Short Sale Listing "Pretenders" outed by real data

Reblogger
Real Estate Agent with Homesmart ~ Scottsdale ~ Tempe

 

Here's the harsh truth for all those who would blow smoke at unsuspecting sellers who are literally betting their financial future on the veracity of the Short Sale "Pretenders".  

I recommend you speak to an attorney and your tax preparer before you make the decision to go ahead with a short sale.  

They are qualified to advise you on any legal or tax consequences you may face.  Then choose your REALTOR wisely.  

 

Read on for some good info from Tony Marriott.

 

 

 

 

Original content by Tony and Suzanne Marriott, Associate Brokers BR534744000 & BR540649000

Snake Oil SalesmanOne unfortunate phenomenon of the Phoenix Short Sale market is the abundance of self proclaimed experts who have closed "hundreds" of transactions with a closing ratio of "90% or better".

Folks - that just ain't true.

It's a simple search on our MLS (ARMLS) by date range, closed cancelled and expired, tagged with "short sale", and date range back as far as you want to go, to see exactly how many Short Sales a specific listing agent has listed that have closed, cancelled or expired.  Actives and Pendings don't count as until they close - you don't know if they will.

Here's the harsh truth for all those who would blow smoke at unsuspecting sellers who are literally betting their financial future on the veracity of the Short Sale "Pretenders".

There is not one agent in the Phoenix metro area that has closed 200 or more Short Sales.  Not one!  And, to accurately claim that you have closed "hundreds" (plural), 200 Short Sale closings is the absolute minimum for that claim to be true.

In fact, you can count on one hand the number of Short Sale agents that have closed over 100 Short Sale transactions, and their closing ratios range from a low of 34% to a high of 73%.

We don't claim to have "closed hundreds" - which would put us in the ranks of the blatant liars - we claim "dozens" - a claim which is clearly supported by the data in the MLS.

We don't claim to have closed "90% or better" - which would put us in the ranks of blatant liars - we claim "100% for "regular" Short Sales", "74% or better for Hail Mary Short Sales, and an overall blended closing ratio of 89% which is clearly supported by the data in the MLS.

In reviewing the track records of all Short Sale Listing Agents in the Phoenix Metro Area that have closed as many or more Short Sale transactions as we have, we were pleasantly surprised to find that we had the best closing ratio of all!

Don't get me wrong, there are other well qualified Short Sale Listing Agents in our area, some of whom have closing ratios very close to ours.  The next 5 Short Sale Listing Agents that have closed as many or more Short Sale transactions as we have are at closing ratios of better than 80%.

So - why this "rant"?  Homeowners in trouble are making decisions on who to trust to list and close their short sale based on what they see in the market place.  

If someone is claiming to have closed hundreds at a 90% or better closing ratio, when the truth is that they have closed less than a hundred, and their closing ratio is less than 50%, don't you think the homeowner would want to know the truth before they make a decision?

This is not a case of buying a listing with an unrealistic list price.

This is a case of a homeowner having a successful short sale or going to foreclosure.  

This is not an opportunity to lie to get more "at bats".

This is the time to be honest - unless you want homeowners coming after you later on when they find out they were lied to in order for that agent to get their listing, and their reliance on the lie took them to foreclosure!

 

* All metrics calculated from data in ARMLS

* Graphic from PhotoBucket - free use approved

** Any Phoenix Metro Area Short Sale Listing Agent who disagrees with the metrics published here is welcome to contact me and request a correction or clarification, which will be done immediately if the data in ARMLS supports the claim.

 

About the Authors - Updated 2010

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If you are considering a Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with Haven Express @ Show Appeal Realty to determine whether Tony and Suzanne Marriott are the best Short Sale real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Short Sale of your home.

Listed, Sold and Closed Dozens of Short Sales with a 100% success rate!

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Tony and Suzanne Marriott
Associate Broker, REALTOR
Show Appeal Realty

Comments (6)

Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Doreen - Thanks for the reblog!

Aug 26, 2010 03:57 AM
Doreen McPherson
Homesmart ~ Scottsdale ~ Tempe - Tempe, AZ
Phoenix Arizona Real Estate ~

You're welcome.  So much confusion out there about what is true.  

Aug 28, 2010 03:17 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Doreen,

You found some useful info here.  I'd missed Tony's blog; thanks for reblogging!

Mike in Tucson

Sep 07, 2010 04:52 PM
John Puplava
ABC Home Inspections,L.L.C. - Prescott, AZ
ABC Home Inspections,L.L.C.

HI Doreen,

How are you doing today. I just want to introduce myself to you my name is John with ABC Home Inspections.

If I can assist you in any home inspections. Please call me.

Thank you,

John with ABC Home Inspections

www:abchomeinspectionsaz.com

Oct 11, 2010 05:27 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Doreen,

I moseyed on by to see what you're blogging about...  Been here already.  :)

Mike in Tucson

Oct 24, 2010 05:44 PM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Doreen --- whatever the claim -- this post underscores that we must verify everything.   A good post to re-blog. 

Aug 25, 2012 11:14 PM