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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$1,450,000 :: 10646 E BUTHERUS Drive, Scottsdale AZ, 85255

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4 beds, 3 baths
Home size: 3,509 sq ft
Lot Size: 10,019 sq ft
Added: 09/19/23, Last Updated: 09/22/23
Property Type: Single Family
MLS Number: 6607049
Community: McDowell Mountain Ranch
Tract: McDowell Mountain Ranch
The price of this listing was last reduced on 9/22/2023 by 3%
Status: Active


FABULOUS MMR OPPORTUNITY but requires you pull a quick trigger. (See Realtor Remarks) 4 bed/3 bath with two lg bonus rooms. Lots of interior upgrades and neutral paint. AMAZING BACK YARD WITH MOUNTAIN VIEWS, pool, spa, no maintenance with artificial turf, backs to desert area. Great schools, location and surrounded by mountains. Seller reviewing offers Sunday 9/24 5:00 PM.

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/!


$480,000 :: 4328 W HAPPY Trail, Laveen AZ, 85339

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5 beds, 3 baths
Home size: 3,085 sq ft
Lot Size: 8,712 sq ft
Added: 09/22/23, Last Updated: 09/22/23
Property Type: Single Family
MLS Number: 6608813
Community: Dobbins Point
Tract: Dobbins Point
Status: Active


wow! absolutely stunning Laveen 5/3 home with massive, vaulted ceilings, Facing community Park. Two bedrooms & two full bathrooms downstairs. Oversize bedrooms. Fully remodeled bathroom upstairs. No carpet in the house. New stove, dishwasher, refrigerator. 3 car garage, great nearby schools. South Mountain Foothill views, great location and more!

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/!


$240,000 :: 8022 N 32nd Drive #1, Phoenix AZ, 85051

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2 beds, 2 baths
Home size: 1,011 sq ft
Lot Size: 872 sq ft
Added: 09/22/23, Last Updated: 09/22/23
Property Type: Single Family
MLS Number: 6608536
Community: Villas Northern III
Tract: Villas Northern III
Status: Active


Must see two bedroom townhouse in the heart of West Phoenix. This cozy single level boasts two bedrooms and two bathrooms. Closed in courtyard provides added privacy. Spacious great room opens up to dining area. Galley style kitchen boasts stainless steel appliances and stylish backsplash. Inside laundry.

Listed with Keller Williams Realty Phoenix


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


$362,500 :: 13801 N 98TH Avenue, Sun City AZ, 85351

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3 beds, 2 baths
Home size: 1,699 sq ft
Lot Size: 20,038 sq ft
Added: 07/20/23, Last Updated: 09/22/23
Property Type: Single Family
MLS Number: 6582731
Community: SUN CITY 25A
Tract: SUN CITY 25A
The price of this listing was last reduced on 9/22/2023 by 1%
Status: Active


Welcome to your dream home in Sun City's sought after 55+ Adult Community! This beautifully rehabbed 3 bedroom 2 bath gem is a true haven. Impeccable upgrades throughout include a kitchen boasting new stainless steel appliances, quartz countertops, and stylish cabinetry. Spacious living and dining areas, perfect for entertaining. Low maintenance landscape and a large covered patio to relish the Arizona sunshine in the large backyard. Workshop/Storage in the extended garage for all of your hobbies and more. Endless amenities in this vibrant community: golf courses, pools, rec centers, and social clubs. Live your best life here! To help visualize this home's floorplan and to highlight its potential, virtual furnishings may have been addedto photos found in this listing.

Listed with Legion 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/!


$349,000 :: 4950 N MILLER Road #129, Scottsdale AZ, 85251

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2 beds, 2 baths
Home size: 1,170 sq ft
Lot Size: 1,307 sq ft
Added: 09/21/23, Last Updated: 09/21/23
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6608275
Community: EL CHAPARRAL VILLAS
Tract: EL CHAPARRAL VILLAS
Status: Active


Two bedrooms, Two bathrooms, 1,170 square foot unit with spacious living and dining. Kitchen appliances included. Freshly painted, cleaned, and ready for immediate move-in. Extra large private patio with community pool for entertaining. Walking distance to restaurants, entertainment, Old Town Scottsdale, and Chaparral Lake/Park. Make an offer today.

Listed with Wrangler 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/!


