GROTON — Louise Knight of RE/MAX Prestige in Groton has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.
Short sales allow the 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. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
The first wave of distressed properties were the subprime loans. The next wave will be the Option ARMs, and many luxury homes will be affected.
“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Knight, CDPE. “It is so rewarding to be able to help sellers save their homes from foreclosure.”
Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors such as Knight, with the Certified Distressed Property Expert designation, have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These CDPE experts also may better understand market conditions and can help sellers through the emotional experience, he said.
The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales. “Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.
If you would like to discuss whether you might be a candidate for a short sale, you may contact Louise at 978-448-8288.