The Richmond Times-Dispatch published a short article today about Richmond area foreclosures, which are up 28% year-over-year. The foreclosure crisis has already been bad, but I'm going to predict it's about to get even worse. Banks have so many bank-owned properties already, they haven't been foreclosing as quickly as they would in a "normal" market. These households that are seriously delinquent on their mortgages but are not yet in the foreclosure pipeline are being called the "shadow market."
Once we're done with the first time buyers, when the deadline to be under contract to qualify expires TOMORROW - thank Goodness! - this is going to be the next specialty market - foreclosures and short sales. So what to do to get prepared for that market? I'm trying to get educated. I'm taking a class to become a Certified Distressed Property Expert ("CDPE").
Usually, I think real estate designations are a bunch of you-know-what, designed to extract just more money from us agents, but I am actually finding the CDPE class really informative and helpful. So soon I'll have some more alphabet soup designations to stick behind my name. Although I am not ordering more business cards just to add"CDPE." Gotta use up my 500+ remaining cards first.
More on the difference in short sales and foreclosures to come. Meanwhile, just a few more days in the first time buyer sprint to the finish. I'm DEFINITELY taking a break May 1!
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