Alex & Cadey's Blog

What is the CDPE Designation?

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Tue, 29 Sep 2009 10:47:30 -0500

Here I explain the CDPE and how CDPE-designated agents are helping homeowners nationwide avoid foreclosure with education, answers and solutions, particularly short sales.

CDPE - Charfen's Blog: Q2 Mortgage Delinquency Numbers

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Tue, 08 Sep 2009 14:44:29 -0500

Here I present my opinions about the recently released numbers in the National Delinquency Survey, produced by the Mortgage Bankers Association. Learn how delinquencies have increased, their future trends and potential, and what this means for the ongoing U.S. foreclosure crisis. www.CDPE.com

CDPE - Charfen's Blog: 10,000 Members!

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Tue, 25 Aug 2009 16:13:18 -0500

On the strength and integrity of its foreclosure avoidance education, with a concentration on short sales, the CDPE membership organization has grown to more than 10,000 members nationwide. Here I explain what reaching this milestone means to me, our organization, our members, and the nationwide movement for change in the U.S.

CDPE Designaiton graduates 10,000+ members, industry, founders and staff react

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Mon, 17 Aug 2009 21:13:14 -0500

Take a minute and see just why the CDPE designaiton has over 10,000 members in only 19 months...

Inspirational Message from Agents for Agents....

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Fri, 14 Aug 2009 01:05:28 -0500

Is the CDPE Endorsed by NAR?

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Thu, 16 Jul 2009 13:08:20 -0500

Listen as I address the issue of NAR endorsement of the CDPE designation, and the Institute's strategic marketing relationship with the organization.

Additionally, in today's market, it's important to remain educated on issues affecting homeowners and the solutions real estate professionals can provide. Visit CDPE for more information on short sales and foreclosure prevention.

CDPE - Charfen's Blog: What is the CDPE Designation?

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Tue, 14 Jul 2009 09:17:37 -0500

As Co-founder and CEO of the Distressed Property Institute, let me explain the CDPE designation and membership organization. CDPE-designated agents are helping homeowners nationwide avoid foreclosure.

CDPE - Charfen's Blog: Market Update 7/9/09

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Fri, 10 Jul 2009 08:48:33 -0500

Here I elaborate on the situation of today’s housing market and how I feel homeowners and agents should view the headlines and realities.

With all that's going on in the industry, it's important to remain educated on issues affecting homeowners and the solutions real estate professionals can provide, including short sales and other methods of foreclosure prevention.

CDPE - Charfen's Blog: Am I Anti-Investor?

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Mon, 06 Jul 2009 11:50:24 -0500

There has been some recent controversy regarding my previous blog postings on Short Sale Flips, leading some to believe that I am "anti-investor" when it comes to short sales. Nothing could be further from the truth!! Allow me to explain ...

As always, it's important to remain current on the issues affecting agents, homeowners and the solutions you can provide, including real estate investment, short sales and foreclosure prevention.

CDPE - Charfen's Blog: Arm's Length Transactions

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Wed, 01 Jul 2009 10:02:08 -0500

Learn what it means to carry out an Arm's Length Transaction, especially as it pertains to short sales. There are misconceptions about this approach, and here I explain why it could be vital for homeowners and real estate agents to err on the side of caution.

In today's market, it's important to remain educated on issues affecting homeowners and the solutions you can provide, including short sales and foreclosure prevention.

CDPE - Charfen's Blog: Short Sale Qualifications

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Mon, 29 Jun 2009 12:27:43 -0500

To qualify for a short sale, distressed homeowners must have three qualifications: financial hardship, monthly shortfall, and insolvency. Here I explain these concepts in detail, letting you in on what most banks and servicers are looking for when considering a short sale. To download PDFs of the documents I mention in this blog, please visit our CDPE Video Blog.

In today's market, it's important to remain educated on issues affecting homeowners and the solutions you can provide, including short sales and foreclosure prevention.

20th Anniversary STAR POWER ANNUAL CONFERENCE

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Fri, 26 Jun 2009 08:48:35 -0500

Howard Brinton's STAR POWER annual conference is a "must-attend" for real estate professionals today. Without Howard's friendship and guidance, Cadey and I - and the CDPE - would not be where we are today. Event details: Wednesday July 29 - Saturday August 1; Hyatt Convention Center Downtown - Denver, CO. For more information, visit: www.starpowerconference.com. I look forward to seeing you there!

In today's market, it's important to remain educated on issues affecting homeowners and the solutions you can provide, including short sales and foreclosure prevention.

