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Tell me what you know.  This company seems to be the "cats' meow" they are a premier purchaser of sctratch and dent residential mortgage loans....

 

 

Tags: Kondaur

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I'm going to complete my application. A few free BPO's for listings shouldn't kill me (unless I'm knee deep in other stuff)

What is the website they use for the REO application.

Thans.

I received an email from them as well. I have completed my application and sent it in along with the required documentation. We will see what happens!

Hi Ruben

Can you please provide the website  to sign up or the application process. Do you have the application and the info where to send it to.

Thank you so much

I have been reading up on this company and it is awesome...no guarantees...but what is?
Denise,

I have not worked with Kondaur but there is a contrary viewpoint at Agents Online.

http://www.agentsonline.net/forums/ubbthreads.php/topics/254413/13....
Thanks Tim...
OK, here’s the deal with Kondaur, think "reverse short sale". Kondaur buys the bad paper, and they open communication with the owners and map out a plan, plan "A" is a Deed in Lieu of foreclosure and much like REO they will do CFK to vacate the property and this is what they push for, it is there business model. How it is reverse is, now the bank and the agent are approaching the owner for short sale, not the owner and the agent trying to sell the bank on a short sale. Plan "B" is simply foreclosure, they do not want this.

Now since Kondaur is the 1st lien holder they have already determined the price so this is not an issue, they also do not expect a promissory note for any balance due like most lenders which is very attractive to the seller/owner.

Now...agent responsibility....When you are contacted to do the free BPO you are actually part of the "Due Diligence". Here's how it unfolds.....I'll give good numbers for the 1st deal I worked with them, keep in mind they buy bulk paper. They started with 2500 loans, which means 2500 BPO's. they decide which properties they want, this number was approx 2200 of the 2500 original. They determine per property what to offer as a group...with me so far? The Due diligence period is usually 4-6 months, in that time some properties sell, some foreclose and some are saved from foreclosure and settled by the original lender. In this example they ended up with close to 1800 out of the original 2500. That means 700 agents will not get a property.

Now when you receive word that Kondaur has purchased the paper and it is assigned to you, you handle it very similar to an REO property; you approach the homeowner and work out CFK. Re-key, clean out ect… The difference is that you still must view as a short sale because you will still sign a listing agreement with the homeowner and you actively get involved in negotiations of 2nd mortgages, liens and unpaid taxes and so on. The good news is that Kondaur does want this to close as fast as a normal or REO sale and will pay out of closing to clear title. Also they do not charge a referral fee, so you are looking at the straight 3%.

So far it has been good and let’s hope they don’t jump on the referral bandwagon.

There you have it, god luck getting properties and one other thing, they don’t like searching new agents, so do a good job and they won’t look.
Thanks for the great update Tony! I sent them my Application last week. Did Chris(fellow ASREOS member) ever contact you about the exclusive REO Blog he is starting up? I passed you name/email along to him.
Hey JD, Your welcome, I haven't heard from Chris on the blog yet but I look forward to it.
Thanks.

Hi Tony, thanks for the run down!  I work for a title company...  Does Kondaur direct where the closing takes place?  Or do they leave it up to you to pick the title company?  Thanks much!

Hi Tony

 

Can you please provide the website  to sign up or the application process. Do you have the application and the info where to send it to.??

Thank you so much

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