Apr 27, 2012

Short sales / Distressed properties

Mike Wheeler and myself, Bob Argento, have taken the courses and received our CDPE designation- Certified Distressed Property Expert. After extensive class time and case study we now have the tools to better assist the clients of the Sold Team. What we did learn is that not everyone can qualify for a short sale - there are criteria that must be met, and also the process of dealing with the lenders to effectively execute the short sale- what paperwork, what inspections, and what negotiating techniques are essential to avoid foreclosure and get the property sold at short sale, we also gained more of an insight to programs that may be available to homeowners to avoid the short sale and refi their existing mortgages. It is frustrating that some real estate professionals list homes list them a s a short sale when they do not qualify , or then take an offer and do not prepare the correct package for submittal there by dragging the process out longer and still ending in foreclosure- costing the seller further credit damage, delaying a willing and able buyer and worse yet costing the banks and additional 30-50% on the cost of the lost amount.