EDDIE AND NANCY RIGGIN EARN PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

Eddie and Nancy Riggin of RE/MAX of Wilmington, Wilmington, Delaware have earned the prestigious Certified Distressed Property Expert (CDPE) 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 New Castle County, Delaware, more than 230 homes this month 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 I work with sellers and lenders on complicated short sales,” said Eddie Riggin. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Nancy and Eddie Riggin, with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute 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.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

For more information about CDPE designation or to find certified distressed properties in your area, please contact Eddie and Nancy Riggin at (302) 235-1000.

Is a short sale right for you?
In a short sale, the homeowner sells the mortgaged property for less than the outstanding balance of the loan and turns over the proceeds to the lender(s), usually in full satisfaction of the debt. Short sales can be a worthwhile option for some customers, but they typically move slower than traditional home sales for a variety of reasons.

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