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Certified Distressed Property Expert (CDPE)
What is a Short Sale?
Frequently Asked Questions
Recent Success Stories
The current housing market has caused tremendous stress and heartache for families across America. If you or someone you know is among the millions affected by the prospect of foreclosure, understand you are not alone.
Unfortunately, seven out of ten homeowners in foreclosure proceed without the assistance or advice of real estate professionals. Now more than ever, you need to find an advocate for you and your family’s interest, one who is prepared to handle your specific needs.
As a Certified Distressed Property Expert (CDPE), I have been trained extensively to understand the options, solutions, and effective methods for dealing with homeowners facing hardships. Don’t risk your financial future and the potential sale of your home with an agent who does not have all the solutions.
I fully understand that saving a home can save a life, which can save family, which can save a future.
-Chris
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Certified Distressed Property Expert (CDPE)
What is a CDPE?
A certified distressed property expert is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.
The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.
While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs.
CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.
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What is a Short Sale?
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions.
A short sale is when a home is sold for less than the amount owed to the lender:
-A home is “short” when the amount owed on his/her property is higher than current market value.
-A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ‘sold short’ of the total value of the mortgage.
For homeowners to qualify for a short sale, they likely fall into any or all of the following circumstances:
-Financial Hardship: there is a situation causing you to have trouble affording your mortgage.
-Monthly Income Shortfall: Great examples of this are the furloughs in effect for the state of California workers. A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
-Insolvency: the lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.
If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.
Understanding your options now could mean all the difference in the world.
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Frequently Asked Questions
Question: What about the difference between the amount I owe and what my home sells for? Do I have to pay that amount back?
Answer: It depends. California has “anti-deficiency statutes” that protect certain borrowers from deficiency judgments; however, there are certain requirements in order to qualify. (A deficiency judgment is obtained by the lender in order to collect the difference). Generally, there are five situations in which a deficiency judgment is prohibited. Contact me to get all the details.
Question: Are there any tax effects of a short sale?
Answer: Generally speaking, any relief of indebtedness of a short sale is taxed as ordinary income. There are, however, some exceptions to this rule that may benefit a taxpayer involved in a short sale. For more information, contact your tax advisor.
Question: How do I know if I qualify for a short sale?
Answer: Banks are becoming more and more lenient when it comes to a hardship. There are numerous ways to qualify and show the bank the struggle to make payments. Call me for a free consultation and we can explore all options in order to make it work.
Question: How soon can I purchase a home after a short sale?
Answer: Two years from the completion date, compared to five years if you have a foreclosure on your credit.
Question: What about the condition of the property? Do I have to make repairs?
Answer: You can sell the property strictly “as-is” and not repair anything. The bank will take the condition of the property into consideration when determining an acceptable price.
Question: How much commission do I pay for a short sale? What about closing costs?
Answer: Nothing! The entire process is free to the homeowner. The lender/bank pays for the real estate commission and closing costs. If you qualify for a HAFA short sale, the bank will actually pay you! Call me for details!
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Recent Success Stories
Home in West Sacramento, two loans with separate banks totaling $450,000.
Negotiated a sale price of $355.00
Home in West Sacramento, two loans with separate banks totaling $425,000.
Negotiated a sale price of $265,000
Home in West Sacramento, one loan totaling $330,000.
Negotiated a sale price of $280,000
Home in West Sacramento, one loan totaling $347,000.
Negotiated a sale price of $284,000
Home in West Sacramento, two loans totaling $550,000.
Negotiated a sales price of $365,000
Home in West Sacramento, one loan totaling $274,000.
Negotiated a sales price of $105,000
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