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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$75,000 :: 418 W HARTFORD Road, Kearny AZ, 85137

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4 beds, 2 baths
Home size: 1,260 sq ft
Lot Size: 6,534 sq ft
Added: 10/26/21, Last Updated: 01/18/22
Property Type: Single Family
MLS Number: 6312643
Community: KEARNY SUBDIVISION NO 4
Tract: KEARNY SUBDIVISION NO 4
The price of this listing was last reduced on 1/18/2022 by 7%
Status: Active


4 bedroom 2 bath single family. Great for investment or first time home buyer opportunity with some sweat equity. Priced for quick sale. Buyer to confirm condition and current utilities to the property.

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/!


$386,000 :: 955 E MORELOS Street, Chandler AZ, 85225

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3 beds, 2 baths
Home size: 1,102 sq ft
Lot Size: 4,792 sq ft
Added: 01/03/22, Last Updated: 01/17/22
Property Type: Single Family
MLS Number: 6337029
Community: MONTEREY VISTA
Tract: MONTEREY VISTA
Status: Active


Investor Opportunity! Tenant occupied until 9/30/2022. Great opportunity to get into a Chandler home in a central location.

Listed with Brewer & Stratton Property Management 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/!


$725,000 :: 1602 W WILSHIRE Drive, Phoenix AZ, 85007

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4 beds, 2.5 baths
Home size: 2,482 sq ft
Lot Size: 7,406 sq ft
Added: 01/16/22, Last Updated: 01/16/22
Property Type: Single Family
MLS Number: 6342274
Community: DEL NORTE PLACE PLAT B
Tract: DEL NORTE PLACE PLAT B
Status: Active


Walking distance from EnCanto Park and Golf Course, the appealing location of this 4 bedroom, 2.5 bathroom home has you close go downtown restaurants and activities. The highlights of the kitchen include stainless steel appliances, double oven, wine fridge, dark maple cabinetry, granite countertops, and a tiled backsplash. Family room off of the kitchen has a slate stone fireplace, as well as new flooring. Large Master suite has a sunken jet tub with separate exit leading to the patio area. The Yard wraps around the house giving you curb appeal both from the front courtyard to the side house. This home is waiting for you to put on your own special touches.

Listed with The 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/!


$342,000 :: 225 W 8TH Avenue, Mesa AZ, 85210

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3 beds, 2 baths
Home size: 1,600 sq ft
Lot Size: 7,841 sq ft
Added: 01/13/22, Last Updated: 01/13/22
Property Type: Single Family
MLS Number: 6341766
Community: Unknown
Tract: Unknown
Status: Active




Listed with Property Hub 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/!


$675,000 :: 1352 S NEBRASKA Place, Chandler AZ, 85286

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4 beds, 3 baths
Home size: 2,623 sq ft
Lot Size: 8,712 sq ft
Added: 01/12/22, Last Updated: 01/12/22
Property Type: Single Family
MLS Number: 6339473
Community: ALMA SCHOOL PLACE
Tract: ALMA SCHOOL PLACE
Status: Active


Single-level home on a corner lot in a cul-de-sac now available! Offering lush green landscape & gated courtyard which encloses the casita entrance. Detached guest house w/full bathroom and small 1/2 kitchenette, perfect for multi-generational living. Delightful interior greets you with a bright living & dining room, neutral palette, & plantation shutters. Continue on to the eat-in kitchen to find a bay window w/backyard views of the pool, staggered cabinets, pendant & recessed lighting, granite backsplash & counters, & a center island w/breakfast bar. Owner's suite has a double-door entry, back patio access & a spotless ensuite w/separate tub, dual sinks & walk-in closet. Unwind after a busy day in this serene backyard w/extended covered patio, grassy area & sparkling pool w/water featur

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/!


$374,000 :: 26429 S DARTFORD Drive, Sun Lakes AZ, 85248

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2 beds, 2 baths
Home size: 1,348 sq ft
Lot Size: 6,970 sq ft
Added: 01/10/22, Last Updated: 01/10/22
Property Type: Single Family
MLS Number: 6339852
Community: SUN LAKES UNIT 15
Tract: SUN LAKES UNIT 15
Status: Active


Welcome home to this Sun Lakes beauty. This home features three sets of beautiful French doors, tile in walkways and kitchen, updated kitchen, gigantic covered patio, professionally built AZ room, and large yard with citrus trees. This remarkable property is available for immediate sale. The seller is very responsive and the property is a perfect opportunity. Take advantage of this amazing opportunity.

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/!


$655,000 :: 15133 W CAMPBELL Avenue, Goodyear AZ, 85395

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5 beds, 3 baths
Home size: 3,476 sq ft
Lot Size: 9,148 sq ft
Added: 10/06/21, Last Updated: 12/30/21
Property Type: Single Family
MLS Number: 6303566
Community: PALM VALLEY PHASE 5 PARCELS 1-4
Tract: PALM VALLEY PHASE 5 PARCELS 1-4
The price of this listing was last increased on 12/30/2021 by 5%
Status: Active


MOTIVATED SELLER!!! This gently lived in gem offers 5 bedrooms, 3 full baths, upgrades throughout, 2 way staircase, large loft, 1 bedroom and full bath downstairs, 3 car split garage, a 9000sqft+ lot and is located in the highly desired community of Palm Valley. Great schools, shopping and dining all just around the corner. Hurry, this amazing value won't last long!!

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/!


$249,000 :: 5136 E EVERGREEN Street #1134, Mesa AZ, 85205

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2 beds, 2 baths
Home size: 849 sq ft
Lot Size: 872 sq ft
Added: 12/14/21, Last Updated: 12/23/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6323764
Community: NORTHPOINTE 2 AMD
Tract: NORTHPOINTE 2 AMD
Status: Active




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/!


$455,000 :: 11207 S IROQUOIS Drive, Phoenix AZ, 85044

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3 beds, 2 baths
Home size: 2,143 sq ft
Lot Size: 9,148 sq ft
Added: 12/13/21, Last Updated: 12/13/21
Property Type: Single Family
MLS Number: 6331606
Community: AHWATUKEE RS-4
Tract: AHWATUKEE RS-4
Status: Active


Amazing location for the beautiful Single Family home in Ahwatukee. This home is nestled in a private cul de sac and features a large family room with fireplace, open kitchen with breakfast bar, large primary bedroom suite, AZ room, built in BBQ and storage shed. This remarkable property is available for immediate sale. The seller is very responsive and the property is a perfect opportunity. Take advantage of this amazing opportunity.

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 :: 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: 12/13/21
Property Type: Single Family
MLS Number: 6266999
Community: SIERRA MONTANA PARCEL 10
Tract: SIERRA MONTANA PARCEL 10
The price of this listing was last increased on 12/13/2021 by 6%
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. vacant vacant

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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