Certified Distressed Property Expert


I have just earned the prestigious Certified Distressed Property Expert designation having completed extensive training in foreclosure avoidance and short sales. Although we have not experienced many of these sales in Palos Verdes real estate, more are expected in the future. In a nutshell, I learned how to assist homeowners who are either behind in their mortgage payments or are having trouble making those payments identify their options.

I have worked with both buyers and sellers of short sales in the South Bay. A short sale allows a cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. More and more lenders are willing to consider short sales because they are much less costly to the bank than foreclosures.

A homeowner cannot just be upside down on his mortgage (owes more than current value of property). A homeowner must show a valid hardship answering the question, “What material change has taken place in my life since I took out this mortgage that precludes me from paying it back?” The single largest reason in today’s market is a payment increase due to a mortgage reset/adjustment. But it might also be a loss of job, death of a spouse, relocation, reduced income or a number of other reasons.

Short sales can be a complicated process as the lender requires specific documentation and an entire package (typically more than 55 pages) must be submitted in its entirety before the lender will even consider the short sale request. The buyer must be very patient as the lender sometimes takes months to respond. Even though short sales are more time consuming, it is rewarding to be able to help sellers save their home from foreclosure.

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  • foreclosure short sales

    The increase in the foreclosure short sale by the first time buyers made the market to withstand the tight situation.

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