$430,000 :: 16012 W HERITAGE Drive, Sun City West AZ, 85375

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2 beds, 2.5 baths
Home size: 2,656 sq ft
Lot Size: 16,989 sq ft
Added: 08/31/23, Last Updated: 09/21/23
Property Type: Single Family
MLS Number: 6599700
Community: SUN CITY WEST 46 LOT 1-331 TR A-C
Tract: SUN CITY WEST 46 LOT 1-331 TR A-C
The price of this listing was last reduced on 9/21/2023 by 14%
Status: Active


Fantastic Sun City West home on a massive lot to enjoy all the dreamy desert days and nights! This 2 bedroom, 2.5 bath home features tile and carpet flooring, spacious kitchen with granite countertops and white appliances, 2 living areas and a HUGE owner's suite. Step inside the grand front double doors and you won't want to leave. Light and bright with large windows. The open floor plan includes a large kitchen breakfast nook, formal dining area, front living room, family room, and even a powder room for guests. Do not miss this gem!

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/!


$345,000 :: 8499 W SONOMA Way, Florence AZ, 85132

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4 beds, 3 baths
Home size: 2,220 sq ft
Lot Size: 6,534 sq ft
Added: 09/21/23, Last Updated: 09/21/23
Property Type: Single Family
MLS Number: 6608090
Community: ANTHEM AT MERRILL RANCH - UNIT 37 2017075461
Tract: ANTHEM AT MERRILL RANCH - UNIT 37 2017075461
Status: Active


Looking for a 4 Bedroom 3 Bathroom home with a beautifully landscaped backyard with pavers and artificial turf, this is the one! Tile flooring in all the living areas. Carpet in the 4 bedrooms. The kitchen has granite counter tops, walk in pantry and large island. The huge living room has large glass doors overlooking the backyard. Smart home technology. RV Gate. Enjoy ALL the amenities living in the Anthem community, which includes a Pool, Rec Center, Children's Playground, Tennis Courts, Biking and Walking Paths ,Rock Climbing Wall, Catch and Release Pond, Golf and so much more.

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/!


$419,999 :: 3224 S 81ST Drive, Phoenix AZ, 85043

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4 beds, 3 baths
Home size: 2,138 sq ft
Lot Size: 6,099 sq ft
Added: 09/15/23, Last Updated: 09/21/23
Property Type: Single Family
MLS Number: 6605976
Community: TUSCANO PHASE 1
Tract: TUSCANO PHASE 1
Status: Active


Looking for a place to call home? Check out this charming two-story property in the lovely neighborhood of Tuscano! The welcoming interior features tile flooring, trending palette, & vaulted ceilings. The inviting living room is perfect for relaxing and watching TV after a long, tiring day. Continue to the eat-in kitchen showcasing wood cabinetry, a pantry, an island w/breakfast bar, SS appliances, & plenty of counter space to cook your favorite meals. Have a good night's sleep in this cozy main bedroom, enjoying an ensuite w/dual sinks, a garden tub, a step-in shower, & a walk-in closet. Private backyard has a synthetic grass area, convenient storage, a built-in BBQ, & ample space to create memorable moments. Don't miss it!

Listed with Keller Williams Realty 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/!


$260,000 :: 6226 S 39TH Avenue, Phoenix AZ, 85041

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3 beds, 2 baths
Home size: 1,510 sq ft
Lot Size: 7,406 sq ft
Added: 09/21/23, Last Updated: 09/21/23
Property Type: Single Family
MLS Number: 6607829
Community: SOUTHERN MEADOWS 1
Tract: SOUTHERN MEADOWS 1
Status: Active


INVESTOR SPECIAL. CASH ONLY. Home is in need of repair. Large corner lot with great potential.

Listed with Desert North 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/!


$559,900 :: 124 E BOCA RATON Road, Phoenix AZ, 85022

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2 beds, 2 baths
Home size: 2,064 sq ft
Lot Size: 10,455 sq ft
Added: 09/21/23, Last Updated: 09/21/23
Property Type: Single Family
MLS Number: 6601378
Community: HILLCREST
Tract: HILLCREST
Status: Active


Wonderful opportunity to be in the sought-after 55+ Hillcrest community in Moon Valley! SINGLE LEVEL home. Light & Bright w/NEUTRAL colors. Separate dining, Living & Family combined w/gorgeous BEEHIVE GAS Fireplace. Interior SHUTTERS, DUAL PANE windows, newer HVAC & MINI-SPLIT in garage. UPGRADED kitchen w/cherry trim, GLASS FRONT cabinets, pull-outs, granite counter. BREAKFAST NOOK opens to patio. Almost 1/4 ACRE easy care yard perfect for entertaining: artificial TURF, wrap around PAVER PATIO, space for lounge chairs, games, & more. MOUNTAIN VIEWS. Private patio off PRIMARY SUITE. Cul-de-sac lot nestled between Moon Mountain, Lookout Mountain, and North Mountain Preserve. Close to Moon Valley Country Club, 7th & T-Bird Restaurants & Shopping, SURROUNDED BY NATURE! Easy access to SR51.

Listed with Locality 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/!


 

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