Terri Gallagher, Bruce and Sharon Wasz and Shane McCullar of Keller Williams Realty Alexandria Old Town have earned the prestigious Certified Distressed Property Expert designation, having completed extensive training in foreclosure avoidance and short sales. 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.
In the Alexandria and Fairfax area, hundreds of homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.
This CDPE designation has been invaluable as we work with sellers and lenders on complicated short sales, said Bruce and Sharon Wasz. It is so rewarding to be able to help sellers save their homes from foreclosure.
The Distressed Property Institute in Boca Raton, Fla., opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for realtors helping homeowners in distress and handling short sales.