The Town Broker

Why I Became A Short Sale Specialist.

Despite signs that the economy continues to grow (albeit slowly), foreclosures continue to rise in New Jersey. In fact, right here in Union County, foreclosure notice have nearly doubled over the past 3 months.  I think we can all agree that this is a very troubling statistic. The current US housing market and financial crisis has caused enormous stress and heartache throughout our area. And the end result is that some very good people…maybe people you know… are facing the very real possibility of losing their home.

Maybe it’s my social work background, but I just couldn’t feel good about being a real estate broker without doing what I could to help. That’s why I took the time to earn the Certified Distressed Property Expert (CDPE) designation, and why I’m focusing an increasing part of my efforts reaching out to distressed homeowners.

Foreclosure Avoidance IS Often Possible.

What many people fail to recognize is that in many instances, foreclosure avoidance IS possible. But it requires 3 things:

1. Put Your Ego Away.
   • The biggest reason why people lose their house through foreclosure us that they bury their heads in the sand. Embarrassment is a major reason for this… I get that. Many decent, smart and hard working people can get foreclosed due to hardships beyond their control. But time is not your friend when facing foreclosure. The sooner you can get put your ego in check, the better.
2. Reach Out For Professional Help.
   • The fact remains that nearly 70% of all foreclosures nationally occur without any visible intervention from a real estate professional. It doesn’t have to be that way. As one of the very few agents in our market with specialized training to handle distressed properties, I know the proper resources to get you help! Sometimes, the most important first call is to your lender. If you qualify for a mortgage modification, they would MUCH prefer it over a foreclosure. Lenders report that on average, the foreclosure of a $200,000 home can cost them between $70,000 -$100,000.
   • Sometimes, a foreclosure avoidance counselor is the right person to call. They have the training and knowledge to help you explore your best options.
   • Whichever is best for you, feel free to give me a call and I’ll point you in the right direction.
3. Be PERSISTENT.
   • This may be the hardest part. Emotions run high, and these systems move slowly. Be persistent. Keep a record of your interactions with the date, time and name of the contact person you talk to at EVERY STEP along the way. I promise…you’ll need to reference it at some point in the future.

The goal of every Certified Distressed Property Expert is to help keep people in their homes. But sometimes, selling the home and avoiding foreclosure is the best option. Too frequently, people are afraid that because they owe more than their home is currently worth, there is nothing they can do. NOTHING could be farther from the truth!

A properly executed Short Sale (selling for less than is owed and having the bank absorb the loss) can be one of the best ways to avoid foreclosure. But they are difficult and time consuming. They are a part of this business that most agents avoid like the plague. Unless you really know what you’re doing, it’s virtually impossible to have success.

As an experienced real estate broker, I have SIGNIFICANT experience in this area. And now as a Certified Distressed Property Expert, I have even more knowledge and expertise to help you achieve the best possible outcome.

So if you or someone you know is worried about losing your home, give me a call. Together we can start to explore solutions!

Tags: Avoiding Foreclosure, Distressed Property