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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$159,000 :: 23091 E LOGAN Boulevard, Florence AZ, 85132

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1 bed, 1 bath
Home size: 676 sq ft
Lot Size: 87,120 sq ft
Added: 09/30/20, Last Updated: 10/22/20
Property Type: Single Family
MLS Number: 6139648
Community: S34 T5S R10E
Tract: S34 T5S R10E
Status: Active


Grab this while it last!! 2 ACRES of usable land!! This home has a BRAND NEW Roof, New Electrical Panels, Plumbing (2018) and more! Want a 2nd bedroom? No problem! Currently the house is a 1 bed with a den and large bathroom! New cabinets will be installed, paint and flooring! NOW is YOUR opportunity to pick the colors you love!!! Seller is willing to help with exterior improvements as well! Come see this place before its too late!! 1. AS-IS Condition. 2. Saguaro cacti do not convey with property. 3. No Clue will be provided.

Listed with Crossroads 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/!


$113,000 :: 17200 W BELL Road #1665, Surprise AZ, 85374

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2 beds, 1.75 baths
Home size: 953 sq ft
Lot Size: 2,614 sq ft
Added: 10/21/20, Last Updated: 10/21/20
Property Type: Mobile/Manufactured
MLS Number: 6149948
Community: HAPPY TRAILS RESORTS NO 7 AMD LOT 1540-1752 A B
Tract: HAPPY TRAILS RESORTS NO 7 AMD LOT 1540-1752 A B
Status: Active


Cute home in a great active adult community. Home features newer HVAC, dual pane windows, large AZ room, 2 bedrooms and 2 bathrooms. This place is a great value. Check it out soon as it is sure to sell quickly.

Listed with Keller Williams Realty Sonoran Living


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


$212,000 :: 6544 N 7TH Avenue #13, Phoenix AZ, 85013

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2 beds, 1.5 baths
Home size: 1,121 sq ft
Lot Size: 436 sq ft
Added: 10/21/20, Last Updated: 10/21/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6149838
Community: AVENIDA SIETE
Tract: AVENIDA SIETE
Status: Active


Location! Location! Location! Short distance to Phoenix Mountain Preserve Trails, Central Bridal Path, Light Rail and downtown entertainment areas. The community is small and quaint offering private fenced patios, grilling areas, and a community pool. The unit has been renovated over the years offering modern touches and a neutral color pallet. Come and take a look ... you will not be disappointed.

Listed with RE/MAX Desert Showcase


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


$1,799,900 :: 15217 N 15TH Drive, Phoenix AZ, 85023

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7 beds, 10 baths
Home size: 9,094 sq ft
Lot Size: 22,216 sq ft
Added: 10/21/20, Last Updated: 10/21/20
Property Type: Single Family
MLS Number: 6149745
Community: CORAL GABLES ESTATES UNIT 2
Tract: CORAL GABLES ESTATES UNIT 2
Status: Active


TRULY ONE OF KIND! JUST REMODELED! CUSTOM LUXURY HOME SITS ON ELEVATED HILLSIDE LOT WITH AMAZING VIEWS. PRESTIGIOUS CORAL GABLES ESTATES 24/7 GUARDED COMMUNITY! EASY COMMUTE TO DOWNTOWN PHOENIX, SCOTTSDALE, OR WEST VALLEY! LOADED WITH LUXURY AMENITIES! PROPERTY FEATURES INCLUDE: (2) LAUNDRY ROOMS, (7) EN-SUITE BEDROOMS, PLUS (2) POWDER ROOMS & POOL BATH, LARGE MASTER SUITE W/SITTING RM, HIS & HER BATHS, & PRIVATE EXIT TO BACKYARD! FITNESS ROOM, DEN or HOME OFFICE, HUGE LOFT or GAME RM UPSTAIRS W/ MINI-KITCHEN & BAR, OVERSIZE 4 CAR GARAGE, NEGATIVE EDGE, ALL TILE POOL, OUTDOOR RAMADA KITCHEN, AUTO BLINDS, GREAT RM AUTO SLIDE GLASS DOORS, (3) EXT GAS FIRE PITS, (6) HVAC UNITS + WINE COOLER ROOM, & SO MUCH MORE. REMODEL JUST COMPLETED INCLUDES (click MORE)

Listed with Realty 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/!


$650,000 :: 5544 E HELENA Drive, Scottsdale AZ, 85254

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5 beds, 3 baths
Home size: 2,910 sq ft
Lot Size: 8,712 sq ft
Added: 10/20/20, Last Updated: 10/20/20
Property Type: Single Family
MLS Number: 6149492
Community: DAVE BROWN ARABIAN ESTATES
Tract: DAVE BROWN ARABIAN ESTATES
Status: Active


Amazing home in the HIGHLY desired 85254 zip code. Room for your family and/or entertaining. Backyard built in BBQ and fireplace, diving pool, large covered patio (pull down shades surrounding patio), extended cool decking and flagstone area, with mature trees. Walking inside through the iron front door you will find multi-levels with 2 downstairs bedrooms, full bathroom, large laundry room with cupboards, formal living and dining areas, eat in kitchen, family room with a fireplace. Upstairs the master suite will accommodate any furniture and includes a private balcony, a corner garden tub and separate shower, with a large walk in closet. 2 more upstairs bedrooms with walk in closets. Ceiling fans in all bedrooms and family room. New this year: 2 AC's, kitchen appliances & carpeting.

