Before we can define what a Certified Distressed Property Expert is, we need to define what a “distressed property” is. A property can become distressed for a variety of reasons, but the most common is a foreclosure. In reality, any situation that has caused a property owner to have difficulty making mortgage payments or even selling the property is said to be in a distressed state. Simply put, any property which has the potential for a foreclosure is termed to be “distressed”.
Now that we have defined a distressed property, what is a Certified Distressed Property Expert (CDPE)? This is not only a designation earned by a licensed Realtor, but it is also an acronym that signals to the public that the person displaying it has gone through extensive training to assist property owners who are in distress; with the goal of helping families avoid foreclosure. This can be done by negotiating mortgage terms, helping to negotiate a refinance or most commonly, by helping the property owner get out from under the financial burden by selling the property.
Today, far less than 1% of Realtors nationwide have the CDPE training, skill and knowledge to successfully negotiate a short sale. In fact, as of April 2009, there were less than 4000 Realtors in the U.S. out of 1.1 million that had obtained the CDPE certification to enhance their ability to successfully negotiate and close a short sale. I am proud to say, “I have that skill. I am a Certified Distressed Property Expert – CDPE.”