CDPE - Charfen's Blog: Short Sale Flips

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Tue, 23 Jun 2009 18:36:21 -0500

The practice of flipping short sales is at best unethical, and at worst illegal. Learn the facts, and understand why as a real estate agent, your first responsibility should be to the homeowner. Don't jeopardize your license and integrity over the potential for a fast profit.

I believe it's important to protect yourself in today's market, because if you can't practice in this business, you can't help people. It's vital to remain educated on the issues and dangers out there in the market, so that you can help homeowners through short sales and other foreclosure prevention measures.

Charfen's Blog: CDPE National Member Survey Results

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Wed, 17 Jun 2009 14:04:24 -0500

The Distressed Property Institute conducted its National CDPE Member Survey for the second quarter of 2009, compiling some staggering results. See how CDPEs nationwide are better prepared to help distressed homeowners avoid foreclosure by keeping their homes or, when this is not possible, by successfully executing a short sale.

SEE FULL SURVEY RESULTS

In today's market, it's important to remain educated on issues affecting homeowners and the solutions you can provide, including short sales and foreclosure prevention.

Anonymous Testimonials - Don't Use Them - Real People's Names WORK!

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Sun, 14 Jun 2009 12:51:09 -0500

When I am deciding to buy a product that has a considerable expense to me (other in the cost of the product or the time I will invest) I read testimonials. I will usually even call the individuals who have given testimonials and ask them questions, get their reactions and see how they feel about the product they purchased. I did this recently for both the security system in my office and for the video broadcast solution we will be using at the Distressed Property Institute to communicate with agents.

This process was invaluable and in one case we adjusted our strategy and in the other our initial opinions were reinforced.

Nothing frustrates me more than when I get to a site, look at the testimonials and they are anonymous and just so happen to match the writing style as the rest of the site. Let's be honest if 'Sally G.' does exist she probably does not mind being on your site! If she is an agent or in our industry then she probably wants the exposure!

if you are an agent I would encourage you to get a brief release from your clients with a testimonial that allows you to use it on your site. (this step is critical - don't skip it!) These testimonials will mean everything to a potential client. Or you can create an input screen for testimonials like we have on our site that will allow you to display hundreds of real, verifiable testimonials. I know from experience, you earn every testimonial, don't be afraid to share them. This has been incredibly effective for us and was also very effective for Cadey's real estate business. Our clients used to call and tell us how neat it was to get a call from a potential client and how glad they were to share their experience.

Have a great one!

Alex Charfen
President
Certified Distressed Property Expert

The Distressed Property Institute Responds to National Delinquency Survey

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Sun, 14 Jun 2009 07:02:59 -0500

The Distressed Property Institute Responds to National Delinquency Survey

Strong reaction needed as foreclosures and mortgage loan delinquencies grow in the first-quarter of 2009

Austin, Tex. – June 9, 2009 – With the Mortgage Bankers Association’s (MBA) recent release of its National Delinquency Survey, the Distressed Property Institute sees continued difficulty for the residential real estate market.

“Despite the best efforts of bank and government initiatives, the reality is that an increasing number of homeowners are going into foreclosure,” said Alex Charfen, co-founder and CEO of the Distressed Property Institute, a premier real estate education organization training real estate professionals how to handle distressed properties. “We’re seeing record increases reported in foreclosures and delinquencies across the country.”

The MBA survey reported that the combined percentage of loans in foreclosure and at least one payment past due, meaning the percentage of mortgage holders not current on their mortgages, was 12.07 percent on a non-seasonally adjusted basis. Additionally, the seasonally adjusted delinquency and foreclosure rate for subprime loans was reported to be 39.29 percent.

“Distressed properties are no longer a niche within the market; today they are the market,” Charfen said. “The figures published by the MBA show continuing challenges across all mortgage categories, not merely the subprime. These statistics, combined with a climbing unemployment rate, make a strong argument for a continuing, increasing trend in delinquencies and foreclosures.

“To stem the suffering and curb this foreclosure crisis, there simply must be more real estate professionals educated in short sales and the other options available to distressed homeowners, and the Distressed Property Institute is on the forefront of training real estate professionals to provide homeowners with solutions.

“Each month we expect to train more than 800 brokers and agents, as well as attorneys, title representatives, accountants and others, to help the growing number of distressed homeowners avoid disaster.”

Graduates of the Institute’s training receive the Certified Distressed Property Expert® (CDPE) Designation. With more than 8,000 designees nationwide, CDPE is the fastest growing designation in real estate industry history.

