Short Sale Predictor: Look for 2 Green Stars

I’m really excited about this new feature for . Normally I leave all the feature upgrades to, but this one graduated to the main blog.

I’ve written a lot about Virginia short sales (don’t miss the older “SS 101” post) and a year and a half ago came up with the 1st MLS search that would scrub short sales (see post) and put a * next to their price (it would look at both the remarks and checkboxes).

But that wasn’t enough. I also gave some guidance on a “Top 10” questions to ask a listing agent, as they are the key to getting short sales closed (in my opinion).

The most important question on that list was “have you ever closed a short sale.”

Well now you no longer need to ask them! (and they so frequently get offended) will upgrade the normal asterisk next to a short sale and make it two green **, IF that agent has EVER closed a short sale within the last 4 years. Yep, the system will now look at every short sale, and then scrub the 4 year history of the listing agent and if their sold listings show a successful short sale… then BOOM, they get upgraded.

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Now of course this is FAR from perfect and in no way is it an indication the short sale will definitely close (far from it), but I’d venture to say you have a 3x better chance. So in a quick second, a glance at the results might help you consider a short sale that before you might have been too scared to try.

Try it. Search for Arlington Short Sale.
About 40% have **.

Now, I’m still willing to tweak this. Should it require 2 closed short sales? Also I think it currently looks at whether the agent was either a lister or a buyer agent. I’ll be changing that to just successful sold short sale listings.

Also the system puts 1 green * if the remarks say “Approved” since an approved short sale has a better chance of closing.

Why am I so excited about this? Because it is my first attempt to incorporate sold data as an indicator or predictor about how an active listing will do. Next up is the Frankly Price Predictor that I talk about here for Inman News (I do a weekly video column for them now):

A few quick personal notes:
– All done with my 5 AU Law school exams, only a year and a half left.
– Just finished a shoot for HGTV’s “My First Place,” which you would have seen some behind-the-scenes videos like this one if you followed me on Twitter @FranklyRealty
– Was listed as a “Inman 50 Most Influential Online”
– I started a couple new Youtube accounts at for my weekly industry focused video segments and (and snagged from a squatter), which is where we recently bought a home.

Written by Frank, Owner and

Photo by dichohecho

  • 20
  • December
  • 2009

5 Responses to “Short Sale Predictor: Look for 2 Green Stars”

  1. […] Short Sale Predictor: Look for 2 Green Stars – What Frank does with his site and more importantly what he has done with his Frankly MLS is […]

  2. Great Blog! I’m enjoying your Frankly Style which is similar to my “Brutal” style but not nearly as nice a design. Short sales are much more “fun” when you are listing them. I could very easily write similar “cynicisms” about buyer’s agents that you have here about listing agents. LOL. I’m definitely following now.

  3. Hi Frank,

    Loved your blog post. The little green asterisk is cool. I think once the consumers understand this little search tip,it can play a huge roll in helping them find an experience Realtor to help them with Buying or Selling a Short Sale.

    Here in Prince William County VA, we are starting to see more and more approved short sales. Hopefully that trend will continue into the new year. Just got another homeowner Approved for a short sale in Lake Ridge Virginia the other day! Midfirst Bank took a little longer than I had hoped. It took three and half months from contract submission. Now I’m working on a dual SunTrust Short Sale and a Bank of America/Well Fargo. All are under contract and pending third party approval.

    Have a wonderful holiday week. Hopefully, you will take some well deserved time off. I look forward to seeing you and your clients on HGTV!

  4. REdealSEEKER says:

    Hi Frank,
    So, I wanted to follow up on your idea of hiring short sale experts for buyers. In the last year, have any of your agency’s buyers hired short sale experts? How has that worked? What makes someone an expert? Certification? Experience? Also, how does the listing agent take the news that the buyer is hiring a short sale expert (to do their dirty work for them)? I assume that agents would generally be thrilled, but maybe some might think the buyer is stepping on their toes….

    Have a contract on a short sale, love the house, have little info (except from your site, I see that the LA has done successful short sales, but each house goes under contract many different times, and the process seems painfully lengthy…maybe buyers don’t stick by because little info is provided? I know that’s typical of short sales).

    I’m aware that there are new gov’t guidelines coming, but this short sale might be of the 2008/2009 long-wait variety.

  5. Joy says:

    Hey Frank,

    I wanted to let you know your website, especially the asterisks, helped my husband and I find a short sale that we will soon buy.

    I wanted to add that IMO, treat short sales as a foreclosure when you get a home inspection. Get the super duper home inspection where the inspector has a Thermal Imaging Scanner and pay extra for the water leakage / mold detection report.

    We saw two short sales in FFX County that were lovely $700K+ homes but both had water intrusion issues. The first was a lovely golf course home with several inches of water in the basement. The second home – where we are now – seemed perfect until a freakishly heavy rain revealed windows that leaked like sieves. The super duper home inspector would help potential home buyers figure out just what is really needed not just in terms of figuring out a realistic purchase price but what resources are needed to make the house safe and livable.

    Great blog, Frank. I learn so much from you and I’m not a realtor. I pass on your tips to my friends and my realtor friends. Keep up the greatness!

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