Hi Folks. If you are involved with any Bank of America Short Sales then you know that they have been using www.Equator.com to help make the process go smoother. My opinion is that it is working like a charm. Bank of America Short Sale approvals are coming in 45-60 days instead of the 6-12 months they used to take.
The Equator system is quite simple. Just upload the contract information and away you go. If you do your assigned "tasks" in a timely fashion you shouldn't have much difficulties.
However, you also have to make sure the Seller is doing their tasks on time. Sellers have to call into Bank of America to start the process as well. I usually have them do this the same day I start the Short Sale through Equator. When they call in Bank of America will give them a password and direct them to the consumer portal at www.BankofAmerica.com/ShortSale This site is where the Sellers will enter all of their financial information.
I like this new system a lot because I no longer have to handle the sellers tax returns, bank statements, pay check stubs and financial statement. BUT....it's my job to make sure they are prepared. First they have to be able to have all of these documents in PDF files to upload. One file for each document. If they don't have a scanner to do this they can email me the documents. Since I use an Efax it will automatically convert the fax into PDF files. I can then just attach the files to an email and send it back to my seller. They now have a PDF file to upload. Simple.
I also prepare them for the info that is needed by sending them the file below. This way they can fill in the blanks BEFORE they log on to the Bank of America Short Sale portal.
Being successful at Short Sales is all about being organized and educating our Buyers, Sellers and other agents. I hope this helps. If you need more help pop over and join us at www.ShortSaleSuperStars.com That's where the pros hang out.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
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Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.
Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale
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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
Reserved for my side kick.....TLW. ROAR!!
It's great to hear that SOMETHING is getting easier in the short sale process. We've had great training on how to prepare packages for short sales, but so far, we haven't had to help any sellers who need to short sale.
You're on top of things as usual.
Equator will separate the pro short sale agents from the rest. I got equator training the first time it was offered in my area.
No way I'm going to be left behind.
Glad to hear this is making a difference. It was sorely needed.
Jeff
Bryant - You are the ultimate in organization. Way to go on the over 3000 members on www.ShortSalesSuperstars.com now since your last post !
BB - Organization is half the battle and you are on top of it. Congratulations on reaching the over 3000 milestone, I'm happy to be part of such a great group, thanks to you and Wendy.
BB - Well this is great to hear! I'm very glad the process has become more realistic. This is good for everyone. Maybe I'll stop playing with my BOA voodoo doll now.
Good job, and thanks for sharing
You're having better luck than I. I've been waiting for 3 months on BoA on an answer. I've been calling for the past two months because the negotiator would not respond to my emails or calls. Finally called last week and somehow my negotiator was replaced. Hope I get better results this time.
Just curious...have you had any successful BofA HAFA short sales close yet through the Equator system? If so, how long did it take?
Bryant, as always I appreciate your help, guidance and mentorship.
No organization and you have NOTHING. A disorganized agent should stay in the field and pair up with someone who can handle the dirty work!
you are exactly correct! They needed this system Desperately! They were the nightmare that Chase now is... ugh! Nice post BB!
B.T.W. TLW looks great, the encouragement during her workout is spectacular of you :)
Katrina Madewell, Tampa FL
Well done Bryant for those needing help with Equator. I've been seeing lots of activity over at Short Sale Superstars also of late. Probably time for some more webinars.
Bryant - I recommended this for feature - we all need all the help we can get with BOA. I have even forwarded your posts to agents NOT in AR that I know. (They don't want to join for some strange reason but I figured your post was worth reading!!!)
I just thought of this but I still have tons of information with over 300 contacts for loss mitigators some including email addresses, faxes, phone numbers, forms, "secret" web access pages and stuff I used to give to my students when I was teaching short sales back before everyone was an expert. Some may not be any good any more but I bet most of them are because I taught my last class less than 2 years ago. I'll make a note to dig around and see if I can find it.
BB - You rock ...this is very helpful stuff
I wish that was true about how much easier things have gotten with the BoA file that I've been working on since December and was on track to close at the end of June. BoA said they did not get all the docs when the attorney stated they were sent. Had to start all over and we're now working on a pre-occupancy agreement so the buyers are not homeless while we wait. I am pssing along the guide to other agents in my office though. We use attorneys here to process and negotiate the short sale with the bank. But, the guide is helpfu to have on hand.
I met with the REO/Short Sale Dept President in Tempe a few months back.. they are seriously trying to right past wrongs.. about 700 agents at CDPE Momentum were ready to jump him but he comes from a marketing background and promised that those in distress today are still their long term clients and they want another shot so let's hope they got it right... :)
I'm just getting ready to do my first Short Sale with Bank of America. This article was very helpful!