Distressed Property & CDPE

A distressed property is property:

• That is in poor physical condition
• That is or soon could be in foreclosure
• That is owned by a person who is experiencing financial difficulty
• In which the amount owed to the lender is greater than current market value
• Where the owner is behind on their mortgage payments

When a property falls into the distressed category, homeowners often feel overwhelmed. A realtor who is a Certified Distressed Property Expert (CDPE) can be a valuable resource to these homeowners.

The CDPE designation is awarded to a realtor who has received specialized training in property short sales, as well as preventing and finding alternatives to home foreclosure from the Distressed Property Institute. A CDPE realtor is nonjudgmental and has the sole focus to bring resolution to the client’s difficult situation. A Realtor with the CDPE designation is an advocate for homeowners, acts in their best interest and helps find resources for solutions to their mortgage crisis.

Many people find themselves in a distressed situation when a subprime loan resets, they lose income through job loss or a cutback, or when medical bills or other unexpected financial crises leads to falling behind or the fear of falling behind on mortgage payments. In these circumstances it can seem overwhelming to decide what is the best direction for yourself and your family. A Certified Distressed Property Expert has the training and expertise to point out options and alternatives and to assist you through not only the decision making process but also to sell your property in a short sale should you decide that is your best route. Their expertise with putting together short sale packages means banks and lenders have a complete set of documents when received and rarely need to ask for additional documentation, which increases the possibility your sale by the prospective buyer will be successful.

On average, a CDPE closes more short sales than real estate counterparts who have not received the designation, approximately 9 in 10 as compared with 1 in 10. (Statistic from Distressed Property Institute, LLC)