CDPE - What Does This Designation Mean?
As CERTIFIED DISTRESSED PROPERTY EXPERTS©, our Team specializes in working with sellers who are in financial distress by avoiding the devastating consequences of a foreclosure with the successful negotiation of a short sale.
– What is a Certified Distressed Property Expert © ( CDPE ©)?
The Developers of the Certified Distressed Property Expert Designation ( CDPE ©) believe that in almost all cases the best person for a homeowner in distress to speak with is a well informed Licensed Realtor® that has the tools needed to help that homeowner find the best solution for their situation.
Foreclosure is a devastating financial and emotional process for a homeowner to go through, and in many cases they do so alone and without help of any kind.
A Licensed REALTOR® who has earned the Certified Distressed Property Expert © ( CDPE ©) designation has dedicated their time and effort to understanding the issues distressed homeowners are currently facing. The Certified Distressed Property Expert © CDPE © is a professional who understands the full range of solutions and is ready to help.
While experiencing financial distress is difficult for any family, the process of finding a real estate professional should not be stressful. Selecting a Certified Distressed Property Expert - CDPE © Licensed REALTOR® ensures you are dealing with a professional ready to address your needs. Patty DaSilva, CDPE © has the experience and compassion to solve all of your real estate needs.
Short Sale Myths
A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
Myth #1
– The Bank Would Rather Foreclose than Bother with a Short Sale
This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.
The qualifications for a short sale include:
1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
2. Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
Myth #2
– You Must Be Behind on Your Mortgage to Negotiate a Short Sale
While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.
If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.
Myth #3
– There is Not Enough Time to Negotiate a Short Sale Before My Foreclosure
This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes.
The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.
Short Sale - A Positive for HomeOwners
– The short sale of your home will result in a positive impact for all parties involved:
Positive #1: You will be able to avoid the devastating effects that a foreclosure will bring to your credit score, your job security and to your public record (foreclosure is a public record and can never be removed).
A short sale will possibly affect your credit rating, but accompanied by a good credit rebuilding plan, you will likely be able to own a home in 2 short years!
Positive #2: With a short sale, your current lender will avoid the extremely expensive foreclosure proceedings.
Positive #3: The buyer of the short sale property will be purchasing your property at a great value.
Positive #4: Your neighborhood will benefit by not having a bank owned property!
What Are Your Options?
– Regardless of your situation, we would like to be a resource to answer your questions!
Please fill out the form below to send us your questions or to schedule a Free Consultation with our team. Our FIRST Goal is to help our clients SAVE their home - we look forward to hearing from you!
Thank You - The Impact Team
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