Short Sales With Condor Capital Take On A Distinctive Strategy
Last Friday we chatted about a commission disagreement with Condor Capital. They aren’t actually a servicer of loans. They are actually a buyer of loans. They label themselves a scratch and dent lender. It turns out that Condor Capital goes out and buys up the worst loans out there for a certain proportion of the outstanding balance. Then they hand them off to their loss mitigation team and try to turn a profit. They do this through completing short sales and other techniques.
The loss mitigator that we spoke with last week was keyed up about the transaction with Fred because he knew his corporation was going to make a gain. Nonetheless, 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 completing files, but essentially getting a percent of the profit.
So, when you are dealing with Condor Capital, bear in mind that the negotiator is making a commission on the deal. This possibly leads to some extra encouragement for the negotiator. You may want to reconsider some of the strategies 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 making 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 several incredibly extraordinary 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 before, we have so much fresh matter to share with you. If you can not make it, send your negotiator or business supervisor. We will blow your brains and explode your business!
Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona
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