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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$289,000 :: 1639 E PHELPS Road, Phoenix AZ, 85022

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2 beds, 1 bath
Home size: 1,049 sq ft
Lot Size: 8,712 sq ft
Added: 03/06/21, Last Updated: 03/06/21
Property Type: Single Family
MLS Number: 6203569
Community: NORTHERN HILLS AMD
Tract: NORTHERN HILLS AMD
Status: Active


Freshly renovated amazing 1 level home in Northern Hills. Check out this 2 bedroom home with fresh paint, new windows (dual pane), new carpet and laminate floors, white appliances and lots more! The bathroom has also been nicely remodeled with new flooring and tile surrounds in the tub shower combo. Additionally there is a nice den/bonus room giving you room for a home office, theater room or additional bedroom based on your needs! All this and a very large lot. Nice views off the back of this huge fenced in yard giving the new owner lots of potential to make this home amazing both inside and out!

Listed with Midland Real Estate Alliance


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


$659,900 :: 32 N RIATA Street, Gilbert AZ, 85234

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4 beds, 2 baths
Home size: 2,908 sq ft
Lot Size: 18,296 sq ft
Added: 03/03/21, Last Updated: 03/03/21
Property Type: Single Family
MLS Number: 6201800
Community: GROVES OF GILBERT
Tract: GROVES OF GILBERT
Status: Active


Come see this traditional brick home in Gilbert! Featuring a large 4 bedroom, 2 bathroom home w/mature trees, circular paver driveway, 2 car garage, and RV gate. Step inside to vaulted ceilings, wood beams, formal living & dining rooms, tile & wood flooring and Great Room w/brick fireplace. Kitchen has tons of storage, tile counters/backsplash, and breakfast room. Large master retreat w/sitting area, french doors to patio, 2 walk-in closets, separate tub and walk-in shower. Huge backyard features full length covered patio, paver seating area, and pool. Tons of Potential! Don't wait, make an appointment to see this gem now!

Listed with AZ Flat Fee


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


$161,000 :: 28908 W Cocopah Street, Buckeye AZ, 85326

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2 beds, 1 bath
Home size: 1,164 sq ft
Lot Size: 16,118 sq ft
Added: 01/28/21, Last Updated: 03/03/21
Property Type: Mobile/Manufactured
MLS Number: 6186792
Community: N/A
Tract: N/A
The price of this listing was last reduced on 3/3/2021 by 5%
Status: Active


Great Opportunity to buy a 2 bed, 1 bath property in up and coming Buckeye! House is ready for your updating and has lots of potential! Large lot with tons of room for entertaining located at the end of a cul-de-sac. Just South of the I-10 in a quiet neighborhood.

Listed with AZ Flat Fee


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


$340,000 :: 26037 S Hollygreen Drive, Sun Lakes AZ, 85248

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2 beds, 2 baths
Home size: 1,881 sq ft
Lot Size: 7,406 sq ft
Added: 03/02/21, Last Updated: 03/02/21
Property Type: Single Family
MLS Number: 6201361
Community: Sun Lakes
Tract: Sun Lakes
Status: Active


Great 2bed/2bath home in Sun Lakes Community! Fantastic layout, and Great storage space throughout. Large covered patio in backyard. Mature landscaping and great location! This one wont last!

Listed with AZ Flat Fee


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


$176,750 :: 15415 N 2ND Street, Phoenix AZ, 85022

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1 bed, 2 baths
Home size: 1,127 sq ft
Lot Size: 1,307 sq ft
Added: 01/25/21, Last Updated: 02/28/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6185464
Community: QUAIL HILL PARCEL B AMD
Tract: QUAIL HILL PARCEL B AMD
Status: Active


Terrific spot to call home - everything near by! Freeways, dining, entertainment and more. This is a steal and it just needs some love. Two story 1 BD. 2 BA home. Loft is basically a 2nd bedroom but not fully enclosed. Home with enclosed patio and garage in extremely popular area. Must see!

Listed with Vylla Home


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


$514,400 :: 20883 W EASTVIEW Way, Buckeye AZ, 85396

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4 beds, 3 baths
Home size: 4,425 sq ft
Lot Size: 10,019 sq ft
Added: 02/26/21, Last Updated: 02/26/21
Property Type: Single Family
MLS Number: 6199681
Community: VERRADO PARCEL 4.802
Tract: VERRADO PARCEL 4.802
Status: Active


Welcome to your new home in the Master planned community of Verrado. Located InBuckeye Az. this 2 story boasts over 4,000 sq. feet of living space, 3 cargarage, large kitchen with tons of counter space and cabinets. There is a loftfor your enjoyment, plus 4 bedrooms and a master with a garden tub, separateshower and two sinks. All potential buyers are asked to check with city and taxrecords to determine actual bedroom, bathroom counts and all details on thisproperty listed above to their satisfaction. THIS IS AN AS-IS FORECLOSED/REO PROPERTY . Available on live auction website Hubzu.com. Register on Hubzu.com then Loginto website to locate the property.

