CDPE Momentum 2010

I recently returned from the Certified Distressed Property Expert (CDPE) Momentum 2010 Conference in Tempe, Arizona. The seminar enabled me to obtain additional education in this area.  Believe it or not, 7 out of 10 homeowners in foreclosure proceed without the assistance or advice of real estate professional.

I find that statistic so disheartening that I will pledge to help my clients who are in need. It’s my job to help those who are experiencing heightened levels of stress and/or financial distress.

So many Realtors® are not certified distressed property experts because short sales are very complicated transactions. There are many myths associated with short sales, and I’d like to dispel them.  For example, some think that the bank would rather foreclose on your property rather than do a short sale, and this is a very common misconception. Banks don’t want to foreclose on your property because it is so costly. For the most part, banks receive more on their investment through a short sale vs. foreclosure. Of course you need to meet certain qualifications to be considered for a short sale, such as having a financial hardship, among other things.

Another common myth is you must be behind on your mortgage to negotiate a short sale.  This simply is not true.  Today’s lenders are looking for a true hardship, monthly cash flow shortfall, or pending insolvency.  If you meet these requirements, you need to act immediately. If you delay, your options could be limited.

I often hear from clients that listing a home as a short sale would be embarrassing. I completely understand those feelings, but if this is your situation, trust me, you’re not alone; many are going through the same thing. I am here as your real estate professional to help you find the best solutions.

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