About the Distressed Property Institute, LLC
The Distressed Property Institute trains real estate professionals to engage with and assist homeowners facing hardships. The Institute has developed a curriculum to provide the tools and knowledge to handle distressed properties, including short sales, deeds-in-lieu, mortgage modifications, forbearance, refinances, reinstatements and, if that fails, how to help homeowners through the foreclosure process. After completing a comprehensive on-site or online course, graduates are awarded the Certified Distressed Property Expert® (CDPE) Designation.

About the CDPE Designation
The CDPE Designation provides real estate industry professionals with detailed information on how to engage with and assist homeowners in distress. With more than 7,500 professionals trained across the United States, the CDPE is one of the fastest growing designations in real estate industry history. The CDPE designation has been endorsed by RE/MAX International and other major U.S. brokerages and industry icons, including: Dave Liniger, chairman and co-founder of RE/MAX; Howard Brinton, founder of STAR POWER® Systems; Bob Corcoran, founder of Corcoran Coaching and Consulting; Brian Buffini, founder of Buffini and Company; and David Knox, founder of Knox Productions.

For more information about The Distressed Property Institute and the CDPE Designation, visit www.cdpe.com.

Media:
Adam Pedowitz
512.745.4971
adam@cdpe.com

Are you in Financial Distress? You are not alone - and there are options!

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Sat, 07 Jun 2008 22:05:13 -0500

Short Sale Tip - Name and Number

Are you a homeowner in financial distress, you are not alone, on June 5th, MSNBC.com releases updated market statistics (Original Article):

.99% of all homes in the US are now in foreclosure
6.36% of all mortgages are delinquent

The number above indicates that over 6,000,000 homeowners are in foreclosure and over 20 million homeowners are late on their mortgage payments. Even though you may feel like you are the only one, you aren't, so what do you do about it?

My belief is (and always has been) that the most important person for a distressed homeowner to encounter is an educated agent. An educated agent can tell you what your property is worth, how likely it is that it will sell and what your real options are - no other professional can provide you with all of these answers.

When hiring an agent find out:

What kind of education they have?
How many distressed homeowners have they worked with?
Do they understand the foreclosure process in your area?
How many short sales they have been involved with?

If you are in financial distress your agent may be the only person standing between a solution and foreclosure. I hate to put this so bluntly but this is reality and your decision needs to be taken seriously.

Best case scenario is that you will find an agent who has taken the time and effort to earn the Certified Distressed Property Expert (CDPE) designation. At the minimum make certain the agent you hire can answer the questions above.

Alex Charfen

Alex & Cadey Charfen
Distressed Property
Institute, LLC
www.1cdpe.com

Get Certified Today!
The Market Needs You!

Alex Charfen & Cadey Charfen
Distressed Property Institute, LLC
800-482-0335
Get Certified Today!

The Certified Distressed Property Expert
Designation could be the most important
decision you make for your real estate
business this year!

www.1cdpe.com

See what agents like you have to say about the CDPE Desigantion:

“Awesome!! The best class! I attended the CDPE in January 08 and I am back today to make sure I didn't miss anything the 1st time. Since I earned the CDPE I have closed 5 distressed transactions and have 7 more under contract!”

Gilda Ignacio, REALTOR & CDPE
Keller Williams

>> More Testimonials <<

New National Distressed Numbers Released - You Need Education NOW!

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Sat, 07 Jun 2008 21:44:11 -0500

Short Sale Tip - Name and Number

Are you a homeowner in financial distress, you are not alone, on June 5th, MSNBC.com releases updated market statistics (Original Article):

.99% of all homes in the US are now in foreclosure
6.36% of all mortgages are delinquent

What kind of education they have?
How many distressed homeowners have they worked with?
Do they understand the foreclosure process in your area?
How many short sales they have been involved with?

Alex & Cadey Charfen
Distressed Property
Institute, LLC
www.1cdpe.com

Get Certified Today!
The Market Needs You!

Alex Charfen & Cadey Charfen
Distressed Property Institute, LLC
800-482-0335
Get Certified Today!

The Certified Distressed Property Expert
Designation could be the most important
decision you make for your real estate
business this year!

www.1cdpe.com

Gilda Ignacio, REALTOR & CDPE
Keller Williams

>> More Testimonials <<

Remember your Inner Rookie!

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Tue, 01 Apr 2008 09:28:27 -0500

Short Sale Tip - Name and Number

Appreciate the Rookie

I know we have all done it, you get a call form an unexperienced agent who...

