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Changing skills for a changing market
The number of distressed homeowners seeking to avoid the harsh outcomes of foreclosure are asking the holders of their mortgages to consider the short sale process.
Tom Ross
08-11-2009
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Greg Danziger and Eliese Pivarnik of Colorado Group Realty recently earned the designation of Certified Distressed Property Expert (CDPE) following completion of training in foreclosure avoidance and short sales.

Their development of a new specialty comes at a time when the Steamboat market is seeing distressed homeowners being confronted by the foreclosure process.

A short sale occurs when a lender agrees to accept less than the full balance that is owed on the loan at closing, allowing the borrower and lender to avoid the more costly foreclosure process.

Short sales have the potential save some homeowners from foreclosure and possible bankruptcy. Experts suggest that even the luxury home market is not immune.

“Many people behind on their mortgage (nationwide it is 1 in 10 households) think foreclosure is their only option,” Pivarnik said. Realtors trained in the sort sale process can shorten the time it takes to sell a distressed home, she added.

Certified Distressed Property Experts (CDPEs) have reported a 49 percent decrease in the average time to complete a short sale after achieving the CDPE Designation, according to a new survey from the Distressed Property Institute. Before becoming a CDPE, the average time for these agents to close a short sale was 53.01 days, compared to 27.26 days after becoming a CDPE.

A successful short sale can impact a credit score by as little as 50 points if all other payments are made.  The effect of a short sale on credit can be as brief as 12-18 months versus at least 10 years for a foreclosure.  Foreclosures also affect credit by lowering a score by 250-300 points.

The qualifications for a short sale include any or all of the following, Danziger said.

Financial hardship – There is a situation causing you to have trouble affording your mortgage.

Monthly income shortfall – A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

“Steamboat saw a huge price increase and a record real estate year during the last year of free lending.  Those mortgages are now being re-set and more people are falling behind,”  Pivarnik said.  “The short sale process requires a lot more work than a straight sale, but having people able to get out from under the burden of debt while maintaining their credit score makes it worth it.”
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