JOHNNY HUANG, MBA, REALTOR EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE
Johnny Huang of Cross Walk Realty in Walnut Creek, California, has 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 the East Bay of San Francisco, more than 6000 homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.
"This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales," said Huang. "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 Johnny Huang, MBA 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 January 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," Charfen said.
It wasn't long ago (actually 20 months ago) since I saw my daughter's first steps. It was such a joy. Today, she did her first potty (although had a huge accident later on) and her first sleep without daddy (she asked me to leave the room). Time flies so fast :-(
What does this have to do with real estate? Not much maybe, but remember your first? Writing your first contract (with sweat palms and crackling voice) to cashing your first check (with a big smile)! It all has to start sometime.
Today is the first day of my life really seeing my daughter grow and become more independant. Hopefully there's more to come. Maybe I'll teach her the business and we can be a family company!
The reason I write this is that my brother, a first time home buyer since November, has been getting his credit card cancelled and cannot apply for new credit due to him living in a "high regional foreclosure area".
Has anyone experienced this or has a client that experienced this?
He was qualified to buy a $185,000 house, why would he be cancelled on his current card as well as being denied new credit based on where he lives?
Does that mean I need to "steer" my first time home buyer clients away from high foreclosure areas and have them overextend their ability to pay on non-foreclosure areas??
What about all the people that currently live in the areas with high foreclosures, are they going to get cancelled and/or denied as well?
I'm putting this out to the community because I know we have agents with clients looking to buy in the affordable areas of the country. This is a big concern for me as an agent.
This is insane and I can't believe the federal government is allowing type of redlining to be practiced.
Yesterday, I've made a pact to myself that I'm going to fight back on those recorded phone calls that either say your car warranty is expiring, your insurance is expiring, or your home loan can be refinanced, etc.
I think that these companies prey on people to obtain information and sell it across the globe to others. So I've developed a plan to hopefully fight them back. I consider them all scammers!
First, I'll try to get a live operator to I can talk to them. I'll give a few information like my first name and ask what the call is all about. Then I'll ask for the operators first and last name if possible, company information and where they are located, and what they want me to do. This gives them a feeling that they got me.
My next line will be..."I'm recording our conversation so I can compile a collection of companies that call me without my permission and to possibly use this to make money on TV, is that ok with you?"
Most of my responses have been quick hang ups...if any of my readers do this, please let me know if you get any other responses! I'd love to hear what you have to say about this.
This week, I commented on my own Facebook status that I was expecting a slow and lazy week due to lack of assignments or appointments. I was begging my wife to go golfing the next day as well.
Well lo and behold, I get 7 assignments from Titanium Solutions...I guess I won't be going golfing :-)
Thank you TS for keeping me busy! (and there's no sarcasm there!)
What will it be next? More credit repair sign ups? More BPO's? More REO's? Let's get it on!
Oh by the way...new news from the C.A.R. newsletter...
"C.A.R. achieved a compromise in AB 957, "Choice of Escrow Bill." In multiple discussions with the author, C.A.R. worked with Assemblywoman Galgiani to come up with compromise language that will require fair treatment for real estate owned (REO) buyers in the choice of title and escrow providers.
The new language now protects fair negotiation over settlement services, and has removed C.A.R.'s opposition.
The new language will codify in California law the federal RESPA rules for selection of title insurance, and extend the same rules to protect buyers in the selection of escrow services. In a nutshell, the sellers will have to negotiate the selection of title and escrow. Under the new language, if an REO seller wants to try and direct choice of escrow, the seller will have to pay for the privilege.
AB 957 will also impose new penalties on REO sellers that violate the law, and will empower state regulators to go after both RESPA and "steering" violations."
Someone wrote about the Chat to Text and I tested it out. Sent the text promptly to my cell and back again.
If you are a techie and love to communicate via text messaging, esp with potential clients, this is a must! You can also use this on your website, blogs, even Facebook, MySpace, etc!
Best of all, you'll make some money out of it.
Here's the test, send me a text, and I'll respond back to you!
Yes, you heard me...Last night I had my last straw.
Little history about this person is that they had gone through quite a few agents before contacting me. They complained about the other agents not responding fast enough or writing the proper offers. I thought to myself, I can do better, so I took them on as clients.
I explained to them that REO's are not always the best condition and a few of them that are fixed up sell very fast in this area but they insisted on REO's since the marketplace is filled with them.
A few phones calls here and a few emails there and a few showings later (and foul language included in conversations which I don't handle very well)...my conclusion: They are way too picky to be looking at REO's! Unfortunately, they only qualify in the price range that is nearly 99% REO or Short Sales.
Nothing was good enough for them. Comments like "I prefer carpeting" after showing a house with brand new hardwood floors or "the bedrooms are too small" or "I don't want to see the neighbors or have them climb over my fence" really irked me. They expected full repairs with REO properties but expect to pay the price of unrepaired REO's! (UGH!)
Sorry, but my patience has run out with them after 3 weeks of previewing houses and showing the most decent ones (if there is in the REO world). OK, my ranting is done...
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
;)
;)
