Central Florida Short Sales

Hi Folks. Recently I have had two Buyers balk at providing me personal info I need if they want to purchase a Bank of America Short Sale. I really do understand where they coming from but....most of the big lenders including Bank of America and GMAC are now running most of their short sales through http://www.Equator.com.

Supposedly the Equator system will help to shorten the time involved with getting these Short Sales approved. From what I'm hearing Bank of America is giving approvals in 60-90 days as opposed to the 6-9 months they were taking. That's a good thing.

The Equator system is asking for some personal Buyer info. I assume this is to make sure transactions are "arms length". If the Buyers want to purchase a Bank of America Short Sale then we have to enter the data.

The reality is it's less data than what the closing agent will want and far less than they would have to provide if getting financing.  What Equator is requiring is simply:

• Date of birth
  
• The first 5 digits of their social security number.
  
• The Buyer's address.

That's all we need. No big deal. Of course the Buyers always have the option of just not buying a Bank of America Short Sale. I just hate to see them miss out on a good deal over something so minor. What say you?

Here's the screen shot from Equator.

Hi folks. Today I want to put a different spin on Short Sales and third party approval. I've read a lot of posts and comments about the dreaded 3^rd party approval and how frustrating it is for Buyers and Buyer's agents. 

My thought on this is.........it's about time!!! As a listing Broker, my Sellers and I, have spent a lot of time waiting for Buyers to get their mortgage approval. Some took 30 days and some took 90 days. Some didn't close at all.  

When negotiating offers we relied on information provided to us from the Buyer's Lender stating they were "pre-approved" or "pre-qualified" only to find out a month later that it was all a lie. They were just writing deals and hoping to get them through. 

Doesn't this all sound familiar to Short Sales? Of course it does. The Buyer's Lender approving their financing IS 3^rd party approval. That contingency is NO different than having the Seller's Lender remove the 3rd party approval in a Short Sale transaction.

In fact, as a Listing Broker, I much prefer the Short Sale and the Seller's 3^rd party approval. It keeps me in control of the transaction. 

Things have not changed that much. It's just that now the "3^rd party approval" contingency is on the other side of the contract. Deal with it!!

CENTRAL FLORIDA REAL ESTATE SHORT SALE INFORMATION

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