Will you work with them again?

Anyone?

In my own dealing with the company I have found that they have run me ragged providing free BPO’s for them (more than 40 in my case) and rarely assigning assets (obviously they prefer to work paper).

Thanks for the positive input on Kondaur. I would be more than happy to discuss with you how we work, what we want to accomplish and how your note buyers can get the best notes.

Most of the initial notes the buyers have seen so far are from the “rock pile”. Every single new account executive starts with this. We are a young and growing company. I can give you more input to the process and how your note buyers can position themselves to get some great deals.

We have aquired 2500 notes so far. We are on track to aquire 20,000 notes over the next 9 months. We are in a massive growth phase, growing from 70 employees to just over 300 currently. We will have 800+ by the end of the 1stQ of 2010.

With this comes a bit of pain and confusion for new employees and note buyers. If you all understand this, it will save all parties heartache.

I mention this because if the notebuyer goes into the relationship this way and grows with kondaur, the profits would be incredible for your members. It will move your members to the top of the investor contact list quickly.

I will give you my Kondaur email address next week. I would like to keep an ongoing blog update with your site (changes, policies, our process, newly aquired notes) as long as we are not attacked.

I can’t stress enough, we will make mistakes and learn from them. As long as the members are respectfull to me, I will openly share any information as to the process and expectations of Kondaur, and how to complete a smooth transaction with us. In return, I would expect blog members to give constructive feed back as to what we can do for them. We are always open to new ideas.

Again, I appreciate your time and look forward to a profitable relationship for all parties.

Anxious to hear the experiences of others.

Our group looked into purchasing a note on a property located in our own backyard. Property Value was $269K, UPB was $274 and made an indicative offer at $145K. The asset manager’s response was – show me proof of funds and special servicing information and you have a note.

We then made a final offer at approximately $138K after doing our due diligence. We provided our bid stips, asking for acceptance of the bid by xyz date, full reps and warranties by seller, original docs, etc.

Unfortunately, the next highest offer was $140K. We approached the seller and said that we could still close on our original offer of $145K if they took it off the market. The asset manager replied that it should not be a problem and that we would still be able to get the deal done within 3-5 business days.

The talks then went from red hot to ice cold. After multiple attempts to reach out to this asset manager, and not hearing back from them for three days, we later find out the note has been sold for $148K. Kondaur had engaged with the previous buyer, shopped our offer and we were out of the picture.

Another thing we learned throughout this process is that Kondaur does not rep and warrant any of their notes.

On the positive side, you can save time and money by asking them where they can get a deal done. They have provided some very broad ranges, but they are willing to get deals done at attractive prices. Generally each asset manager has a few notes on their desk that they may have trouble getting rid of. In those cases they are more likely to open up, and give an idea as to where you can get a note at a significant discount.

Our group has not closed on a note with them yet, but they are certainly pricing notes attractively.