Is trying to figure out how to use their Supra Key at one of your listings
Can't see any of the 26 photos you have loaded in the MLS
Wants to show the property that needs 24 hours notice in 15 minutes
Or one of many other somewhat frustrating issues

and unfortunately we get irritated and frustrated with them. Then this happens to me, I like to think to myself - Appreciate the Rookie or Remember your Inner Rookie.

Appreciate - we learn the best by teaching others. Take the time to show the agent how to do what they are trying to do and you will be that much better off yourself.

Remember - remember when you were the rookie and needed the same kind of help. Also don't forget in this rapidly changing market you are only one step away from being the rookie dealing with something you have never encountered.

Also given our market today and everything you hear in the press, anyone willing to get into the Real Estate market right now deserves some credit, respect and a couple minutes or your time!

Alex & Cadey Charfen
Power Couple in Real Estate

Alex Charfen
Distressed Property Institute, LLC
800-482-0335
Get Certified Today!

The Certified Distressed Property Expert
Designation could be the most important
decision you make for your real estate
business this year!

www.1cdpe.com

Cadey Charfen
The Charfen Team
Keller Williams Realty
561-902-1317

Cadey specializes in Palm Beach and surrounding
counties and works with distressed homeowners, absentee
owners, homeowners in pre-foreclosure and anyone
who needs to sell a home at top dollar quickly.

www.charfenteam.com

Google Grand Central - Free and Absolutley Awesome

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Tue, 01 Apr 2008 08:13:14 -0500

Short Sale Tip - Name and Number

There are many reasons why Google is such an incredible company and the vast majority of them are free to you and I the consumer. Google has a hew service called:

It is absolutely awesome and over performs - it is a free service that we would gladly pay for if we had to.

You sign up for a local number in your area, my GrandCentral number is 561-902-1609. Then you direct that number to ring as many phones as you want it to. So someone calls my GC number and my cell phone, and office line ring. if I am working out of someone else's office for the day I can have the phone ring there.

The features do not end there, it someone call my GC number and I answer with my cell phone when I get to my office I can hit * and the office phone will ring and transfer the call (or if I am in the office and need to leave I can transfer to the cell).

Every call that comes in is screened so I know exactly who I am going to talk to and more!

Here are some more features:

Go to Grand Central and reserve your number today!

Alex & Cadey Charfen
Power Couple in Real Estate

Alex Charfen
Distressed Property Institute, LLC
800-482-0335
Get Certified Today!

The Certified Distressed Property Expert
Designation could be the most important
decision you make for your real estate
business this year!

www.1cdpe.com

www.charfenteam.com

If you aren't a Foreclosure Expert Yet.... You Need to Be.

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Sat, 29 Mar 2008 05:15:54 -0500

Short Sale Tip - Name and Number

On a weekly basis I speak to several large groups of REALTORS, this week I spoke to about 150 total. One question that I always ask every group is

"How many of you consider yourselves experts in the foreclosure process in your area?"

On a consistent basis less than 2% of the REALTORS in any given weeks raise their hands - this week it was only 2 out of about 170.

I also talk to many (sometimes over 100) financially distressed homeowners a week and over 80% of them tell me their first call was to either us (my wife is a REALTOR) or to their local agent who could not help them.

This means that 2 out of 100 REALTORS understand foreclosure and 80 out of 100 homeowners call a REALTOR when they have an issue.

In the market we find ourselves in today you owe it to yourself and to your market to understand your area's foreclosure process. 80% or more of the homeowners out there expect you to.

Alex & Cadey Charfen
Power Couple in Real Estate

Alex Charfen
Distressed Property Institute, LLC
800-482-0335
Get Certified Today!

The Certified Distressed Property Expert
Designation could be the most important
decision you make for your real estate
business this year!

www.1cdpe.com

www.charfenteam.com

We are in a 'Price War and a Beauty Contest'!

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Fri, 28 Mar 2008 05:34:46 -0500

Short Sale Tip - Name and Number

Sometimes so much can be said with so very little:

We are in a Price War and a Beauty Contest.

I don't know who first said this or where is was said but it really describes our market perfectly. Buyers are not only looking for more but they are looking for more for much less. It is sometimes difficult to convince a seller that their price needs to be aggressive but sometimes the simple statement above as a simple explanation has helped.

Hope this works for you!

Alex & Cadey Charfen
Power Couple in Real Estate

Alex Charfen
Distressed Property Institute, LLC
800-482-0335
Get Certified Today!

The Certified Distressed Property Expert
Designation could be the most important
decision you make for your real estate
business this year!

www.1cdpe.com

www.charfenteam.com

I Know the Market is Tough, but Really is it that Bad?

