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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$380,000 :: 3207 N 55th Avenue, Phoenix AZ, 85031

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5 beds, 3.5 baths
Home size: 2,000 sq ft
Lot Size: 6,099 sq ft
Added: 09/21/21, Last Updated: 09/21/21
Property Type: Single Family
MLS Number: 6295910
Community: MARYVALE TERRACE 9 LOTS 6
Tract: MARYVALE TERRACE 9 LOTS 6
Status: Active


Quick home sale! Call Now! Seller priced this house right for a quick sale. Very unique floor plan that feels like a new built. Home has been completely remodeled in 2021. Extended parking driveway. Nice pool for those hot AZ summers. Marivue Park just across the street in front of the house.

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/!


$465,000 :: 22704 N 106TH Lane, Peoria AZ, 85383

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4 beds, 2.5 baths
Home size: 2,595 sq ft
Lot Size: 13,068 sq ft
Added: 09/16/21, Last Updated: 09/16/21
Property Type: Single Family
MLS Number: 6294725
Community: ALTA VISTA ESTATES UNIT 3
Tract: ALTA VISTA ESTATES UNIT 3
Status: Active


Talk about a hot-rodder's dream home! This home has everything! Pool, RV Gate, no HOA, a shop already on property, one of the largest lots in the neighborhood with a 2,595 square feet home and a beautiful landscape! All bedrooms are upstairs. Treated concrete floors and ceiling fans in every room, a massive pantry and large closets throughout.Not to be missed! Schedule a showing today!

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/!


$345,000 :: 723 S 232ND Avenue, Buckeye AZ, 85326

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3 beds, 2.5 baths
Home size: 1,735 sq ft
Lot Size: 6,099 sq ft
Added: 09/15/21, Last Updated: 09/15/21
Property Type: Single Family
MLS Number: 6293529
Community: SUNDANCE PARCEL 13
Tract: SUNDANCE PARCEL 13
Status: Active


This is your opportunity to own a rare 3 bed 2.5 bath home in the desirable Sundance 55+ Golf Course Community. 2 master bedrooms with shower & bath. One master bath has a shower and tub. Tile throughout except the bedrooms. Gorgeous kitchen with mahogany cabinets and corian countertops. Separate living room and family room to meet all your needs. Lots of storage throughout. Sundance Community offers a heated pool, spa, golf course, & more. Conveniently located off the I-10 freeway and close to restaurants and shopping. This home can be yours so don't wait!

Listed with My Home Group 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/!


$289,000 :: 1711 S 28TH Drive, Phoenix AZ, 85009

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4 beds, 2 baths
Home size: 850 sq ft
Lot Size: 7,406 sq ft
Added: 09/10/21, Last Updated: 09/15/21
Property Type: Single Family
MLS Number: 6277398
Community: PLATTS PLACE
Tract: PLATTS PLACE
Status: Active


Agent principal owner. 4 bedrooms 3 baths, Two units. Laminate wood flooring, Tiled bathroom and kitchen, Glass top electric Stove, New water heater. Well insulated.and three window AC units. One Mini Split AC unit in Living room. Hugh backyard fully fenced and gated. Guest house in the backyard for the comfort of your in-laws. Total privacy. Occupied, Tenant's rights.Pictures are coming soon.

Listed with Keller Williams Realty East Valley


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


$99,900 :: 57635 S 299TH Avenue, Gila Bend AZ, 85337

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3 beds, 2 baths
Home size: 1,120 sq ft
Lot Size: 217,800 sq ft
Added: 09/13/21, Last Updated: 09/13/21
Property Type: Mobile/Manufactured
MLS Number: 6293024
Community: Metes and Bound
Tract: Metes and Bound
Status: Active


House is being sold as is. This property has great potential and features a split floor plan with 3 bedrooms, 2 baths and vaulted ceilings. House is situated on approx. 5 acres of partially fenced property, septic tank, and city water.

Listed with Delex 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/!


$339,950 :: 4055 E CAROL Circle, Mesa AZ, 85206

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2 beds, 2 baths
Home size: 1,406 sq ft
Lot Size: 6,534 sq ft
Added: 09/08/21, Last Updated: 09/13/21
Property Type: Single Family
MLS Number: 6290634
Community: SUNLAND VILLAGE 5
Tract: SUNLAND VILLAGE 5
The price of this listing was last reduced on 9/13/2021 by 3%
Status: Active


Beautifully renovated property with 2-car garage and a low maintenance landscape on a nice quiet street close to either freeway in Mesa! You'll love the beautifully remodeled interior that boasts wood-look tile floors, a contemporary palette, delightful recessed lightings, new quartz counters, all new interior paint, custom tiled master shower, new 5'' base boards, new fixtures and the list goes on. Plush new carpet in all the bedrooms too! The large main bedroom offers sizable closets and a private bathroom with new fixtures and custom tile throughout. Cozy Arizona room with endless possibilities! This property also has a spacious backyard with a covered patio and a landscape awaiting your personal touch.

