq ft
Added: 11/23/22, Last Updated: 11/23/22
Property Type: Single Family
MLS Number: 6492422
Community: PARADISE VISTA ESTATES
Tract: PARADISE VISTA ESTATES
Status: Active


Remodeled home with NO HOA in the heart of Scottsdale! 3 bed, 2 bath, over 1,500 square feet with extra cooled Arizona Room/Bonus Room/Office. New kitchen with quartz counters and stainless steel appliances. Huge open floor plan with tile throughout. Large laundry room with extra cabinets for storage and could also be used as Butler's Pantry. Updated bathrooms and new paint inside and out. Nice backyard with built-in BBQ. 2-car garage with RV Parking.

Listed with Venture REI, 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/!


$280,000 :: 932 W 4TH Avenue, Apache Junction AZ, 85120

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3 beds, 1.75 baths
Home size: 1,184 sq ft
Lot Size: 6,099 sq ft
Added: 10/26/22, Last Updated: 11/23/22
Property Type: Single Family
MLS Number: 6481940
Community: APACHE-HO UNIT ONE
Tract: APACHE-HO UNIT ONE
The price of this listing was last reduced on 11/23/2022 by 14%
Status: Active


Amazing opportunity to own this updated nostalgic beauty w/an excellent location in the heart of Apache Junction! This energy-efficient, ready-to-move-in home is surrounded by restaurants, shopping centers, and entertainment. The bright interior boasts a functional open layout w/a sizable living room that merges into the dining area. Clean lines, tile flooring, a neutral palette, and flat ceilings are features worth mentioning. The modern white kitchen showcases recessed lighting, shaker wood cabinetry w/black hardware, granite countertops, SS appliances, and a peninsula w/a breakfast bar. The primary suite has two closets & a private bathroom. The large backyard offers a covered patio & enough space to host fun gatherings. Run, don't walk to see it! You don't want to miss this rare find!

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/!


$239,000 :: 14622 N 52ND Avenue, Glendale AZ, 85306

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3 beds, 1.75 baths
Home size: 1,064 sq ft
Lot Size: 4,792 sq ft
Added: 10/22/22, Last Updated: 11/22/22
Property Type: Single Family
MLS Number: 6480780
Community: PATIO HOMES NORTH 6
Tract: PATIO HOMES NORTH 6
Status: Active


This is a great opportunity to own a home with plenty of potential in a wonderful neighborhood. The home is conveniently close to the ASU West campus, shopping, medical facilities, restaurants, and Acoma Park. You can easily update the home with some engineered hardwood, tile, stone counters, white shaker cabinets with stainless appliances, paint, and carpet and make a very nice profit! The covered patio in the backyard is perfect for enjoying this beautiful Arizona weather, and there's also a covered 2 car carport in the back, an RV gate, and no HOA! Don't miss out on this great home - it won't last long!

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/!


$387,500 :: 21540 W SONORA Street, Buckeye AZ, 85326

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3 beds, 2 baths
Home size: 1,896 sq ft
Lot Size: 9,148 sq ft
Added: 11/22/22, Last Updated: 11/22/22
Property Type: Single Family
MLS Number: 6492196
Community: SUNDANCE PARCEL 49A AMD
Tract: SUNDANCE PARCEL 49A AMD
Status: Active


Spacious 1896 sf split bedroom plan with vaulted ceilings, open great room, island, and tons of cabinets & counters in kitchen! Huge lot with unlimited possibilities Covered patio, Barely lived in interior tile in all the right places, inside laundry. Well-kept, single level. 2C garage. Property is sold ''as-is, where-is'' with no reps or warranties. Seller will provide no CLUES or SPDS rpts. Seller will not pay for any fees associated wih HOA transfer. Buyer may choose own title company. Buyer will be responsible for all title and escrow fees. This property may qualify for Seller Financing. (Vendee).

Listed with Phoenix Real Estate Brokers


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


$499,000 :: 1320 W PALO VERDE Drive, Chandler AZ, 85224

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3 beds, 2 baths
Home size: 2,076 sq ft
Lot Size: 13,504 sq ft
Added: 11/21/22, Last Updated: 11/21/22
Property Type: Single Family
MLS Number: 6490844
Community: SARATOGA SQUARE
Tract: SARATOGA SQUARE
Status: Active


Come live under the shade of the Ficus tree - this Chandler charmer features a huge yard, pool, spa and out-building and no HOA on a coveted, oversized cul-de-sac lot . Kitchen features upgraded cabinets with pull out shelves, wine and dish racks, deep drawers for larger items, several glass fronts & more! Walk-in pantry has lots of room for storage. Primary suite has a retreat space perfect for a sitting room, work out area, office space or convert it to a 4th bedroom! Primary ensuite offers dual sinks, two closets including one cedar lined with built-in shelving, and large sunken shower with a window. Exit the primary suite to your back yard with a beautiful pool and spa, a storage shed, RV rolling gate, and & out-building with AC for use as storage, toys, a workshop & beyond.

Listed with Hague 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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