CDPE, SFR and others. Which designation contains the best training?
Hi-
I am looking for additional short-sale training and there certainly is a maze of available selections on the internet. The CDPE seems the most comprehensive and up-to-date, but that may be an inaccurate perception on my part...
The fact that SFR is a NAR designation is not meaningful to me and I'm not sure that I'd want to brand myself as a distressed property expert in the MLS.
Can anyone advise me on who has good training with a designation (as designations are meaningful to some consumers, not to mention E and O carriers), that can help me really improve my knowledge and risk management position?
I look forward to hearing your thoughts!
Replies to This Discussion
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Permalink Reply by Sara Woolford on
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Thank, Harry-
It certainly sounds like you are in a position to know! I agree that there is only so much time and money. Training and education dollars need to be well-spent .
Have a great 4th of July weekend!
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Permalink Reply by Kimberley Kelly on
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Take all the classes you can-I've found I learned from each, BUT..remember that there is absolutely NOTHING more certifiable for a Short Sale Agent than experience. NOTHING! I am so over every Agent saying they are "Certified Short Sale Specialists"..most of them don't know the most minimal stuff about actually managing and closing short sales! It's like buying a polo mallet, a pair of boots and saying "I'm a polo player!" What??? Sloggin in the Short Sale troughs..best certification there is.
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Permalink Reply by Bill Seufert on
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Kim,
I think you said it best. I have the CDPE and agree with Harry that it seemed to be the most comprehensive but I had already done some short sales so was able to pass the "test" before completing the training. The one thing I am not a big fan of with CDPE is the constant pressure to pay more money for more info and a website and a this and a that. I have found this site to be the most current and informative so kudos to the people running this site.
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Permalink Reply by Eric Mieles on
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Kim is spot on and I'll add that if you treat this site such a a course you will learn much more than any certification program. I would suggest making resource guide buy taking some of the best info on certain topics and pasting it so that you can read over or access when dealing with specific lender and/or short sale situations.
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Permalink Reply by Jeff Payne on
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Well said!
Kimberley Kelly said:Take all the classes you can-I've found I learned from each, BUT..remember that there is absolutely NOTHING more certifiable for a Short Sale Agent than experience. NOTHING! I am so over every Agent saying they are "Certified Short Sale Specialists"..most of them don't know the most minimal stuff about actually managing and closing short sales! It's like buying a polo mallet, a pair of boots and saying "I'm a polo player!" What??? Sloggin in the Short Sale troughs..best certification there is.
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Permalink Reply by Beverly Cibulsky on -
I have both the CDPE and SFR designation. CDPE does provide excellent up to date topics and Webinars. I do lean toward NAR Certifications as I have been always proud of my REALTOR designation! (and my GRI) (unfortunately, there are some that dont even know how proud they should be or the difference being a "REALTOR".
NOW! most important! I found what I need on the Short Sale Supertar site! I will share how it works out! (so far so good!) That is why I just recently joined, and also invited many people to also consider joining!!!! I am very impressed with the excellent content! In addition, keeping with the Kimberly's contention, experience is the key! Everyone here is very sharing and helpful. Real life situations (especially in Real Estate) are ever changing!
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Permalink Reply by Paul Antonelli on
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I'm an education hog, and I have every short sale and reo designation offered. I don't want to knock anyone but the SFR was like graduating the 4th grade and I found that the CDPE was mostly good for marketing. I took the CDPE in the premise of becoming a trainer for them. I have also trained agents in doing short sales from Florida to New Hampshire. There are certain things that you need to know when doing short sales;
The correct way to qualify the seller, do they qualify to short sale? Are they just made that their home is not worth what they paid but can still afford it? If so, NEXT!
What do you need to get from the sellers? Have an attorney construct a Hold Harmless for you, what extra addendums do you need, not only to protect your seller but to protect yourself?
How do you deal with the servicers? Is the mortgage held in house or are they just the servicer? How can you negotiate with the Investor? How do you find out who the investor is?
How do you know when your negotiator is lying to you? Simple, you can hear them talking. No joke, to them it is all business.
What do you do when the negotiator puts up a brick wall? What do you do when the negotiator has no new update for the last 3 weeks?
How do you and when should you escalate a file? When do you Faux-escalate with your negotiator?
How do you keep a buyer in the game when you’re busting your hump to get the file Approved?
How do you get your sellers a Full Waiver of Deficiency from the lender? And why do you need this?
Of course this is not everything but just some simple points that anyone doing short sales will tell you that you need to know. However usually after completing about 10-20 short sales will know most of this.
Good Luck
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Permalink Reply by Ben Benita on
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Jeff hit the nail on the head, the one thing EVERY traning is missing is ACTUAL EXPERIENCE.
We looked briefly at starting our own short sale training school (there is an OBSCENE amount of money being made in training and education as someone noted from CDPE and their fees), but, we never bothered to develop the school (takes a great deal of time).
I compare short sales to swimming in a pool or riding a bike.....you can READ about it all day, HEAR about it all day, HOWEVER, until you get your butt in the water or on that bike...YOU DON'T KNOW NOTHIN'!!!!!
;-)
Enjoy the long weekend.
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Permalink Reply by Neddie B. on
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Listen, go take a class and at least you'll have a good basis to start with. It's why they say that going to school is good, you start in elementary then high school then college and on and on, then getting a job is easier. I agree with you that having the formal education is good for your E&O insurance and insurance companies ask this & encourage you to get the education when you apply. Many here are saying that experience is where is at and you know what? It’s true. But also know that they started somewhere too. They started by doing their first short sale first before they could write a post here saying the "many" they've done. It needs to start somewhere.
There is a lot of common sense and negotiating skills that you may already have plus your sincere interest in helping the homeowner and having the guts to be their advocate during the process. This is why a lot of agents are good at short sales without having a formal class under their name.
This is not some rocket science deal that only a 'few' can do but understand that just like everything in life, it's not for every agent out there either. I took the SFR and CDPE class. What I like about the SFR class is that they make you aware of the risks involved for you, the agent but it is a very basic seminar. The CDPE was more comprehensive and I’ve found out that this organization sincerely wants to help the agent and yes, of course they want to make money too, they're not in it just for altruistic purposes, but they provide a good value for the money and that's what you want.
I’ve also heard great feedback about the SS Genius and CDRS training.
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Permalink Reply by Travis Davies on
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SS Genius (Trent Champman & Lee Honish) very good training and excellent software to manage short sale transactions. Lee just broke off to create something better than CDMP. Curious to see how that goes. Given his drive I'm sure he will.
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Permalink Reply by Gunna Voigt on
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I have researched this carefully. Also I've had a lot of trailning before the designations came up. CDPE is definitely the most comprehensive and professional designation. This is my honest opinion as a professional.
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Print this, read it, and study it like a textbook:
http://www.hpadmin.com/portal/programs/docs/hamp_servicer/sd1102.pdf
and this:
http://homeownership.org/realtor/sdf0909r.pdf
This can be quite an effective tool when you're on the phone with the bank and you quote a passage right out of the supplemental directive....these are the framework for most bank programs and you can even calculate the step waterfall
just like they do.
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