Posted by: gaylehendersoncdpe | April 21, 2010

Government HAFA program unveiled

There is big news for homeowners in America. In an effort to slow the rising number of foreclosures, a government-backed program has been released: the Home Affordable Foreclosure Alternatives Program (HAFA). Basically, the program aims to save as many Americans from foreclosure as possible, which also saves the overall value of the surrounding communities.

HAFA offers a $3,000 homeowner incentive for successful short sales or deeds-in-lieu, and also guards the homeowner from harmful lender actions.

Here’s an introduction video that may be of interest:

Founder of the CDPE Designation recognizes efforts to help local homeowners and real estate agents with short sales education.

Scottsdale, Arizona (November 9, 2009) Gayle Henderson, local REALTOR® with RE/MAX Excalibur, received recognition as a leader and pioneer in Arizona’s distressed property market by Alex Charfen, co-founder and CEO of the Distressed Property Institute, LLC. A CDPE-designated agent since October 2008, Henderson was praised for her use of the knowledge gained during her training and her more than 15 years of experience in real estate to help homeowners and agents in the greater-Phoenix area.

 “Gayle Henderson put personal achievement aside and focused on making a greater impact on the communities she serves,” said Charfen. “Enlisting the support of local and national networks, Gayle brought the CDPE Designation Courses to Arizona to train more agents how to help homeowners. Her selfless and tireless devotion to the success of her communities and peers has reached far beyond her immediate market.”

Charfen also pointed to how the dream of one person can become a movement. Due to Henderson’s efforts, in cooperation with her broker owner Howard Lein, RE/MAX International soon endorsed the CDPE Designation. As a result, RE/MAX rolled out these courses in across the United States to change the way their agents approach the current real estate market – effectively, to emulate the success seen in Arizona.

“The CDPE training was a turning point in my career,” said Henderson. “I had carefully monitored the declining real estate values in our communities since the end of 2007, and knew I needed to redouble my efforts to meet the changing needs of my clients. Immediately, I dedicated myself to serving the mounting numbers of distressed homeowners.”

Arizona witnessed short sales grow from 2 percent of September 2008 closings to 21 percent a year later. Meanwhile, through this increase, some CDPE’s saw up to 85% of their short sales successfully closed, often in record time.

Henderson continues to campaign fellow REALTORS to take action on behalf of their communities and learn how to effectively help homeowners facing financial distress. It is her belief that the CDPE is the key to stabilizing the housing market through proven methods, while maintaining the highest moral compass.

“A successful short sale,” she said, “is the most dignified solution to a homeowner’s financial crisis.”

Through Henderson’s initiative, the CDPE has become a strong movement to help homeowners in Arizona, growing into one of the largest market for CDPE-trained REALTORS in the country – now well in excess of 1,000 and growing monthly.

Posted by: gaylehendersoncdpe | November 2, 2009

What Exactly is a Short Sale? New Video Available!

David Knox, a producer of consumer videos that help homeowners and buyers complete successful real estate transactions, recently came out with an exclusive video explaining various ways of avoiding foreclosure, including short sales. It can be viewed exclusively on Gayle Henderson’s website at

Gayle Henderson PC, with RE/MAX Excalibur Realty in Scottsdale, Arizona, is having great success helping homeowners avoid foreclosure through short sales. In fact, she has an 85% success rate of getting short sales closed. To learn more about short sales, visit and hear from clients about the process and how short sales helped their situation. Call Gayle today at 602-850-4335 for more information on her no cost services for homeowners in distress!

Posted by: gaylehendersoncdpe | September 8, 2009

Phoenix Homeowners Facing Foreclosure

Just announced on this morning’s local news, Phoenix Homeowner’s with Wells Fargo loans are invited to a three day public seminar on loan modifications at the Phoenix Convention Center, beginning today.  To sign up, on line, go to and click on links.  As a CDPE, Certified Distressed Property Expert,  we support efforts of the lenders and of local state and city not for profit organizations assisting home owners to find ways to financially adjust their payments in order to stay in their homes.  We believe this is a very important first step in avoiding foreclosure.  Don’t Let Time Run Out.  Get proactive as soon as you know that you have an impending financial crisis on the horizon.  If you feel, that the loan modification process is not the answer for you, please contact us, so we can discuss the short sale option.  Our commitment to you is to make sure that together, we make every effort to avoid  foreclosure and the many devastating impacts that accompany it.

