I recently completed an analysis of ARMLS (Arizona Regional MLS) data for 12 months of Short Sales. I focused on Closed, Cancelled and Expired.
The purpose was to determine Short Sale list to close ratio - the premise being that to avoid foreclosure in Phoenix and other parts of the Phoenix metro area, you have one shot at it and therefore it's in your best interest to select a Short Sale Listing Broker, a Short Sale Listing Agent, a Short Sale Listing Realtor that can prove based on their track record that they know how to get Short Sales closed.
The closer their list to close ratio is to 100%, the better the chances that yours will close too!
I was astounded by some of the statistics, and I'll share them over a series of posts so as not to throw a bunch of numbers at you all at once.
Of the 16 real estate brokerages (none of which are a national franchise or major regional franchise) in ARMLS that had a track record for short sales between 8/5/2009 and 8/5/2010 for a dozen or more transactions and had a list to close ratio that exceeded 70.00%:
The average number of closed Short Sale transactions was 19.81 - just under 20 - and ranged from 12 to 39.
None of these 16 brokerages focus on REO listings.
An observation - "volume" such as the hundreds of REO transactions pumped through the system does not equate to success in Short Sales. Which is really no surprise. REO listings are awarded in "batches" and also "taken away" in batches by asset managers. Very different than the 1 by 1 evaluation, listing, marketing and selling of a potential Short Sale.
Lesson: When choosing a Short Sale Listing Broker make sure to ask the following 2 questions:
1. How many Short Sale listings has your brokerage/franchise closed?
2. What is your brokerage/franchise Short Sale list to close ratio for the past 12 months?
3. What percentage of your overall business - regular resale, short sales, and REOs is your Short Sale business?
Only 4 of the 16 brokerages can legitimately claim a short sale list to close ratio of 80% or higher. So - your choices are now down to 4 brokerages if you want 8 out of 10 odds of closing your short sale. Keep in mind you typically will get one, and only one, bite at the short sale apple before your property goes to Trustee Sale.
If you are considering a Traditional or 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 @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.
Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!
Tony Marriott - Chief Executive Officer - Haven Express @ Keller Williams Arizona Realty
Suzanne Marriott - Chief Learning Officer - Haven Express @ Keller Williams Arizona Realty