Short Sales With Condor Capital Take on A Distinctive Strategy
July 14th, 2010
Last Friday we chatted about a commission disagreement with Condor Capital. They are not actually a servicer of loans. They are really a buyer of loans. They identify themselves a scratch and dent lender. It turns out that Condor Capital goes out and purchases up the nastiest loans out there for a specific fraction of the outstanding balance. Then they pass them off to their loss mitigation group and attempt to turn a profit. They do this through closing short sales and other strategies.
The loss mitigator that we chatted with last week was excited about the deal with Fred because he knew his company was going to make a gain. Still, the real catch here is that the loss mitigator receives a percentage of Condor Capital’s profit on the deal. He’s not simply getting a bonus for closing files, but really getting a percent of the profit.
So, when you are working with Condor Capital, bear in mind that the negotiator is making a commission on the contract. This almost certainly leads to some added motivation for the negotiator. You may want to think again some of the techniques that you use when negotiating a short sale with Condor Captial. Take a little atypical tactic with Condor Capital because they are making a profit and you are making a profit. So do your best to deal with them.
There will be lots of visitors coming up in the next few episodes. So be sure to check out the next several days of episodes for a few very extraordinary visitors.
Also, a reminder, that August 13th we will be hosting another Crush It Short Sale seminar in Phoenix. It doesn’t matter if you have seen us live previously, we have so much fresh content to reveal with you. If you can not make it, send your negotiator or transaction executive. We will blow your brain and explode your production!
If you have questions, get your Short Sale questions answered by Short Sale Specialists.
Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour
Also, follow Group 46:10 on their blog at Glendale – Short Sale Arizona
For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.
Posted in Short Sale
Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.