Persinger Properties, a San Diego based real estate brokerage has severed its relationship with Cardinal Financial Group a San Diego based real estate investment firm which purchases homes for resale. According to Joel Persinger, Broker & CEO of Persinger Properties, the focus of the two companies had become incompatible.
“As a real estate brokerage, our first concern is for our clients”, said Persinger. “After having worked with Cardinal Financial, we determined that their focus was less on helping our clients and more on increasing their revenue as a company. That had the effect of placing some of our clients at risk and we simply could not allow that”, Persinger said.
According to Persinger, while it is very positive to have an investor involved in the short sale process, the investor’s total income is derived from buying and then reselling the property. As a result, the investor can be hesitant to step out of the way so that the property can be sold to the public when the transaction starts to experience problems. In many cases, the property cannot be sold to the public until the investment firm releases it grip on the property. This can place the homeowner at serious risk of losing the property to foreclosure.
“We simply needed to make sure that everything we do is in the best interest of our clients and working with Cardinal financial, although they’re good folks, no longer fit that description”, Persinger said.
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