The operating principle for our company is Making a Positive Difference in People's Lives. These words have always been more than a slogan on a business card for us. Throughout the years, we have helped new buyers locate their first homes and been there when they were ready to upgrade. We have fielded financing questions and tried to step outside the box to help our clients through sometimes difficult real estate transactions. We recently decided to take this a step further and are now pleased to announce that we have acquired our Certified Distressed Property Exert (CDPE) certification.
The housing market has changed in Chicago and the rest of the nation over the last two years. Many homes are in foreclosure, even after record numbers of people have already lost their homes. Housing prices have fallen from the boom years. Sellers must realistically expect less while many homeowners are not even in a good position to sell as their mortgage loans exceed the value of their homes.
This situation has created a demand for Realtors® who are well-versed in all aspects of the current market dynamics. Many of our potential clients are in trouble. The prospect of foreclosure is both financially and personally devastating. Hovering on the brink of foreclosure, they need both help and hope from a Realtor® specially trained in helping them try to avoid foreclosure. Even the process of buying a home in various stages of foreclosure, making a short sale offer, or bidding on a bank-owned home require knowledge and skills that most Realtors® do not have.
A CDPE has been trained in the intricacies of distressed property - a term that actually applies to any property that has lost value through physical damage, zoning changes, lack of curb appeal, or market conditions. As a result of the change in value, the owner has difficulty making the payments or selling the property. A CDPE can assist the owner in a short sale, improving the chance that the lender will agree to 
accept less than the amount owed. This negotiation is often a hard sell that requires paperwork, time, and patience. Though this type of sale may take months to complete, it can successfully prevent foreclosure for the owner. CDPEs also guide clients toward loan refinancing and modification solutions.
A CDPE cannot promise to save the home of everyone who walks in the door, but for troubled homeowners who seek help early enough, there may be another solution. According to Alex Chafren of the Distressed Property Institute, 85% of homeowners who work with a CDPE can avoid foreclosure.
We have always been willing to help our clients. Now as CDPEs, we are even better equipped to do so. If you find yourself wondering if foreclosure is your only way out, Karen Breen Elia and Louis Elia at ChicagoCityHomes may be able to help you. As a part of the 1% of realtors with the CDPE designation, we can also help you if you would like to buy a foreclosed home.
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