Broker IPTV: Today we are talking with Heather Heuer from RE/MAX Professionals and the topic is the 'Certified Distressed Property Expert' designation which is a mouthful. Welcome to the show.
Heather Heuer: Thanks, Dan. I appreciate you having me.
Broker IPTV: So recently you just obtained a designation as a certified distress property expert (CDPE). What is that exactly?
Heather Heuer: Well, a CDPE is someone that has taken the time to explore the real estate profession from a short sell perspective. It gives real estate agents a better understanding that the nuances in our current industry specific to the short sale process.
Broker IPTV: And ten years ago, this designation, probably wouldn't even existed.
Heather Heuer: No, of course not. And at this time 14,000 brokers nationwide currently hold this designation.
Broker IPTV: Okay and why did you think it was important again?
Heather Heuer: I think it is important to have a greater knowledge of the market place and this designation helps me have an understanding of what the banks need in order to complete a short sell process and help home owners that are facing a pre foreclosure situations.
Broker IPTV: All right. So that was the next question because people watching this are going to say, "Okay, what qualifies is a distressed property?"
Heather Heuer: Well, distressed property is first of all, a homeowner must be 31 days delinquent in their mortgage.
Broker IPTV: Okay.
Heather Heuer: Secondly, they must have some sort of financial hardship, and that could include a job loss, a medical emergency situation or possibly the loan was modified and they can no longer afford the payments.
Broker IPTV: Okay and this becomes termed a short sale?
Heather Heuer: Well. A short sale would mean that we are asking the bank to accept less money for the property than what they originally paid for.
Broker IPTV: Got it. Qualifications of a short sale. You said they have got to be what, passed to?
Heather Heuer: 31 days delinquent.
Broker IPTV: And what else?
Heather Heuer: And also they need to be have some sort of financial hardship, whether that be a job loss, a loan modifications, they couldn't afford the payment or possibly a medical situation.
Broker IPTV: Okay, and of course they could go out and hire any Realtor obviously to represent them but there is an advantage to hire a Realtor with a CDPE.
Heather Heuer: There is. A CDPE understands what the bank needs in order to complete a short sale package. We also have information on how to price the short sale throughout the listing history and the tools that are needed in order to let the bank know that. The homeowner really is in distress and they should consider letting the home owner complete a short sale situation.
Broker IPTV: All right. Do you use Metrolist to market this?
Heather Heuer: Absolutely.
Broker IPTV: How?
Heather Heuer: Well, Metrolist, we use it for the short sale package. They need to have a listing history. They also need to have comparables for the markets since the bank doesn't really know where this home is, and what it is comparable to as far as actives under contracts and sold. I also use it to let other brokers know my CDPE designation in the broker remarks.
Broker IPTV: Okay.
Heather Heuer: And I put the short sale addendum up on the MLS system for everyone to see.
Broker IPTV: Do you think it has got enough penetration inside the market, meaning both consumers and Realtors understand what the designation is and how it has been official?
Heather Heuer: I don't think that they know all the way.
Broker IPTV: Okay.
Heather Heuer: And that is why I am here. I think it is important for other brokers to really explore the option. I would love to work with another broker that is a CDPE agent because I know, they know the process also.
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