(go to previous page) (go to next page)
The Distressed Property Institute ___________________________________
Launched in 2008, the Distressed Property Institute offers two designations to real estate professionals: the Certified Distressed Property Expert (CDPE) and the Certified Investor Agent Specialist (CIAS). Here's a bit more about each:
• CDPE designation: Real estate agents with this designation are trained to help distressed-property sellers, to deal with absentee owners, to perform short sales and to fully address homeowner needs. They also are educated on what lenders require when considering a short sale and know how to navigate through the process efficiently and effectively.
• CIAS designation: This designation was launched this past October specifically for real estate agents who work with real estate investors. Agents with the CIAS designation are trained to guide investors through purchases of investment properties, securing financing and managing the property when it is leased to a tenant. These agents are instrumental in introducing investors to short-sale and other sellers.
Mortgage brokers seeking to help finance short-sale and other distressed-property transactions would benefit from developing referral partnerships with real estate agents holding one or both of these designations.
For more information on the Distressed Property Institute and its CDPE and CIAS designations, visit cdpe.com.
3. Develop relationships with hard-money lenders. You will become an even greater asset to your clients and Realtor partners if you can provide alternative financing options. A hard-money lender typically is a company that uses its own money and consequently makes its own lending rules. Because it uses its own funds, it typically offers nonconforming financing options that fall outside of Fannie Mae's and Freddie Mac's parameters. Mortgage brokers who are familiar with hard-money lenders can become invaluable to clients who need investment financing. Although the rates, fees, and minimum downpayments are typically greater and the loan terms shorter than with conventional financing, a hard-money lender may be an investor's only option.
4. Co-host seminars. Organize educational seminars for potential property investors in which your Realtor partner discusses short sales and the benefits of owning investment property. After the Realtor's presentation, you can discuss the financing requirements. Appearing in front of an audience of potential clients can significantly enhance your credibility while growing your book of business.
Short sales may increase by as much as 50 percent this year because of the Home Affordable Foreclosure Alternatives program (HAFA), according to a Buffalo, N.Y.-based servicer that determined that as many as 91 percent of previously ineligible homeowners might now be eligible for a HAFA short sale. Clearly, the time to partner with the right professionals and to learn about short sales and investment-financing parameters is now.
Rich Leffler, mortgage-education consultant and instructor, is an award-winning industry expert and speaker.
He excels in customer service, research, mortgage origination, training and consulting. He operates Professional Mortgage Consulting, through which he creates and teaches mortgage courses while helping mortgage businesses train their employees and grow. He lectures regularly on compliance issues, mortgage sales and customer-service strategies that win, and is available for in-house training, speaking engagements and seminars. Contact firstname.lastname@example.org or (410) 486-2430.
Page: 1 2 Previous