In a long list of "1sts", FranklyMLS.com is now the 1st Virginia/DC/MD MLS search engine that scrubs for Short Sales! (maybe the 1st in the nation). Also see my quote today in the Wash Post, and my other articles defining Short Sales.
On the FranklyMLS.com spreadsheet results page, try a search for Alexandria, if you see an asterisk next to the price, that means it is "probably a short sale" (if you see a yellow highlighted home, that is a reviewed home by a buyer agent, with extra photos.)
How do we know if it is a Short Sale? Since only 17% of Short Sale listing agents check off the "Short Sale" box under Current Financing, we also crawl the Public Remarks for the phrase "Short Sale" and "Party Approval". (Soon we will unscrub those that say "Not a Short Sale" ie, no asterisk).
Why do you want to know which are Short Sales? So you don't get your hopes up. There has been much discontent amongst buyer agent Realtors, some even calling for acomplete ban of Short Sale listings on the MLS since so many are "Fake Listings." (but they are starting to close, more soon on this, so subscribe to this blog). But now that we give them an *, you can quickly see which are which.
If you see any inaccurate asterisks, or ones that should have an asterisk, please let us know! Enjoy!
-Written by Frank Borges LL0SA- Broker FranklyRealty.com
11 Comments on Scrubbing for Short Sales. FranklyMLS.com Adds an Asterisk.
JUN
15
2008
This is good information. It is very helpful to weed out the short sales and not end up spending time for something that likely may never happen. (We have one in play for example that is into its 8th month!)
Frank, First, please check the link to the quote on Wash Post, as it does not open. Maybe a problem with the link, and I am sure you can fi this easily. Now, my understanding is that you are working with 31 MLSs? How you do it, feed the raw data from all of those in a database, and they do your searches in that database? This all sounds very interesting, if you can direct me to where you are discussing it at length, I would really appreciate. Thank you
One more thing. Just a suggestion. When you watch the video, for some time you see the chart, and it is there as a background. I think you could be better off, if you start with you talking to the camera, until you actually start showing stuff on the screen\
Nope, we don't pull from 31 MLSes. I think you are confusing that with my other post that lists all 31 websites in this area. They all pull from the 1 MLS source which is MRIS. We use the RETS feed
Jon, Agreed. It would have been better to have one video showing me talking and then another of the screen. The problem is time. That would have added another hour to the process. I get in trouble for not posting frequently enough anyhow, so if I try and make things too perfect, it just doesn't get done. Frank
Frank, I'm actually talking about getting calls back from the listing agent AFTER we've had a contract ratified and waiting on bank approval. I've got two of these in the wings right now and I can't even get a status update from the agents. Unbelievable!
THe "*" means that is "might" be a short sale. There is no 100% way to tell. If there is a relocation using the term "3rd party approval" that is pretty rare and stupid of them, since many people are using that phrase to weed out short sales.
Have you been using the site? When are you going to start adding buyer agent photos? Frank
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This is good information. It is very helpful to weed out the short sales and not end up spending time for something that likely may never happen. (We have one in play for example that is into its 8th month!)