A Distressed Property Expert has a very good understanding of all the many issues in the real estate industry. They have great knowledge about avoiding foreclosures, and can provide different solutions to anyone facing housing market troubles. Speaking with a trained, licensed professional is one of the very best courses of action for any home owner who is facing a crisis.
What is a Distressed Property?
A property can be considered “distressed” for many different reasons. These can be reasons such as poor physical condition of the home, having a mortgage that is higher than the total value on the market, or financial problems, just to name a few. Distressed property usually fetches a price much lower than its actual market value.
Buyers can also use the services of a Distressed Property Expert. Purchasing a distressed home or a short sale can possibly save you some big money. If you are looking to buy one of these properties, you need a real estate agent who has the knowledge about short sales, or the deal will not work. It is very important to both the buyer and the seller to have someone at the table who has their DPE qualification when going through this process. Although dealing with distressed properties can be time consuming and scary, it is better do so with a knowledgeable person than to go through a full foreclosure.
How Does One Become a Distressed Property Expert?
To become a Distressed Property Expert most real estate agents must attend a 2 day seminar. These classes are held across the country and the agent should have documentation proving that they did attend this seminar. Another important thing to ask is whether they have attended a course on being a Short Sales and Foreclosure specialist.
How do I Find an Expert?
If you are looking to invest in distressed or short sale properties, begin by searching the World Wide Web for a professional realtor who can help identify great deals for you. Also, talk to friends and family and find out if they have ever used a realtor they enjoyed, and who was professional and knowledgeable on such situations. With distressed or foreclosed properties, time is very important. The buyer must be sure to close on the date given by the agency, and cannot close after this without paying hefty penalties. When you are purchasing distressed property always try to get bids from 3 or more contractors to estimate any repair costs, unless you plan do to repairs on your own.
Any Distressed Property Expert does not just help you in selling properties; they also help you in your time of need. “DPE”s as they are called, will find the best solution for your unique situation, and help you to avoid foreclosure through a short sale.
