WOW! I did not know Jack

By
Real Estate Agent with Remax Shores Nassau Suffolk Queens Counties

 

I am amazed as to what I learned while taking my CDPE (Cetified Distressed Property Expert). I have been a Real Estate Broker in Long Island NY for over 20 years. I thought I knew alot about real estate and distressed properties. WOW! I did not know Jack.

Some of the things I learned:

  • Approximately 50% of families in foreclosure take little or no action. In essence they gave up control of their future to the bank.
  • For those in the military or government employees a foreclosure will affect their security clearance, where a short sale will not.
  • A foreclosure will affect your credit for 7 years, where a short sale will be more like 2 years.
  • A foreclosure WILL leave you with future financial liability, where a short sale MAY not.
  • There are hundreds of thousands of families in some stage of forclosure
  • The banks that often sold the debt but processed the loans were getting their fees whether the debt was being paid or not and often it was financially better for them to let the home forclose than to allow a short sale.

I am now committed to assisting those families in Nassau, Suffolk and Queens Counties in New York that are in distress. I will not now or ever call myself an expert (no matter what the designation says). I am a professional, I am experienced but I am no "expert".

It kills me to see hundreds of short sale listings sitting on the market with some agent who is "winging it". I attend the foreclosure Auction in Nassau County every Tuesday and record the results. I record which bank, property address, upset price, opening bid, finl bid and who won the bid (over 80% taken back by the bank). When I get back to the office I look up the properties to see if they are or were on the market. So many were on the market at 120% of todays market value some listed as short sales some not.

When people ask me why I go to the foreclosure auction I tell them it is to learn. I now have an idea as to the Long Island "shadow inventory". I know of future REO inventory. I am learning it not "winging it".

 

Erik Reilly

Lic RE Broker Associate CDPE REMAX Shores Long Island NY 516-984-0789

 

 

Comments (7)

Ellen Caruso
Daniel Gale Sotheby's International Realty - Glen Head, NY

Good for you, I didn't know what CDPE was, now I can say I know a bit about Jack too!

Ellen

May 30, 2010 01:35 PM
Leslie Ebersole
Swanepoel T3 Group - Saint Charles, IL
I help brokers build businesses they love.

Before you get too excited about your shiny new CDPE certificate, please see Drew Syngit's AR featured series of posts (total 6) on Legal Issues Affecting Agents and Short Sales. The claim that a short sale will only affect your credit report is just plain wrong and will likely come back to haunt 1000s of agents in years to come. Squishy statements about "may not be as bad" are destoying our credibility as agents working in this line of business.

May 30, 2010 01:39 PM
Leslie Ebersole
Swanepoel T3 Group - Saint Charles, IL
I help brokers build businesses they love.

activerain.com/blogsview/1648225/short-sale-legal-issues-affecting-real-estate-agents-solutions-

Sorry, name is Drew Sygit. I had a typo.

May 30, 2010 01:51 PM
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I am looking into this designation next. I am just about finishing my ABR.

May 30, 2010 01:52 PM
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Eric, so many agents are proclaiming themselves to be short sale specialists.  This program really helps.  I've helped over 50 couples save their home so far.  And the list is growing.

May 30, 2010 04:15 PM
Erik Reilly
Remax Shores Nassau Suffolk Queens Counties - Oceanside, NY
Long Island NY, CDPE e-Pro Lic RE Associate Broker

Thanx for the comments and Leslie thanx for the links to Drews posts they were very informative.

 

Erik Reilly

Lic RE Broker Associate CDPE REMAX Shores Long Island NY 516-984-0789

Jun 01, 2010 01:01 AM
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Very interesting information!

Nov 26, 2010 11:49 PM