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/!


$410,000 :: 35771 W COSTA BLANCA Drive, Maricopa AZ, 85138

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5 beds, 2.5 baths
Home size: 2,724 sq ft
Lot Size: 5,663 sq ft
Added: 09/12/21, Last Updated: 09/12/21
Property Type: Single Family
MLS Number: 6292532
Community: TORTOSA NW PARCEL 10
Tract: TORTOSA NW PARCEL 10
Status: Active


Best Home in Neighborhood by Far, 2 Brand New A/C units, Real Grass and Working Outdoor Wood Fired Pizza Oven! New Owners will love entertaining in this backyard! The best professional rehabbers are presenting their lasted project. The last 4 properties broke records at our offices, so you will definitely want to check out this spectacular remodeled home in Tortosa. Luxurious plank tile throughout. Top of the line quartz countertops, new cabinets throughout with improved layout and modern hardware. Elegant gray scheme paint color with attractive blue tones. Completely remodeled bathrooms with new fixtures, modern mirrors and hardware. Beautiful kitchen island open to family room area. Fancy wine bar area. Highly desired floor plan with upstairs bedrooms and laundry room.

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/!


$450,000 :: 310 S 4TH Street #1001, Phoenix AZ, 85004

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2 beds, 2.5 baths
Home size: 1,426 sq ft
Lot Size: 1,743 sq ft
Added: 09/01/21, Last Updated: 09/01/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6287652
Community: SUMMIT AT COPPER SQUARE CONDOMINIUM 2ND AMD
Tract: SUMMIT AT COPPER SQUARE CONDOMINIUM 2ND AMD
Status: Active


Located in Downtown Phoenix, this 2 bedroom, 2.5 bath condo features an open floorplan, granite countertops & maple cabinets in the kitchen, split master bedroom floorplan with walk-in closet, granite countertops & double sinks in the master bath, laundry area inside the unit, floor to ceiling windows, private wraparound balcony featuring sunset & city views, walking distance to Downtown Phoenix & light rail station and so much more! A must see!

Listed with A.Z. & Associates


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


$2,856,000 :: 14531 E SIERRA ALEGRE Court, Fountain Hills AZ, 85268

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5 beds, 8 baths
Home size: 9,653 sq ft
Lot Size: 163,786 sq ft
Added: 07/22/21, Last Updated: 08/19/21
Property Type: Single Family
MLS Number: 6268282
Community: CRESTVIEW AT FOUNTAIN HILLS
Tract: CRESTVIEW AT FOUNTAIN HILLS
Status: Active


Luxury Contemporary Custom Estate designed to perfection on 3.8 Acres Located in a private GATED community on the Scottsdale border. Dramatic design & architecture w/soaring ceilings, HUGE open & split floorplan, oversized rooms, walls of windows w/automated glass wall off the family room w/fabulous & seamless extension of the indoor/outdoor living space! An absolute entertainers dream! MASSIVE family rm w/lrg wet bar & wine cellar open to the fabulous gourmet kitchen! Huge,5-car garage w/frosted glass doors, Elevator,Amazing master suite . w/FP,steam shower,huge master bathrm,& his/her closets.

Listed with JM 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/!


$430,000 :: 17575 W WATSON Lane, Surprise AZ, 85388

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4 beds, 2.5 baths
Home size: 2,425 sq ft
Lot Size: 6,099 sq ft
Added: 07/19/21, Last Updated: 08/18/21
Property Type: Single Family
MLS Number: 6266999
Community: SIERRA MONTANA PARCEL 10
Tract: SIERRA MONTANA PARCEL 10
The price of this listing was last reduced on 8/18/2021 by 4%
Status: Active


AMAZING 2 STORY HOUSE IN A PICTURESQUE NEIGHBORHOOD. GORGEOUS KITCHEN, SPACIOUS ROOMS AND A NICE CHUNK OF LAND IN THE BACKYARD. YOU WON'T REGRET IT! AGENTS PLEASE TAKE A LOOK AT THE PRIVATE REMARKS AS THEY ARE IMPORTANT.

Listed with Novus Realty Agency


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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