I have just earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.
Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
In Stark County, more than 1 in 10 home owners are in danger of or considering foreclosing. It is happening in all price ranges. Even high-priced homes are not immune.
This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales, it is so rewarding to be able to help sellers save their homes from foreclosure.
Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as George with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.
The Distressed Property Institute opened in 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.
Our goal is to educate as many people as possible so we can help as many homeowners as possible.
OH, by the way... if you know someone considering foreclosure, please have them call me first. There is a significant difference between foreclosure and short sale.
Wednesday, May 27, 2009
Monday, May 11, 2009
Get Offensive!
I just returned home from a convention with my mentor and coach Brian Buffini. I had the opportunity to compare notes with some of the top Agents in the country. Brian also shared his observations and national statistics … it was a very enlightening couple days which I wanted to share.
If you will remember it took the press 18 months to tell us we were in a recession that we knew long before. It looks like it will take another year for the press to report we have seen the worst in the real estate market and we are actually seeing strong signs of a recovery. Following are some interesting stats.
Over 50% of the nations foreclosures have been located in 3 states (CA, FL, CO) and two cities (Vegas, Phoenix); all of which are seeing improvement. In California the inventory of homes has dropped from 15 months (available homes / monthly sales) to current levels of just over 6 months (6 is a balanced market). Their current challenges include multiple offers and a housing shortage in the foreseeable future. It is said trends start west and move east, so let’s look at our local market.
In the last 7 months our local inventory of residential properties has dropped 20%, from over 2,600 homes to less than 2,150. Our inventory has dropped from 10 months to 8 months. In Stark County 37% of the new listings are selling in the first 30 days on the market; 20% more in the next 30 days. These are real indicators of a strengthening market. In other words, this IS a great time to buy and sell.
This does not mean we are out of the woods … unemployment remains an issue in our area and 1 out of 10 of our friends are either dealing with a foreclosure or are considering the possibility.
Many of your recent much appreciated referrals have been friends needing help with their homes … payments going up and mortgages for more than the home is worth. I will soon have my Certified Distressed Property Expert designation (first to have in the area) to better help these referrals understand their options. I’ll also be better equipped to work with the banks on their behalf to avoid foreclosure. Additional updates coming. We are here to help with all real estate related issues, no matter what the situation.
Oh by the way… I’m never too busy for your referrals.
If you will remember it took the press 18 months to tell us we were in a recession that we knew long before. It looks like it will take another year for the press to report we have seen the worst in the real estate market and we are actually seeing strong signs of a recovery. Following are some interesting stats.
Over 50% of the nations foreclosures have been located in 3 states (CA, FL, CO) and two cities (Vegas, Phoenix); all of which are seeing improvement. In California the inventory of homes has dropped from 15 months (available homes / monthly sales) to current levels of just over 6 months (6 is a balanced market). Their current challenges include multiple offers and a housing shortage in the foreseeable future. It is said trends start west and move east, so let’s look at our local market.
In the last 7 months our local inventory of residential properties has dropped 20%, from over 2,600 homes to less than 2,150. Our inventory has dropped from 10 months to 8 months. In Stark County 37% of the new listings are selling in the first 30 days on the market; 20% more in the next 30 days. These are real indicators of a strengthening market. In other words, this IS a great time to buy and sell.
This does not mean we are out of the woods … unemployment remains an issue in our area and 1 out of 10 of our friends are either dealing with a foreclosure or are considering the possibility.
Many of your recent much appreciated referrals have been friends needing help with their homes … payments going up and mortgages for more than the home is worth. I will soon have my Certified Distressed Property Expert designation (first to have in the area) to better help these referrals understand their options. I’ll also be better equipped to work with the banks on their behalf to avoid foreclosure. Additional updates coming. We are here to help with all real estate related issues, no matter what the situation.
Oh by the way… I’m never too busy for your referrals.
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