The Peters Company is involved in more and more distressed property transactions these days. It’s the unfortunate state of affairs right now in our market. Distressed property is categorized as most commonly “short sales” and “foreclosures.” The truth is that these distressed sales are providing amazing opportunities for our buyers. It has been said that one in four transactions in the metro Atlanta area is a foreclosure according to 4th quarter 2008 statistics. I might argue that it’s a little higher than that as many agents miscode their listings and seem to leave off the fact that their listing is a foreclosure. Given the numbers of buyers searching specifically for foreclosures, the idea of leaving off a glaring marketing code such as “foreclosure” is hard to believe, but it happens quite frequently. In addition, many people have called 2009 as the “Year of the Short Sale.” The short sale route is a much more beneficial route for a seller to go without having to deal with foreclosure. The lenders are VERY accomodating at this point for those in trouble qualifying for hardship.
In an effort to provide our clients with the highest level of service, I am taking a class to receive a special designation as a Certified Distressed Property Expert (CDPE). I hope to use this new designation to help our clients have even more success finding, negotiating, and obtaining distressed property. In addition, we will be even better positioned to represent sellers in short sale transactions, and we anticipate marketing more great foreclosure properties through our banking relationships.
By mid April, I should have the CDPE designation, which you will start seeing on more and more of our marketing. It’s believed that only 1% of all real estate agents have this designation, and we are so happy to add this additional value for our clients. If you have questions about distressed properties as a buyer or a seller, it would be our pleasure to privately consult with you on the benefits. Thanks for trusting The Peters Company for all your real estate needs.