Obtaining a CDPE Designation – Certified Distressed Property Expert
Having successfully done short sales for the last three years, I felt I knew a great deal about them. Taking the intensive CDPE course gave me more insight into the process, and I hope it will enable me to reach out to more distressed property owners. CDPE stands for Certified Distress Property Expert, and The Treasure Coast has more than it’s share of suffering homeowners. Many of them don’t know where to turn and don’t realize that they have options to being foreclosed on. The course pointed out that many families who are not in the foreclosure process now could be in 60 days with just a few changes in their situation: loss of a job, a sick family member, an unexpected bill, anything that interrupts their income for a month or two.
The first step when confronting foreclosure is to seek advice from a professional who has experience in what to do. It may not help a lot, but homeowners need to know 
that there are masses of people just like themselves who are suffering the same problem and seeking relief and a solution. If homeowners are not “underwater”, meaning owing more on their mortgage than their home is worth, there’s the possibility they can refinance. Also there’s a loan modification possibility, which although this solution got off to a slow start with most lenders, it’s now picking up steam. Usually in a modification, the borrower goes on a trial plan and then at the end can change into a permanent loan modification. This will enable them to stay in their home.
If neither of these options work out, there’s the short sale. This is when the homeowner’s lender(s) approves of the sale of the property for less than what’s owed on it. There’s always the questions of “Will I have to pay the IRS taxes on the forgiven amount on the mortgage?” and “Will I have to sign a deficiency note on the difference in what my lender accepts and the balance I owed them?” A Realtor can not answer these questions because they can’t give legal or accounting advice. The IRS has a web site that answers questions about 1099′s, and you should consult an attorney about any legal questions.
The short sale, if successful, will not affect the credit score to the extent a foreclosure will. It will take a Realtor with experience to negotiate with a homeowner’s lender on their behalf. It will take an enormous amount of patience from the homeowner and the buyer who has entered into a short sale contract with the homeowner. It can be anywhere from 6 weeks to 4 months before getting an approval letter, or an amount the bank will accept as a short payoff. All parties to the short sale must be educated on what’s involved and commit to the time involved and the uncertainty. Short sales are not just an investment in financial terms, but you’re also investing time and emotional fortitude.
If a homeowner finds them self in this difficult situation, I welcome his or her call for a confidential interview to discuss what their options are and guidance on how to move ahead. If a homeowner knows a neighbor, or a friend who is in a similar situation, please forward this to them so they can call me and discuss their options. I specialize in short sales, not only to make money, but also to help those that need it. It is a great feeling to know I’ve helped someone avoid foreclosure. As canned and corny as that sounds, it is true. There are much easier and quicker ways to make money in real estate from a practitioner’s standpoint, than specializing in short sales and distressed properties. It takes an agent that is committed to get these things done.
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Tagged with: CDPE • Foreclosure • help with foreclosure • short sell
Filed under: Avoiding Foreclosure • For Sellers • Loan modifications • Short Sales
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Up to now I don’t know, there are special courses to become an expert in real estate. I gained lot of information from your post. Thanks for sharing with us.