Shelli Dore, a Westminster-based Realtor and real estate consultant, said she used to struggle to help clients suffering from financial hardship.
“In our industry there’s not a lot of education or information about short sales. Every agent does it differently,” Dore said.
To remedy her situation, Dore enrolled to become a certified distressed property expert, or CDPE.
The training gives agents a better grasp of how to help homeowners who are slip-sliding toward foreclosure.
Working with an agent trained in distressed property management can help steer homeowners toward a happier ending than they might expect, advocates of the training say.
The process — and paperwork — facing financially challenged homeowners can be daunting, Dore said.
The CDPE designation, created by the Austin, Texas-based Distressed Property Institute, means an agent has studied the intricacies of the short-sale process as well as the loan options available to those unable to make their mortgage payments.
A short sale is a home bought for a price less than what the seller owes.
Stephanie Fix, a CDPE and broker associate with Re/Max Professionals in Denver, said too many home owners are “just walking away from their properties” rather than considering short sales.
Fix underwent the training because a large portion of her recent deals ended in short sales or foreclosures. The short-sale option can keep a homeowner from declaring bankruptcy, which can devastate their credit rating.
Obtaining a CDPE designation typically involves a three-day seminar on the nuances of short sales and the perils of the foreclosure process. Experts are kept abreast of the latest changes to Colorado real estate laws.
Damian Cox, a real estate attorney in Denver, said some brokers have been helping clients maneuver through the short-sale process for years without CDPE-style training.
“You’d be hard-pressed to find a Realtor who knows nothing about foreclosures and short sales,” said Cox, who teaches short-sale classes to members of the Colorado Association of Realtors. “(There are) brokers out there who do not have the designation that have been dealing with these for years who are quite competent.”
The CDPE program isn’t the only one helping homeowners in need. America’s Home Rescue, launched in 2006, offers a short-sale training program for agents.
Dore said the short-sale process isn’t always the best answer for someone trapped in a home they can no longer afford. “Loan modifications might be a better solution,” she said.
Fix said the seller must be motivated for the short sale to succeed. “The seller has to keep the house in showing condition,” she said. “They need to participate.”
Help for homeowners
For more information about CDPE training or to find a Realtor with the designation, go online to .