Listed with RealHome Services & Solutions


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


$379,900 :: 17779 W HOLLY Drive, Surprise AZ, 85374

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3 beds, 2.5 baths
Home size: 1,911 sq ft
Lot Size: 6,534 sq ft
Added: 12/12/20, Last Updated: 02/13/21
Property Type: Single Family
MLS Number: 6170617
Community: ARIZONA TRADITIONS
Tract: ARIZONA TRADITIONS
The price of this listing was last reduced on 2/13/2021 by 5%
Status: Active


This home is located on a rare golf course lot with gorgeous view of the 14th green as it has 3 bedrooms , 2.5 bathrooms 1933 square feet. A marvelous kitchen with double ovens, center island with breakfast bar, tile back-splash, and beautiful cabinets with roll out shelves. Kitchen flows into eating area and great room with stone work fireplace. Living and dining room with lots of natural light emphasizing the open feel and spectacular views of the golf course that can be viewed inside or outdoors under the covered patio. This home is located in a guard-gated 55+ a well recognized community in Arizona Traditions known for its many amenities that include Biking/Walking Path; Clubhouse/Rec Room; Community Tennis Court(s); Community Heated Pool and Spa Gated/Guarded Entry; On-Site Guard

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/!


$901,000 :: 2538 E VIRGO Place, Chandler AZ, 85249

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4 beds, 3 baths
Home size: 4,248 sq ft
Lot Size: 41,382 sq ft
Added: 02/12/21, Last Updated: 02/12/21
Property Type: Single Family
MLS Number: 6193820
Community: CIRCLE G AT RIGGS HOMESTEAD RANCH UNIT 3
Tract: CIRCLE G AT RIGGS HOMESTEAD RANCH UNIT 3
Status: Active


Welcome to CIRCLE G in Chandler, Arizona. Single story ranch style includes a basement and a 3 car garage located on a large lot and comes with your own private pool. Home has two fireplaces for your enjoyment. Expansive kitchen with lots of cabinet space. All potential buyers are asked to check with city and tax records to determine actual bedroom, bathroom counts and all details on this property listed above to their satisfaction. This is an AS-IS foreclosed/REO property. Buyer to verify any and all information material to them.

Listed with RealHome Services & Solutions


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


$556,500 :: 4119 E FOREST PLEASANT Place, Cave Creek AZ, 85331

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3 beds, 2 baths
Home size: 2,488 sq ft
Lot Size: 49,659 sq ft
Added: 02/12/21, Last Updated: 02/12/21
Property Type: Single Family
MLS Number: 6193712
Community: Unknown
Tract: Unknown
Status: Active


Welcome to Cave Creek, Arizona. Single story ranch style with a 3 car garage located over an acre of land and your own private pool. Home has two fireplaces for your enjoyment. Expansive kitchen with lots of cabinet space and separate wet bar. All potential buyers are asked to check with city and tax records to determine actual bedroom, bathroom counts and all details on this property listed above to their satisfaction. This is an AS-IS foreclosed/REO property. Buyer to verify all information material to them.

Listed with RealHome Services & Solutions


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


$186,400 :: 43916 N 12TH Street N, New River AZ, 85087

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3 beds, 2 baths
Home size: 1,383 sq ft
Lot Size: 61,856 sq ft
Added: 01/21/21, Last Updated: 01/21/21
Property Type: Single Family
MLS Number: 6184185
Community: W 400F N2 SE4 NE4 NW4 EX BEG SWLY COR SD N2 SE4 NE4 NW4 TH N 330.19F E 200F S 180.32F S 21D 12M E 15
Tract: W 400F N2 SE4 NE4 NW4 EX BEG SWLY COR SD N2 SE4 NE4 NW4 TH N 330.19F E 200F S 180.32F S 21D 12M E 15
Status: Active


Welcome to New River, Arizona. A diamond in the rough. Roll up your sleeves and with some sweat equity make it a dream home. The property is occupied so all potential buyers are asked to check with city and tax records to determine actual bedroom, bathroom counts and all details on this property listed above to their satisfaction prior to submitting a bid offer online. This is an AS-IS REO property. Exterior drive-by inspections only do not disturb occupants. Online auction all offers must be submitted online. Buyer pays premium at closing. Cash offers only no financing allowed.

Listed with RealHome Services & Solutions


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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