Certified Distressed Property Expert

After having been in the real estate industry for 18 years, it seemed like there was not a continuing education class that I hadn't been to....many of them more than once....and that it would be difficult to attend a class that could garner my undivided attention. Boy was I ever wrong.

Having attended the Certified Distressed Property Expert (CDPE) class in October we have been devoting a major part of our days incorporating the skills taught at the class into our day to day business plan. This blog is only scratching the surface, but it nonetheless is necessary to begin the dialogue with the homeowners in our market.

To be completely honest, the decline of values in the Brainerd Lakes Real Estate market happened before our very eyes and we were just as incredulous as the homeowners that we were representing. It didn't take long to understand that our listings were not selling because we were not illustrating to our clients how dramatically our market was changing and still continues to change. Most sellers are now beginning to understand that our market has changed and now know that their properties are not worth as much as they were just a few short years ago.

We are now employing the same tactics for our sellers that the banks are using in order to maximize the amount of money they will get on the sale of a property.

When values have dropped 30, 40, 50% (or more), it has left many home owners that have had financial challenges feeling helpless in that they can't afford to stay, and most think they can't afford to sell either! Many have talked to real estate agents and have been told that there isn't enough equity in the property in order to satisfy the mortgage balance(s) and still pay a brokerage fee so are advised to sell the property For Sale By Owner (FSBO). But the majority aren't successful because they price their property at their mortgage balance. Unfortunately, many end up in foreclosure and have to move because they don't know what to do or where to turn.

Let's not confuse mortgage balance with current market value. The two have no bearing on one another, although nearly 100% of homeowners have that misconception.

Here is where my skills, training and expertise come in.

Statistically 1 in 6 homeowners are in trouble and have fallen behind on their mortgage payments and don't know where to turn to get answers. Because of the fear and embarrassment, many turn to (800)BIG-SCAM type of businesses as opposed to talking to a trusted friend and resource, only to be left in a worse position than they were to start with. Now is the time to consult with a trusted professional that can help, not some scam artist of which you know nothing.

Because we recognize that many of our clients have suffered financial setbacks, they are not in a position to pay for legal advice at a time when they may need it more than at any time in their lives. Because of this, we also have recently became affiliated with a law firm in the twin cities that will provide our clients legal counsel at NO CHARGE to them! The biggest concern that I had representing clients in the current economic arena that we are in, is that they weren't getting competent legal advice to protect themselves after the sale to make sure the mortgage companies aren't coming after their assets down the road.

In my next blog, I will be addressing who can qualify for this service.

As always, if you have any questions feel free to call for a confidential consultation to see how we can help at (218)820-2945.

Greg