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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$430,000 :: 2402 E 5TH Street #1579, Tempe AZ, 85287

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2 beds, 2.5 baths
Home size: 1,161 sq ft
Lot Size: 1,307 sq ft
Added: 07/04/22, Last Updated: 07/04/22
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6419436
Community: VILLAGIO AT TEMPE CONDOMINIUM AMD
Tract: VILLAGIO AT TEMPE CONDOMINIUM AMD
Status: Active


This gorgeous 2 bedroom, 2.5 bathroom townhome features a 1 car garage and is part of a gated community of Villagio at Tempe, near ASU. This home has an open floor plan and vaulted ceilings. Kitchen has granite countertops, spacious pantry and breakfast bar. There is a half bathroom downstairs and upstairs has two full master bedrooms. In the garage, you'll find built-in cabinets. This community has beautiful, well maintained common areas and two community pools. This home is a must see!

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/!


$879,999 :: 14043 N 64 Drive, Glendale AZ, 85306

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4 beds, 3 baths
Home size: 3,686 sq ft
Lot Size: 51,837 sq ft
Added: 07/03/22, Last Updated: 07/03/22
Property Type: Single Family
MLS Number: 6428411
Community: See meets and bounds
Tract: See meets and bounds
Status: Active


Classic beauty, old world charm!This Original owner property has been in the family since 1914, they once owned the entire square mile. This house was custom built in 1981 and has all the luxuries that era could offer. You're welcomed by the huge wrought iron gates entering the circular driveway. Classic dignity of a round turret welcomes you into the circular atrium. Downstairs is the master, then a spiral staircase leads up to the 2 story with a huge balcony overlooking the backyard. Fine custom stone work and dark hardwoods adorn this antique filled home. Very large guest house out back, huge barn with horse stables, on over one acre irrigated lot. The roof and ACs are both new in 2011. ''Swim Spa'' out back can stay. All Furnishings are available in or out of escrow. Must sell

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/!


$629,900 :: 3771 E DUBLIN Street, Gilbert AZ, 85295

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4 beds, 2.5 baths
Home size: 2,465 sq ft
Lot Size: 6,970 sq ft
Added: 06/30/22, Last Updated: 07/01/22
Property Type: Single Family
MLS Number: 6412900
Community: Bella Vista
Tract: Bella Vista
Status: Active


Beautiful, large 4 Bedroom plus Den (with built in desk and cabinets) has it all, including 2.5 baths, eat-in kitchen, granite countertops, separate dining room, and a large backyard including Pebble-Tec Pool with Waterfall. Wired for surround sound in Family Room & Patio. Fresh interior paint and exterior (pop-outs and fascia) paint. Fantastic location with Top Tier A+ Schools. Close to parks, the 202 Freeway and San Tan Village Mall.

Listed with JK 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/!


$445,000 :: 3435 W CREST Lane, Phoenix AZ, 85027

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3 beds, 2 baths
Home size: 1,671 sq ft
Lot Size: 8,712 sq ft
Added: 06/07/22, Last Updated: 07/01/22
Property Type: Single Family
MLS Number: 6411189
Community: TERRACINA
Tract: TERRACINA
The price of this listing was last reduced on 7/1/2022 by 1%
Status: Active


PRE-FORECLOSURE IN GREAT CONDITION! IN SEARCH OF A CASH BUYER AND QUICK CLOSING! Here's your opportunity! Well loved & maintained home in a quiet cul-de-sac w/front views to Adobe and Dixie Mountain. Tons of hiking/riding trails & recreation areas out your front door including; Paseo Highlands Park, Victory Lane Sports Park, Deem Hills Recreation Area, Phoenix Sonoran Preserve, & Adobe Mountain Park, just to mention a few. Deer Valley Airport & Norterra shopping/restaurant district is so close you will never run out of things to do! All of this with easy access to the 101 and I-17! Flooring is all tile, laminate hardwood except for 1 bedroom. Open kitchen. Great room has ample room w/fireplace & arcadia door to your backyard oasis featuring a pebble tech pool w/ water feature

Listed with eXp 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/!


$370,000 :: 25760 W VALLEY VIEW Drive, Buckeye AZ, 85326

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3 beds, 2 baths
Home size: 1,341 sq ft
Lot Size: 8,277 sq ft
Added: 07/01/22, Last Updated: 07/01/22
Property Type: Single Family
MLS Number: 6427296
Community: ENCANTADA ESTATES
Tract: ENCANTADA ESTATES
Status: Active


Beautiful home in the city of buckeye. Ready for you to make it your own home. Won't last. Easy to show .

Listed with Exzel 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/!


