In today’s real estate market both buyers and sellers are discovering the challenges of navigating their way through foreclosures and short sales. In order to make the best decisions it is important to find an agent who is educated and knows the process.
If you’re a homeowner and you’ve gotten behind on your mortgage payments or you’re anticipating having trouble keeping up in the next couple of months, now is the time to talk with an experienced agent. A real estate agent who is a CDPE®, or Certified Distressed Property Expert®, is someone who has been through special training and who is experienced in helping homeowners facing foreclosure. A CDPE®’s job is to help you evaluate your current financial situation to see what options you may have. You should come to your first meeting with your agent prepared to discuss what hardship has caused you to get behind in your payments and/or to have a shortfall in your monthly expenses. Bring detailed information on your monthly income and expenses, including information on how far you are currently behind on your mortgage and other payments. Your CDPE® agent will review this information with you and help you to determine what your options are.
In some cases the only option for the distressed homeowner is to ask their lender to approve them for a “Short Sale”. This is where a Certified Distressed Property Expert® can help you prepare a short sale package for your lender containing detailed information about your hardship, finances and current market value of your home. Once this information is complete and you have decided to move forward with a short sale, your agent can put your property on the market so you can entertain offers from prospective buyers.
Buyers who are considering purchasing a distressed property would be wise to find an experienced CDPE® to assist them as well. Your CDPE® will not only help you to locate the distressed properties on the market but can also help you to determine which short sale properties will likely be approved by the lender. Just because the property is a short sale listing does not mean the bank will approve the buyer’s offer and the seller’s short sale request. An agent experienced in these types of transactions can help you navigate through the market and find the best opportunities without wasting too much of your time.