Posted by: gaylehendersoncdpe | August 28, 2009

Want more Information on Short sales?

We would like to hear your questions regarding short sales.  Here in Arizona, we are experiencing a declining market with more than 65% of each month’s sales this year respresentative of bank owned or short sales (properties sold with the approval of the seller’s lender, for an amount less than the outstanding debt. )  Current market conditions have created a lot of uncertainty, questions and misinformation.  We look forward to your questions on these and related topics.

Posted by: gaylehendersoncdpe | August 25, 2009

Metro Phoenix Real Estate Market Update

Recently I participated on a national audio conference.  The four-member panel, included  National Vice Presidents of short sale- foreclosure operations in two major lending institutions, a real estate and mortgage research analyst and myself; moderated by a national mortgage newsletter editor.  The two hour webinar was attended by several hundred REALTORS and mortgage professionals eager to learn about current trends in the housing industry as it applies to foreclosures and short sales.  With my short sale expertise and dedication to helping homeowners avoid foreclosure, I am impressed at the strategies in place and in the planning by these two major lenders.  Their commitment to the short sale process is a shift to assist in stabilizing the local housing communities through short sales, arguably representing less loss to the lender than foreclosure.

I still hear statements that short sale and foreclosure are the same.  Nothing could be further from the truth.  Bottom line; the foreclosure is more costly to the homeowner, the community and the lender.  A home that sells in a short sale triggers both a 1099 for the lenders total loss, which is the difference between the original debt and the net received by the lender after all costs of sale are taken into account.  In many instances a deficiency judgment for the lender loss can be pursued as a collectible debt.  Not all residential properties in Arizona on 2.5 acres or less, carry debt that escape deficiency judgments.  Recent Arizona legislation further defined and restricted those residential properties exempt from deficiency.  A lender’s loss in a short sale is proven, in the majority of cases, to be less than when it goes to foreclosure.  The majority of short sales are in better condition, still maintained, and look like a normal sale except with a contingency that the seller’s lender, approve the sale for less than the indebtedness, due to hardship.  The foreclosure adds legal costs, eviction costs, cleanup costs, maintenance and carrying costs at an average of nearly six months, longer.  At the end of the process with a trustee authorized sale to the end buyer, a 1099 is still issued to the foreclosed owner and a deficiency judgment may still be enforceable all at a significantly higher cost (perhaps 30% or greater loss than at the short sale level).

As we reflect, mid-year, on the state of the economy -nationally, regionally and locally, we see  the combined efforts at all levels is critical to healing the housing crisis at neighborhood levels.  I am pleasantly surprised when neighbors of a property facing foreclosure, are hoping for a successful short sale.  The public is now more aware that the short sale today may become the foreclosure in several months devalued even more, with greater economic damage to the neighborhood. 

The distressed property sales define the current market.  Each month nearly 80% of the sales represent REO (bank-owned) and short sales.  50% of the inventory is non-distressed and yet represents less than 20% of a single month’s sales.  The brisk activity is truly under $300,000. And the challenge that faces the luxury market is squarely rooted in the statistics. Throughout the first seven months, sales over $400,000 represent less than 4% of total sales. To compete in today’s market, a Seller must be laser-perfect on list price demonstrating true value to the buyer who will not overpay for anything in today’s economy.

Posted by: gaylehendersoncdpe | August 24, 2009

Phoenix Buyer Finds Dream Home Through a Short Sale

If you are searching for a property in today’s real estate market, it is highly likely that you will come across listings that are “distressed properties” (short sale, bank owned,  etc). It is important to understand that while there are many benefits to buying these types of homes, there are also some distinguishing qualities that may be drawbacks such as closing time frames.

The truth is, short sales can be very challenging transactions. If you are considering including these types of properties in your search, it is important that you work with a REALTOR® who is trained specifically in working short sales.

There is NO COST to you to work with someone trained in distressed properties, however, working with someone who doesn’t  have the short sale skill set could be very costly.

The Gayle Henderson Group members are Certified Distressed Property Experts (CDPE), with extensive training and experience with supporting both buyers and sellers with short sales. It would be our pleasure to work with you to educate you to our market, find your perfect home, and follow your transaction to successful completion!

