Short Sales With Condor Capital Take On A Unique Strategy
Last Friday we spoke about a commission disagreement with Condor Capital. They aren’t truly a servicer of loans. They are actually a buyer of loans. They call themselves a scratch and dent lender. It turns out that Condor Capital goes out and buys up the nastiest loans out there for a particular fraction of the due balance. Then they give them off to their loss mitigation team and attempt to turn a profit. They do this through closing short sales and other strategies.
The loss mitigator that we talked with last week was animated about the transaction with Fred because he knew his corporation was going to make a gain. Yet, the real catch here is that the loss mitigator gets a percentage of Condor Capital’s profit on the contract. He’s not only getting a bonus for closing folders, but actually getting a percent of the revenue.
So, when you are dealing with Condor Capital, remember that the negotiator is making a commission on the transaction. This doubtless leads to some added incentive for the negotiator. You may want to review some of the techniques that you use when negotiating a short sale with Condor Captial. Take a little different approach with Condor Capital because they are making a profit and you are getting a profit. So do your best to deal with them.
There will be tons of guests coming up in the next couple episodes. So be sure to check out the next several days of episodes for some extremely unique visitors.
Also, a reminder, that August 13th we will be hosting another Crush It Short Sale class in Phoenix. It doesn’t matter if you have seen us live already, we have so much fresh matter to reveal with you. If you can’t make it, send your negotiator or transaction executive. We will blow your brain and magnify your business!
Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona