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| Valerie McNeal | ||||||
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Valerie McNeal,CDPE, GRI, IRES HELPS HOMEOWNERS IN DANGER OF FORECLOSURE Valerie McNeal of RE/MAX Advantage Realty in Columbia, MD, with over 10 years of real estate sales experience, is a Short Sale Specialist having earned the prestigious Certified Distressed Property Expert (CDPE) designation. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process. Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures. CERTIFIED DISTRESSED PROPERTY EXPERT 7 out of 10 homeowners who go into foreclosure end up there without having received any professional help. A Licensed Realtor like Valerie McNeal who has earned the prestigious Certified Distressed Property Expert (CDPE) is uniquely qualified to help homeowners in financial trouble and may be facing the possibility of foreclosure. Definition of a Distressed Property: 1. Property that is in poor physical condition. 2. Property that is or will be in some stage of the foreclosure process. 3. Property that is owned by a person or persons who is or are experiencing a period of financial instability. 4. Property on which the mortgages total an amount higher than the current value and an owner must sell. You are now at a point where you will have to answer some tough questions. The key is that these questions will allow you to quickly assess your individual needs and chart a course of action. 1. Is your property already on the market -- with an agent? 2. When was the property purchased? 3. What was the original purchase price? 4. Who is on the title? 5. Who is on the mortgage? 6. What kind of mortgage do you have? Conventional, VA, FHA, and how many loans? 7. Who is your lender? 8. Are you living in the property? If not, where are you living and is the property being maintained? 9. What is the property condition? What repairs are needed? 10. If relocating, how soon do you have to move? 11. How much do you owe? 12. Are you up to date on your Condo or Homeowners' Assn. payments? 13. Do you owe back taxes or are there any liens on your property? 14. Have you considered or are you considering declaring bankruptcy? 15. Are you current on all your mortgage payments and will you be able to remain current? What lender correspondence have you received? 16. What is the situation that caused you to miss or will cause you to miss your payments or (if no payments have been missed) why do you need to sell? 17. What are your current payments including taxes and insurance? 18. How much money are you currently earning? 19. What are your estimated monthly expenses? 20. Do you hold any kind of security clearance?
When we meet, we will bring a listing agreement, along with any additional documents required in the state, and we will start the process by having some forms and disclosures signed, along with a property checklist, loan information, etc. This will start the negotiation process. We look forward to meeting with you and discussing the options, advantages and disadvantages of these options.
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