Hear how one Phoenix buyer found success buying one of Gayle’s short sale listings. It took 40 days from contract to close! We love a win-win transaction!!

Posted by: gaylehendersoncdpe | August 21, 2009

Short Sales: A Dignified Solution to a Homeowners’ Financial Crisis

The words “short sale” is  heard a lot, but not really understood by many.  A short sale may happen when a homeowner that NEEDS to sell their home can’t because the value has dropped below what they owe.  The “needs-to-sell” determines who qualifies for a short sale.  The “need”, in the eyes of the lender, is a circumstance or series of events that has made it impossible for the homeowner to continue to pay the monthly mortgage payments.  These circumstances could be a reduction in income as a result of a pay cut or loss of commissionable income, a job loss, a divorce, a job transfer or new hire out of the area forcing a move; a death of either a family member who is a wage earner, or one who is not, prolonged illness, any serious medical condition causing a forced move, increase in medical bills, sustained medical leave of absence from the work force, or disability.  In many situations there is a combination of factors that when compounded, the homeowner finds his savings depleted and the possibility of losing his/her home a more probable occurrence. 

A short sale may be the best solution after you have tried the other options available to ease your financial crunch.  Seeking advice, from your lender, for a possible refinance, loan modification or forbearance are possible ways to stay in your home while reducing your monthly financial obligation.   Visit to research the viability of these programs for your situation.  If those avenues don’t achieve successful results the short sale becomes the alternative to avoid foreclosure. 

How you make your case to the lender?  A critical part is the homeowner’s hardship letter which outlines what happened and what he/she has done to try to prevent foreclosure.  Presenting one’s story in a 100% transparent fashion is the best approach.  The letter accompanies the documentation one assembles when trying to qualify for a loan, however, in this situation, you are looking to de-qualify yourself from your present loan. 

Each case is specifically unique and there is not a hard and fast rule as to who will qualify, with what lender conditions that may or may not be imposed, and who will not qualify. In most situations, the lender does not render his decision to accept the short sale until you receive, execute and submit a purchase contract contingent upon the lender and seller work-out agreement.  Most lenders only want to review completely executed contracts and will not review any partially executed contracts.  Remember this is a sale between a seller, the owner of record, and a qualified buyer with a contingency on seller lender approval, much the way a buyer makes his offer contingent upon a buyer’s loan approval from his lender.  This is not a bank owned property where the bank collects multiple offers and makes a decision of which to select.

Does that mean you could go through all the documentation, showings, negotiations and contract acceptance and either be turned down by the lender or more probably be presented conditions by the lender that you cannot accept?  The answer is “yes”.  However, in today’s climate, lenders are actively interested in working with the homeowners to prevent foreclosures.  Remember,  the lender is in the business of lending money not acquiring property. 

Not all homeowners will either get their loans modified or get an approved short sale and some will still face foreclosure.  However, at the end of the day, it is important that you know you, along with your skilled REALTOR by your side, did everything possible to avoid foreclosure. 

Your REALTOR plays a very critical role in this process and requires special training and acquisition of special skill-sets to understand how to best present your case.  The CDPE designation, (Certified Distressed Property Expert), indicates a commitment to understanding the complexities of the short sale and the knowledge and skill-sets to maneuver through this tedious process.   A highly respected national organization with more than  10,000 members, the CDPE training never stops as the short sale processes within every lender is continuously evolving.  The initial training spans two days and more than 15 hours and is followed with opportunities for three hours of ongoing training monthly through scheduled member conference calls and twice monthly Advanced Webinar training.  Your team to guide you through this complex maize should include your short sale specialist REALTOR, both a tax and real estate attorney, and a short sale trained Escrow officer to act in concert with you to assist you in accomplishing your goal of avoiding foreclosure, as there is a big difference in life without foreclosure as opposed to life after foreclosure.  Look for the CDPE logo before you make your  REALTOR decision.

If you have any questions or would like a referral to a CDPE in your area, contact Gayle Henderson PC CDPE, RE/MAX Excalibur Realty, Scottsdale Arizona. .

Posted by: gaylehendersoncdpe | August 21, 2009

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