$399,000 :: 16120 W KENDALL Street, Goodyear AZ, 85338

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3 beds, 2 baths
Home size: 1,522 sq ft
Lot Size: 7,841 sq ft
Added: 07/01/22, Last Updated: 07/01/22
Property Type: Single Family
MLS Number: 6427155
Community: SARIVAL VILLAGE
Tract: SARIVAL VILLAGE
Status: Active


Adorable 3 bed/2 bath home with new A/C in 2021!! Perfect for investment or first home. Located in a thriving area of Goodyear. Enjoy a deluxe kitchen with granite counters and a black refrigerator(in the garage)! Island and Dining Room Hutch stays with the home. Separate formal Living/Dining Room and Family Room. Open floorplan with Kitchen opening to Family Room. Sliding door to backyard. Primary suite has private bath with double sinks. 2 car garage with service door and water softener. Large backyard with RV gate and cement pad for your toys. Looking for a quick close. Don't miss out!

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/!


$440,000 :: 21341 W BOBWHITE Way, Wittmann AZ, 85361

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3 beds, 2 baths
Home size: 1,622 sq ft
Lot Size: 54,450 sq ft
Added: 06/22/22, Last Updated: 06/30/22
Property Type: Single Family
MLS Number: 6411404
Community: Metes and Bounds
Tract: Metes and Bounds
Status: Active




Listed with eXp 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/!


$524,000 :: 714 S 118TH Lane, Avondale AZ, 85323

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4 beds, 3 baths
Home size: 3,050 sq ft
Lot Size: 7,841 sq ft
Added: 06/21/22, Last Updated: 06/30/22
Property Type: Single Family
MLS Number: 6421294
Community: GLENHURST
Tract: GLENHURST
The price of this listing was last reduced on 6/30/2022 by 4%
Status: Active


Come see this Spacious home located in the Glenhurst Community. The home is 3050 sqft and sits on a 7803 sqft lot. Tons or space throughout the home. On the 1st floor you will find the main living room a family room and a beautifully updated kitchen with an island, quarts countertops and White Cabinets. The 4th bedroom and a full bathroom is also located on the 1st floor, perfect for guest. On the 2nd floor you will find the Primary bedroom along with 2 large second and third bedrooms, each bedroom comes with a generous size walk in closets. The 2nd floor also has a huge living area that can be anything you want it to be. The home has a 3 car garage and RV gate. The Glenhurst Subdivision also has a community pool for you to enjoy with your friends and family.

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/!


$265,000 :: 10410 N CAVE CREEK Road #1008, Phoenix AZ, 85020

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2 beds, 1.75 baths
Home size: 1,082 sq ft
Lot Size: 1,307 sq ft
Added: 06/23/22, Last Updated: 06/30/22
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6419844
Community: THE POINTE RESORT CONDO AT TAPATIO CLIFFS
Tract: THE POINTE RESORT CONDO AT TAPATIO CLIFFS
The price of this listing was last reduced on 6/30/2022 by 5%
Status: Active


2 BEDROOM, 2 BATHROOM CONDO AT THE POINTE AT TAPATIO CLIFFS RESORT. LARGE BEDROOMS. OPEN CONCEPT -GREAT ROOM TO KITCHEN AND DINING. LARGE COVERED PATIO. OWNER'S SUITE HAS WALK-IN CLOSET, DOUBLE SINKS, SEPARATE TUB & SHOWER, AND PATIO ACCESS. LAUNDRY LOCATED IN UNIT. ALL APPLIANCES INCLUDED. FIREPLACE. ASSIGNED COVERED PARKING.

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/!


$284,900 :: 1126 N 25TH Place, Phoenix AZ, 85008

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3 beds, 1.5 baths
Home size: 1,750 sq ft
Lot Size: 13,504 sq ft
Added: 06/30/22, Last Updated: 06/30/22
Property Type: Single Family
MLS Number: 6426616
Community: ELSINORE
Tract: ELSINORE
Status: Active


Don't miss the opportunity to own this 3 bed & 1.5 bath home near Roosevelt Row! Located right off Loop 202 and I10, this home is nestled in the middle of the valley and is close to everything. This is a solid block home with large front porch, swimming pool, large kitchen, spacious bedrooms, covered patio, and tons of potential for remodeling. The attic space could easily be converted into a man cave or additional bedroom. The detached garage is a perfect solution for a home office, additional covered parking, or separate casita. The lot is enormous at just over 13K square feet and offers desirable R-3 zoning. Endless possibilities for this unique home with lots of space to hang out & the potential to create your own private oasis. Hurry! Schedule a showing before it's gone!

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/!


 

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