Real Estate Broker · Orange, CT · Member since 2013 · 951 posts · 218 votes
9y
- CDPE means nothing to a lender. It's just a 'training' in business to make money for the 'designation'.
- Short Sales do not 'always' need to be listed to be considered. Each lender has their own guidelines. The best practice is to list for a minimum of 5 days including 1 weekend. This will satisfy Fannie Mae and just about every lender.
Real Estate Agent · Elgin, IL · Member since 2015 · 100 posts · 41 votes
11y
Hi Nick,
Yes, the banks do require it be listed with a licensed agent. One of the items on the banks' checklist is to verify the MLS listing sheet as a PDF. They do this to get a handle on what the current market value range is. If the agent lists it too low, banks will come back and force them to raise the listing price. They also require a listing agreement and short sale addendum in addition to many other items.
Interestingly, though, any agent can take on any short sale listing, and there is no license/training/certificate or anything to verify the agent can handle the short sale. In Illinois, there is a short sale specialist education class Realtors may decide to take, but it is nothing like being in the field and working directly with the banks.
When you find a highly organized, experienced Short Sale agent, they can help push deal through faster and get to closing with less trouble because banks don't do anything to help a closing. They just ask for more paperwork.
If you have any more questions, please let me know!
Real Estate Broker · Orange, CT · Member since 2013 · 951 posts · 218 votes
9y
- CDPE means nothing to a lender. It's just a 'training' in business to make money for the 'designation'.
- Short Sales do not 'always' need to be listed to be considered. Each lender has their own guidelines. The best practice is to list for a minimum of 5 days including 1 weekend. This will satisfy Fannie Mae and just about every lender.