Thursday, November 8, 2012

So I am a Certified Distressed Property Expert (CDPE)...I'm sure you can sense my enthusiasm...

Well, for the last couple of days this week, I have been in a classroom earning my "Certified Distressed Property Expert" designation, aka the CDPE. Between my own listings and those that I have negotiated on behalf of other agents, I have closed somewhere near 75 short sale listings....So while I can't say I really learned anything new that I haven't experienced first hand in one of my transactions -- this is definitely a solid course that can provide agents with a basic understanding of some of the fundamentals of doing short sales. This class is no substitute for experience if you are thinking about doing a short sale on your own property, be sure that you ask your agent for client references and find out just how much experience they have in addition to that fancy CDPE designation that cost $450 (plus the upgrade to become an "advanced member" of the CDPE family for only $149 down and $99/month).

Many short sale lenders (like Chase, Wells Fargo, Bank of America, GMAC, CitiMortgage, etc) are now referring their distressed borrowers/sellers only to agents who have this CDPE designation, so I finally pulled the trigger and took the classes. Candidly, I was a little annoyed that after all my experience and depth of knowledge in Sacramento short sales I was forced into taking this course in order to justify to banks that I am competent to do these transactions. So anyway, now I am a CDPE for a year, until I cough up much more money to extend it another year. Extortion if you ask me. But whatever. I guess I just bought some additional credibility. And it's a good tax deduction at the end of the year.

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