A property can become distressed for many reasons but the most commoncdpelogo_color_name_300dpi3 reason is a foreclosure. Any situation that has caused a property owner to have difficulty making mortgage payments is said to be in a distressed state; basically, any property which has foreclosure looming can be defined as a distressed property.

A Certified Distressed Property Expert (CDPE) is not only a designation earned by a licensed Real Estate Agent and REALTOR but it is also an acronym that says the person displaying it has gone through extensive training to successfully mitigate a foreclosure. This can be done by negotiating mortgage terms, helping to negotiate a refinance, or the most likely outcome, helping to sell the property.

If the value of the property drops below what one could sell the property for and satisfy debts, then the property is said to be short and any sale would be considered a “short sale”. Short sales and foreclosures have become very common lately. Negotiation of a short sale is where a  CDPE can be very helpful.

These transactions are very time consuming and tedious. A large amount of work goes into drafting market reports and gathering all the information to convince the bank to accept a sales amount that will net them less. Some of these sales can take anywhere from 6 to 12 months to close.  It is very important for buyers and sellers of distressed property to use a CDPE agent who can get these transactions to the closing table the right way

Less that 1 % of REALTORS nationwide have the training and knowledge to successfully negotiate a short sale. If you have a distressed property you can’t take a chance and give your home sale to someone who doesn’t have the tools to get things done.  I am one of the few professional agents that has dedicated my time, effort, and finances to educate myself in this sector of the market.

If you find yourself falling behind on your payments, I may be able to help you.  For foreclosure advice or personal assistance finding your new Hoboken home, visit our website at Your Home for Real Estate.

Explore posts in the same categories: Federal Distressed Homeowner Programs

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