I just received my Certified Distressed Property Expert® (CDPE) Designation. Considering the number of homeowners that are underwater and the percentage of home sales that are foreclosures, this is essential training for every Realtor and mortgage broker.
Because I had worked with a few agents who were certified in distressed properties, I was really intrigued by their knowledge of the process and how effective they were in those transactions.
During the training I was just blown away by the philosophies and the processes. Basically, these offers need to be assembled just like traditional ones; the offer needs to be submitted professionally, and have all the proper supporting documentation and escrow monies.
While I do not practice real estate, my home loan business is built on two key things: leveraging reliable technology and getting all the education possible. I now have a clear understanding of a process that is superior in terms of dealing with the banks in getting short sales approved.
Real estate markets change, interest rates adjust, and rules governing home loans fluctuate. The entire real estate industry is fluid. But there are options, solutions, and methods to give homeowners the best opportunity for success.
Not all real estate agents are created equal but an educated agent is your best chance at getting the assistance you require.