Realtor aims to help distressed owners
Hodgson earns short sale designation
For Realtor Conrad Hodgson, conducting a short sale is personal.
The Solana Beach resident lost two of his homes in this recession.
“The first thing that goes through your mind is unbelievable embarrassment,” he said. “The government and the lending institutions all feed on this emotional sort of backdrop, if you will, and they make you feel like a loser and hold your credit over you like some sort of bargaining chip.”
So Hodgson, who now rents his home, said he became one of only three Realtors in the Cardiff and Solana Beach markets to earn the Certified Distressed Property Expert designation. He said his company, Trinity Homes and Investments, successfully completed 41 of its 42 short sale processes last year.
A short sale occurs when a lender agrees to allow a distressed homeowner to sell a home at less than what is owed. However, it is still cheaper for the bank than foreclosing on the property. Hodgson said the designation, indicative of expertise in managing distressed properties, is rewarding, but cannot replace the actual experience of conducting a short sale.
“You’ve got to be in the trenches,” he said.
Hodgson said many short sales are not completed because they can take up to five months. That means a potential buyer would have to stay committed to the sale while the arduous process goes on.
“It’s very, very easy for a Realtor to just give up,” Hodgson said. “That just drives me nuts if I’m telling somebody basically that I’m taking their financial livelihood into my hands.”
While the housing market has taken major hits in this economic climate, Hodgson said Solana Beach and Del Mar have stayed rather strong.
“If I have to look at the grand scale of San Diego County, I would say Solana Beach has upheld its value along with Del Mar,” he said, adding that only recently is he starting to see more defaults and short sales occurring in these areas.
Hodgson, originally from South Africa, moved to San Diego in 1999 to play professional rugby for the Old Mission Beach Athletic Club. His career lasted eight years, and even included a stint playing in Japan. Hodgson retired from rugby after injuring his knees.
While no longer a professional athlete, Hodgson said he gets a lot of satisfaction out of helping distressed homeowners settle their dilemmas.
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