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/!


$674,900 :: 3509 N 32ND Street, Phoenix AZ, 85018

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4 beds, 3 baths
Home size: 2,248 sq ft
Lot Size: 16,118 sq ft
Added: 07/22/20, Last Updated: 10/20/20
Property Type: Single Family
MLS Number: 6106654
Community: POMELO PARK
Tract: POMELO PARK
The price of this listing was last reduced on 10/20/2020 by 1%
Status: Active


Gorgeous dream home in Arcadia Lite Area! Four bedrooms, three baths, and tile in all the right places! The living room is bright with all dual pane windows throughout. The kitchen is every chef's dream with granite and upgraded cabinets. The master bedroom is an oasis with a built in electric fireplace. The master shower has rain shower heads and a bench seat with jets. The master walk-in closet has ample space! The garage is extended for additional storage with shelving. There is a tank less water heater. Nearby there is easy access to shopping or dining, US51 or I10 and the Arizona Biltmore Golf Club or many other downtown Phoenix amenities are just a short drive away.

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/!


$128,600 :: 38110 W LATHAM Street, Tonopah AZ, 85354

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4 beds, 3 baths
Home size: 2,129 sq ft
Lot Size: 108,900 sq ft
Added: 09/24/20, Last Updated: 10/20/20
Property Type: Mobile/Manufactured
MLS Number: 6136808
Community: N/A
Tract: N/A
The price of this listing was last reduced on 10/20/2020 by 10%
Status: Active


No financing. Affixed manufactured home with fantastic views and sunsets True AS / IS sale, seller does NOT provide SPDS or CLUE disclosures (waive in offer). BUYER TO VERIFY ALL INFO HEREIN. Do NOT make blind offers on the property please. Buyers/agents need to review and execute the attachment previous to making an offer as well. No repairs, credits, treatments, or reductions will be made at anytime. Read through the MLS complete previous to showing please. No reductions or repairs will be made for any reason once contracted. Not suitable for financing. Buyer to be responsible for obtaining the septic certification and reimbursed by theseller at COE. Buyer to obtain shard water well information. Buyer agent of record to register at the ARMLS box. Text w/ Qs & your agent ID, to show.

Listed with Merit 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/!


$135,900 :: 4750 N CENTRAL Avenue #B12, Phoenix AZ, 85012

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1 bed, 1 bath
Home size: 702 sq ft
Lot Size: 436 sq ft
Added: 07/08/20, Last Updated: 10/20/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6100718
Community: LANDMARK TOWERS CONDOMINIUM
Tract: LANDMARK TOWERS CONDOMINIUM
The price of this listing was last reduced on 10/20/2020 by 3%
Status: Active


Spectacular vies from this unit, Super sharp unit on the 12th floor, facing south and east, The Landmark Towers Condominiums is located by the light rail system, West of Central Ave and South of Camelback Rd , views of downtown and south mountain skyline. This unit has a 1 car garage parking space included with it. Close to everything....

Listed with American Scene 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/!


$349,900 :: 426 N OLIVE --, Mesa AZ, 85203

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4 beds, 2.5 baths
Home size: 2,181 sq ft
Lot Size: 10,019 sq ft
Added: 06/27/20, Last Updated: 10/16/20
Property Type: Single Family
MLS Number: 6096141
Community: FARNSWORTH PLACE
Tract: FARNSWORTH PLACE
The price of this listing was last reduced on 10/16/2020 by 3%
Status: Active


What an amazing find! This 1950's classic is absolutely brimming with charm, space, and the perfect mixture of modern and classic. This home is one of only a few built in this era to have a half bathroom for guests. With 4 large bedrooms and 2.5 baths, huge living and dining room, spacious family room, and an INSIDE, oversized laundry room you couldn't ask for much more. Home is extremely energy efficient with a tankless gas water heater installed, block exterior walls insulated, and dual panes windows everywhere. This home sits on a huge irrigated lot that is close to shopping and entertainment areas. Be ready to be charmed because this has it all! Welcome home! This remarkable property is available for immediate sale. The seller is very responsive and the property is a perfect

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/!


$275,000 :: 1815 E LA SALLE Road, Phoenix AZ, 85086

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3 beds, 2 baths
Home size: 2,160 sq ft
Lot Size: 44,432 sq ft
Added: 07/31/20, Last Updated: 10/16/20
Property Type: Mobile/Manufactured
MLS Number: 6110792
Community: LA SALLE HEIGHTS
Tract: LA SALLE HEIGHTS
Status: Active


Large home on just over an acre of land privileges with plenty of space for all your toys. The mountain views in this area are amazing. Priced for a quick sale, make an offer.

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/!


 

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