What is a CDPE or Certified Distressed Property Expert?

What is a CDPE?

A Certified Distressed Property Expert® (CDPE) is a real estate professional with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market.

The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that in almost all cases, the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the tools needed to help homeowners find the best solution for their situation.

While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs.

CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.

(Source: CDPE.com)

Short Sale Process

The following is the basic process for a consumer and a Realtor to interact and begin the short-sale process:

1. Realtor markets to consumers - Lead turns into a client

2. Realtor properly qualifies opportunity to see if the client is truly insolvent or unable to make or continue to make payments.

3. Realtor attends to listing appointment to see property.

4. Realtor qualifies seller or consumer to see if they qualify financially by seeing bank statements and tax returns.

5. Property is listed by Realtor (Most banks prefer and some only will engage in dialogue surrounding a Short Sale with a licensed Realtor or Broker).

6. Property is placed into MLS.

7. Package should be completed by Realtor (includes tax return information, bank statements, hardship letter, and will be sent to the bank).

8. Offer and Executed Contract is made by buyer.

9. Appraisal or BPO (Broker Price Opinion) is completed by bank's representative or agent.

10. Sellers bank either approves or not approves offer and Realtor either continues to market property for sale; re-negotiates with buyer and updates contract

11. Sellers bank will provide an Adjusted Payoff to Title Company.

12. Final inspections are completed.

13 . Closing.

What is a Short Sale?

The term "Short Sale" is used in the real estate industry to describe a situation where the debt owing against a property is greater than the fair market value of the property.  In other words, the owner cannot sell the property unless the creditor(s) ("Third Parties") agree to accept a payment that is less, or short, of the amount(s) actually owed to the Third Parties.  The Third Parties are usually mortgage lenders, mortgage insurers, bankruptcy trustees, and federal, state and local taxing authorities (such as IRS or State Tax Commission).