So we just listed a couple new short sales in which the lender is Bank of America. We have closed several BOA loans and have several more in process now. We thought ourselves very familiar with their processes BUT the game has changed. Bank of America now has a new system for their short sales called Equator. A basic outline of the new Equator system is outlined below (copied from the instructions they provided us):
BANK OF AMERICA/EQUATOR
Log into system at Equator.com using email and password (case sensitive)
Click initiate short sale and put in loan number and address. System will automatically assign a task such as request do you accept or reject handling this property and requesting 3rd party authorization which will require uploading. The agent uploads the contract sales price and list date when the task "initiate offer" which can be accepted or rejected. If rejected three times in 7 days, the process starts over. Tasks are sent via email but it's recommended visiting the Equator and shortsale.bankofamerica.com site daily. There is the ability to reply to provide information to someone handling the Borrower's loan within BofA. BACI is the one to click in the drop down box when a contract has been rejected. Once assigned to a negotiator, that would be the appropriate choice in communications.
Borrower must call BofA 866-677-2516* to register. They provide their email and are sent a temporary password. Borrower then goes to shortsale.bankofamerica.com (no http, no www) all lowercase and log in. The system will ask security questions and then it enters the site. Equator will assign the Borrower tasks which will most likely be the hardship letter, financial statement and Borrower contact information. These documents will need to be uploaded so it's necessary to already on that information on Borrower's computer in PDF form. Agent can perform these tasks if they have Borrower's login information.
They are assigned tasks as well.
Equator has no control over decisions made on loans on behalf of Bank of America. They are just the software provider. They do provide technical support on how to use the site at 310-469-9167.
*Subject to change
Our hope is that this system will streamline the process with the notoriously slow BOA. Either way, we're not just learning the new system but working hard to master it to get these short sales approved quickly. Are there any agents out there that would like to offer advice/ experiences with the new system that we could use to benefit our clients? I've heard this change was coming but this is our first real experience with it.We appreciate any information and are always working to improve our service to our clients.
If you're looking for an agent in the Gulf Coast area that knows how to price short sale properties, process them efficiently, and most importantly... close them...give me a call. I sell more short sale properties than any other agent in the entire gulf coast area. I'm not bragging, I'm applying for a job. I want your business and/or referrals!