Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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Is Every Phoenix Short Sale Realtor® "Expert" Closing 95% Of Their Short Sales?

Bob - Thanks for the heads up and the mention!  It's this type of "misbehavior" out there that causes me to bring out the soap box.  If it wasn't for the consequences to the Sellers that they mislead (aka foreclosure) it would be comical!  I've hit the "Suggest" button and will reblog.  Kudos to you for your handling of the situation!

Is Every Phoenix Short Sale Realtor® "Expert" Closing 95% Of Their Short Sales?

As a Phoenix short sale realtor-broker for almost 10 years, I've noticed in recent months what I consider to be a rather disturbing trend.  

Fellow Phoenix short sale Realtor® Tony Marriott noticed it long before I did, and has written some very thought-provoking blogs on the topic.  His blogs have actually made me take notice of this recent epidemic of "expert" Phoenix short sale Realtors®, most of which claim an extremely high ratio of short sale closings/listings.

We've all seen it.  "We close 95% of our short sales", or "I'm an ABCD, and I KNOW how to get your short sale closed". 

One local Phoenix short sale "expert", who will go unnamed (and who advertises heavily on local radio stations, direct mail, etc.) has closed roughly 33% of his short sale listings in the past year, according to MLS statistics.  

Another team, who specializes in not only short sales, but training literally hundreds of agents in Phoenix (and who boasts about their 95% short sale closing rate), has actually closed approximately 70% of their short sale listings in the past year (nothing to sneeze at, but not what they advertise).  Trust me, there are several more stories just like this, but I'll leave it to you to do your own research.

Here's another startling finding...  Google the term "Phoenix Short Sale Realtor".  The top three (whom all claim to be "gurus" in the Phoenix Short Sale Market), closed 8%, 32%, and 55% of their short sale listings respectively in the past 365 days, according to MLS.

So, what made me write this blog (besides being inspired by Tony Marriott)?  This was the proverbial "straw that broke the camel's back", so to speak....

foot in mouth

Today, I received a call on one of my listings from a local buyers agent.  She hit me with the usual "interview" questions that she just picked up from her recent training, which now makes makes her an "ABCD" (i.e., an expert on short sales), and I did my best to bite my tongue and answer her respectively.  Her last question is what got me....

"Do you already have a pre-approval for the short sale?"  To which I responded, "No, like I said before, we have not received any offers on the property as of yet, and lenders will not consider a short sale until we receive a contract".  "Well, that's not necessarily true, I ALWAYS get pre-approvals on my short sales before I ever get an offer", she says.

I couldn't help myself, and had to ask, "Can you share with me how you are doing this"?  Her response, "It's very simple.  I send a complete package to the lender once I get the listing, and I get a pre-approved price.  That way, I can just list it at that price, and I know it will be approved.  If you haven't done this, I think we should probably look at other options". Hmmmm, very interesting...

"So, how many short sale listings have you closed in the past year"?, I asked... "Twenty to twenty-five", she tells me.

Doing my best not to laugh out loud and not create an embarrassing situation for the poor agent, I bit my tongue (again) and tried to explain that we would love to see an offer from her, and to call me with anymore questions, should they arise.

Next, I went to the Arizona Multiple Listing Service, and my "hunch" proved correct...

In the past year, she has had ZERO short sale listings, and ONE "traditional" listing (which she closed).  She has represented ONE buyer, and it was not on a short sale.  Next, I went to the AZ Department of Real Estate website, and found that she has had her license for 3 years, and was now on her 6th broker.  

Moral of the story for agents:  When representing your clients, we, as agents/brokers, need to not only interview the other agent, but need to follow up and do research as well.  You can save yourself a lot of wasted time/effort by taking 5 minutes to verify what you are hearing from the other side.  

Moral of the story for Sellers:  Do your research.  When interviewing an agent to represent you on the short sale of your home, ask them, "What percentage of short sale listings have you closed in the past year"?  When they tell you their percentage, ask them to show you via an MLS generated report.  

Personally, my percentage of Phoenix short sale closings "floats" between 70-90% (not perfect, but close enough for government work).  This is nothing to write home about, but it is respectable (in my opinion), and more importantly, it can be verified by going to ARMLS.

It's time to make people accountable for what they are advertising.

In other words, talk is cheap.  Do yourself a favor and dig deeper, especially when you "smell a rat".

 

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Bob Hertzog

Summit Home Consultants

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Copyright © By Bob Hertzog 2010 *Is Every Phoenix Short Sale Realtor® Closing 95% Of Their Short Sales?*


 

 

 


 

 

 

About the Authors - Updated 2018

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

Associate Brokers, REALTORS
Haven Express
Keller Williams Arizona Realty

Comments

Tony - thanks for reblogging - I've commented on Bob's post - Interesting and thought provoking ... and brining up issues that need some resolution, by both ActiveRain and the department of real estate.

Posted by Jack Mossman - The Nines Team at Keller Williams in Stockton, The Nines Team at Keller Williams in Stockton (The Nines Team At Keller Williams) over 9 years ago

As the famous saying goes: Eighty four percent of all statistics are made up.

If they aren't making it up, what are they measuring?

Posted by Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) over 9 years ago

Great idea to ask for an MLS generated report. Homeowners need this information - especially when they are putting their credit and their "lives" in the hands of a realtor to get their home sold before it's foreclosed! 

Posted by Patty Keller, AnotherMe - 770-414-9393 - RE Virtual Assistant (AnotherME, LLC) over 9 years ago

Jack  I was remiss in the early days - just now catching up with comments from blog posts since day 1 - thanks for the comment - hope you are still in the 'Rain!  

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 5 years ago

Dave  I was remiss in the early days - just now catching up with comments from blog posts since day 1 - thanks for the comment - hope you are still in the 'Rain!  

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 5 years ago

Patty  I was remiss in the early days - just now catching up with comments from blog posts since day 1 - thanks for the comment - hope you are still in the 'Rain!  

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 5 years ago

Enjoyed this post and want to read more - try this one - Peacocks and Pickles for Christmas 2015!  Wishing you a prosperous and Happy New Year!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) over 4 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) over 4 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) over 4 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) over 4 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) over 4 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) over 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) almost 4 years ago

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