To the editor:

I’m writing in response to an online article by Colleen Sullivan, dated February 8, 2012: Buyers’ Agents Caution: Stay Away From Short Sales, If You Can.

It is unfortunate to see the Massachusetts Association of Buyers Agents do such a disservice to their members by leading them in the wrong direction on short sale listings. As the number one short sale Broker in Massachusetts, it is very frustrating to see such exaggerations that are simply untrue.

Last year, we closed over 90 percent of the short sales that we listed. Our average time to obtain a short sale approval was under four weeks. We sold over 300 short sales.

Just like in any other real estate transaction, there are horror stories. I will be the first to say that I, too, have turned a buyer away from a short sale when I thought it was listed by a company that was not fit to complete the short sale.

However, when a seller lists their home with a reputable short sale agent (and there are many of them out there) who has a good track record, there is ZERO reason to turn a buyer away from the home. In fact, short sales, on average, sell for a bit less than a regular sale – which is all the more reason to help your buyer buy the property instead of turning them away.

In 2011, short sales were up 9 percent over 2010 in Massachusetts and up as much as 25 percent nationally. We expect them to be up much more in 2012. With that said, this is not the time to be turning buyers away from short sales; but rather, it’s the time for agents to be better educated on the process and to learn how to set their buyers expectations correctly so that everyone is happy in the end.

This statement is also harmful to all of the short sale sellers that are on the market right now (over 4,400 in Massachusetts today). These distressed homeowners are acting responsibly by trying to avoid foreclosure. Their homes should not be alienated.

In addition, if there were more short sales and fewer foreclosures, the market would recover faster. In 2011, short sale properties achieved prices more than 20 percent higher than foreclosures in Massachusetts. The biggest reason for this occurrence is that short sales transactions typically are from homeowners to homeowners – rather than homeowners, to bank (sometimes to investor) and then back to homeowner; which is typically what occurs during a foreclosure sale. Short sale properties are usually cared for until time of sale.

Last week, Home Gain put out a great survey that reports how short sale buyers were the most satisfied with their home purchase once they owned the home.

So, in closing, I am calling on The Massachusetts Buyer Agents Association to retract this harmful statement and instead, educate their members.

I would be happy to be the one to come in and educate their members anytime based on my experience/knowledge of the short sale process and how best to complete the transaction so it is a win/win situation for all parties.

Thank you.

Anthony Lamacchia

Broker/Owner

McGeough Lamacchia Realty Inc., Waltham