Certified Distressed Property Expert   Part 3

Have you ever taken a class and realized half way through the class that you have been doing what you are learning about all wrong? I now think that all the short sales I closed in past were pure luck! And the ones I didn’t close were because me and the other agent were fumbling around in the dark expecting the other to know more. UGH!  Although I can’t correct the past I sure make up for it now that I have the knowledge of being a Certified Distressed Property Expert— CDPE! Today’s course was packed full for information to help homeowners!

One of the big topics that were covered was option for homeowners. This covered all the different options homeowners have before they go into foreclosures. I see my job as helping homeowners find the best possible solution. This does not always mean a Short Sale. So here they are;

•    Forbearance or repayment plan
•    Rent Property
•    Mortgage Modification
•    Short Sale refi (this is a great new program to help home owners refi there home at market value!)
•    Deed-in-Lieu of Foreclosure (great way to save your credit)
•    Service Members Civil Relief Act (SCRA) there are also programs for police officers and firefighters!
•    Lastly, Short Sale!

* We covered the finer points of qualifying a person a short sale. Not everyone who applies for a short will be granted permission from the lender to do a Short Sale.

* Lender Math. This was an insightful look at what lenders are looking for in an offer.

* Back up offers. This was the most eye popping of all discussions. It covered the process for accepting multiple offers and how to work with other Realtors and the bank.

* Closing deals that have a first and second trust. I have always avoided deals where there is a first and second trust because I always thought that they would be too hard to close. After all, it’s hard enough with one bank but working with two???? Now I realize that not also are they not impossible to close but in some cases they are the easiest deals to close! Talk about ignorance costing you money! I turned down dozens of these types of deals last year!

* Negotiating with PMI companies.

* And finally the difference between Short Sale consequences and Foreclosure consequences.

Just another information filled day. I can not wait for the next class!

See you then!

Chuck

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