Kim Raine is a Certified Distressed Propety Expert!
Helping families to avoid foreclosure. One Family at a time.
Kim Raine will take your situation from start to finish.
She really cares!!
What is a Certified Distressed Property Expert (CDPE)?
Before we can define a Certified Distressed Property Expert, we need to define a distressed property. A property can become distressed for a variety of reasons but the most common reason is a foreclosure. A situation that has caused a property owner to have difficulty making mortgage payments or even selling the property is said to be in a distressed state; basically any property which has foreclosure looming can be identified as a distressed property.
Now that we have defined a distressed property, what is a Certified Distressed Property Expert (CDPE)? This is not only a designation earned by a licensed Real Estate Agent and REALTOR but it is also an acronym that signals to the public that the person displaying it has gone through extensive training to successfully mitigate a foreclosure. This can be done by negotiation mortgage terms, helping to negotiate a refinance or the most likely outcome, help sell the property.
Sometimes these properties have lost significant value either by physical damage, change in the zoning, lack of curb appeal or a host of other factors one of which occurring today is general market conditions. If the value of the property drops below what one could sell the property for and satisify associated debts, then the property is said to be short and any sale would be considered a "short sale". Short sales and foreclosures are not new to real estate but they have become very common lately. Negotiation a short sale is where a CDPE really shines.
These transactions are extensively time consuming and tedious. They require diligent follow-up, tons of paperwork and detailed analysis. Not to mention all the work that goes into drafting market reports and gathering all the information to convince the bank to accept a sales amount that will net them less. Not an easy task. Some of these sales can take anywhere from 6 to 12 months to close.
All this is done in addition to the normal marketing efforts required to sell this property. You can see why less that 1 % of REALTORS nationwide have the training and knowledge to successfully negotiate a short sale. I am one of the few professional agents that has dedicated my time, effort, and finances to educate myself in this sector of the market.
2008 finished with more than 50% of all homes sold were in some sort of distressed state....and that ratio is worsening. If you have a distressed property you can't chance your home sale on someone who doesn't have the tools to get things done. This difficult market is going to be here for some time. Experts predict that a second sustained wave of foreclosures is in our near future.
Buyers as well are not immune to the phenomenon. They are finding tremendous buying opportunities but if they the dealing with inexperienced parties that don't know the mechanics of a short sale, the deal will likely fall apart after waiting months for the lender to respond to an offer. It is equally important to buyers and sellers of distressed property to use a CDPE agent who can get these transactions to the closing table.
Call Kim Raine, CDPE, Remax Premier Properties, 214 675 9436
kimraine@gmail.com
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