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Fri, 28 Mar 2008 05:08:37 -0500

Short Sale Tip - Name and Number

A couple of day s ago Cadey and I sent out an agent-to-agent communication. Yes it was advertising and yes we know some people really don't want it but the only way we know of to get it to the people who do is to pay a service and send it to everyone. The message was brief, relatively unintrusive and contained only information (nothing that would clog a server).

This morning I received an email from a local agent (from his real email address) that was laced with a string of obscenities followed by what many would consider an implied death threat.

I know the market is bad but really, could an email annoy someone this much. Also if a simple email is enough to set this guy off like this, can you imagine an issue with a contract?

It is a brave new world in this industry and I know we all are having a challenge adjusting but do we really "deserve to be shot" over an email?

I appreciate your comments.

Alex & Cadey Charfen
Power Couple in Real Estate

Alex Charfen
Distressed Property Institute, LLC
800-482-0335
Get Certified Today!

The Certified Distressed Property Expert
Designation could be the most important
decision you make for your real estate
business this year!

www.1cdpe.com

www.charfenteam.com

Short Sales - Fastest way to AVOID an approval!!

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Wed, 26 Mar 2008 04:46:17 -0500

Short Sale Tip - Name and Number

When was the last time you sat down in the morning and were handling 3 to 500 files?!?!?!

Each morning that most loss mitigators sit down that is what they are staring at, 3 to 500 files (in some cases more if their department is shorthanded). If you are currently negotiating short sales or have recently started you need to remember that the person you are dealing with is probably three things:

Most likely Brand New at Their Job - Loss mitigations departments barely existed only a couple of years ago and have grown in size from a few people in some cases to 40 or 50 people or more. Have some patience for the person you are dealing with.
They are Over Worked - I have not spoken with a single loss mitigators handling less than 150 files, in most cases hey are handling more than double this amount. This means that in a typical 40 hour work week they can dedicate about 8 minutes per file if they have to touch each one of them. Understand where they are coming from and make sure you turn in a complete package with absolutely nothing missing and everything that they as for an more. They do not have time to do your job for you, most of the time they will move on to the next file (they have plenty).
The Negotiator is Underpaid - The mortgage industry has suffered massive pay offs in the past 36 months. People who can process a file are a dime a dozen and the industry knows this so they are paying them just about that. One negotiator I spoke with was previously a sales executive and he was making 20% of what he had before.

The fastest way to get your file moved to the bottom of the pile of 300 is to forget any of the above and take an adversarial tone with the negotiator. I am certainly not saying you can't be firm and I am not saying you shouldn't elevate your situation to a managerial level if there really is an issue however way too many agents we speak to get hostile in the first day they are dealing with someone. I can assure that leaving multiple messages right after faxing in your package in the same day will not help you.

You are a Team

Approach the Loss Mit Rep as a member of your team. Tell him or her you are there to do anything you can help. You feel you have presented a great deal for the bank and you want to give them everything you can to get the deal done. We close a lot of these deals and the team mindset helps us evertime.

Alex & Cadey Charfen
Power Couple in Real Estate

Alex Charfen
Distressed Property Institute, LLC
800-482-0335
Get Certified Today!

The Certified Distressed Property Expert
Designation could be the most important
decision you make for your real estate
business this year!

www.1cdpe.com

www.charfenteam.com

Short Sale Package - Critical Info on ALL Docs!

Alex & Cadey Charfen (Distressed Property Institute, LLC) — Tue, 25 Mar 2008 05:13:32 -0500

Short Sale Tip - Name and Number

We talked to yet another loss mitigation person yesterday at a major lender that was telling us about the semi-complete short sales package he got from a REALTOR and the agent didn't put her contact information on it anywhere!
This is not an isolated incident, we hear this often!

It is critical that once you are faxing in your (complete) short sale package that you get identifying information an every page of the package. Each page should include:

Borrowers Name(s)

Loan Number

Agent's Name

Direct Contact Number (use the number that you are most likely to answer)

Here is a trick to get this done easily. Gather your (complete) package together. Put it into your printer so that it will print on the side of the pages with information. Open a work doc, reduce the top margin on 1/4 of an inch or .25. Type the four items above in a single line and reduce the font to 8 pts. Now print on each page of the package.

This ensures that if one page of your package gets separated or the loss mitigation person at a lender wants to talk to you, everything they need is on every page!

Hope this helps!

Alex & Cadey Charfen
Power Couple in Real Estate

Alex Charfen
Distressed Property Institute, LLC
800-482-0335
Get Certified Today!

The Certified Distressed Property Expert
Designation could be the most important
decision you make for your real estate
business this year!