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Equator Short Sale Tips & Best Practices

By
Real Estate Agent with Group 4610 Network

Below is a Q&A style blog post of some of Group 46:10's best pracices and tips when working a short sale in Equator.

 

1) What is the benefit to opening the file in Equator before a contract is accepted?

The benefit of initiating a file in Equator before the buyer and seller sign the contract is to get a jump start on the tasks that popup in Equator. When a file is initiated in Equator the first task that is due is to upload the borrower’s authorization form. Once the BA is uploaded the lender will then have a task to confirm that the authorization is filled out correctly and they will check off the task on their end and at that time another Agent task will become available to upload the offer. Between getting the BA uploaded and having the task to upload the offer is about 2/3 business days so initiating the file early cuts down the waiting game to get the offer uploaded and helps you gain those extra two to three days in getting a negotiator assigned.

2) What is the drawback to opening the file in Equator before a contract is accepted?
The only drawback of opening a file before the contract is accepted is if you open it too many days early. The file will get rejected by the system if tasks are not done within a certain timeframe. You get around 10 business days to upload a contract before the file gets rejected. As long as you open the file 3 or 4 days before getting the contract accepted you’ll be fine.

3) What fields in Equator present problems for agents
When filling out the HUD during the submit an offer task you’ll notice some fields that the lender asks for that isn’t really their business. The lender will ask for things like an address for the buyer, social security number, and date of birth. All of these things were never asked for before Equator released. The best way to bypass these as they are required fields is to put things like your office address, zeros for the social security number and putting today’s date for the date of birth. You will never get questioned if you put that in the boxes as I have received multiple approvals when using those numbers.

4) Any tips on getting the BPO ordered quickly?
The quickest way to get the BPO ordered is to create a relationship with someone within Bank of America and having them help you by checking off some of the internal bank tasks upfront. If you do not have that special contact then initiating the short sale early and completing all the Agent tasks promptly will get the BPO ordered as quickly as possible. Typically the BPO gets ordered either the same day a negotiator is assigned or the day after. A simple email to the negotiator asking them if they have ordered the BPO will do the trick.

5) Any tips on getting the payoff ordered quickly (I know this has held us up in the past)?
The only way to get a payoff ordered quickly is to help the negotiator get the BPO completed by returning the BPO Agents phone calls ASAP so they can get the BPO completed and sent back to the lender. The payoff request task is one of the first tasks a negotiator does after receiving the BPO back.

6) Any tips on how to enter the numbers in Equator to reduce the amount of counter offers?
The easiest way to reduce the number of counter offers in Equator is to accurately input all the numbers from the HUD. Use the other fees boxes strategically by putting line numbers that match up with the HUD so the negotiator will understand what fee you are putting in those boxes. Keep HOA fees in the same boxes, leave out fees that you see rejected most often, and be specific on what fees you are putting in each other comments box.

7) Any tips on how to identify the coordinator's supervisor, manager, AVP, SVP, etc ?
One of the best features in Equator is the internal communication/email function. Equator has a built in outgoing and incoming email list so that you can email negotiators within Equator. One thing you may not know is if you send a negotiator an email within Equator the negotiator gets it in Equator and also gets it in their Outlook inbox so you are pretty much sending one email twice to the same person. Also in the outgoing email portion of Equator it gives you a list of people you can send the message to; SVP, FVP, Manager, Team Leader, Negotiator, etc. If you do not know who the negotiator’s manager is then you can send a message to the negotiator’s manager by clicking on the manager button to select them as a recipient to that email.

8) Any tips on how an agent should know if they have a task due
One thing that lacks in Equator is that it does not alert you when you have a task due. You must manually login to Equator daily to check and see if you have tasks due. Keep a close eye on your Equator tasks because if one goes outdated for too long, it will automatically close out the file for no response and you will have to start over from scratch.

9) Any other advice you can share?
A helpful thing to do when monitoring a large number of Equator files is to PDF print a copy of each Counter Offer received and Offer Worksheet that gets uploaded into Equator so that you can organize and monitor exactly what is going on in Equator and it will also give you more wood for your fire if you’re trying to escalate an Equator file.  Also check out www.ShortSalePowerHour.com for more tips and information on Equator and Short Sales in general  

10)  Where can I get more information on Equator?

    Here are a few of my favorie video blog posts on the subject.

   Video 1

  Video 2

  Video 3

 

Visit us at www.ShortSalePowerHour.com Monday - Friday for the most up to date and relevant Short Sale Information in the industry.

Comments (30)

Katherine Fornale
REMAX REALTY 9 - Howell, NJ
SFR, GRI

Very Good!

Mar 29, 2010 09:40 AM
Delaware Junk Removal Residential And Commercial Hauling Clean Outs
Delaware Junk Removal 302-530-9186 - Wilmington, DE
Whole House Clean Outs, Basements, Garages, Attics

Thanks Kevin, I found a few new words in there and some good tips, bookmarked.

Mar 29, 2010 10:13 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Equator would be much easier if they would just post the darn instructions. I guess that would be asking too much. The issue I need to sort out is getting the task to come to me instead of to my seller. Expecting the borrower to know how to upload documents is just asking way too much. From what I've experienced so far I believe it will be a very good system once we all get it figured out.

Mar 29, 2010 10:48 AM
Nicole Borsey
Coldwell Banker Residential Brokerage - Stamford, CT
CDPE | Stamford CT Real Estate

thanks for the tips.... i will reblog for my agents!!!! :) thanks again!

Mar 29, 2010 11:23 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Thanks for the info today.  It's amazing what you learn on AR every day.

 

Patricia

Mar 29, 2010 11:55 AM
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

BOA did not train staff on Equator when they first inroduced it. Made it really interesting when we train them.

Mar 29, 2010 12:54 PM
Ralph Gorgoglione
Metro Life Homes - Palm Springs, CA
California and Hawaii Real Estate (310) 497-9407

Excellent.

Thanks so much.

I started using Equator about 6 months ago and it has helped close quite a few deals that I probably would have had trouble with.

Mar 29, 2010 02:56 PM
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Kevin -- It sounds like 2 steps forward, 1 back.

Mar 29, 2010 02:57 PM
one prop
1-prop.com - Mocksville, NC

always good reminders to help keep our profession on our toes

Mar 29, 2010 03:23 PM
one prop
1-prop.com - Mocksville, NC

Well written

Thanx for the tips

Mar 29, 2010 03:39 PM
Roland Woodworth
Blue Cord Realty - Clarksville, TN
Blue Cord Realty

Thanks for sharing this information Kevin.  Interesting as to the difference in they way some get e-mails and others don't.

Mar 29, 2010 04:41 PM
Sherry Siegel, Managing Broker, EcoBroker, ABR
BrokersGroup, serving Sequim and Port Angeles - Sequim, WA

My seller authorized BofA to talk with me way back when we listed. Now I've signed on to Equator (no deal yet), but something tells me I'm going to have to go back to my seller and ask that she go through the process once again (only on the Equator system) of authorizing BofA to talk with me. Anyone else run into this situation yet??? And KEVIN, thanks a whole bunch for all the tips on here. Great service to those of us getting ready to drop into the trenches.

Mar 29, 2010 06:18 PM
Pam Turner, REALTOR®, e-PRO®, SFR
Century 21 Belk Realtors Dalton GA - Dalton, GA

Thanks for this post - we just discussed Equator in sales meeting this morning.

Mar 30, 2010 02:36 AM
Richard Pino
RE/Max Advantage Real Estate - Gloucester, MA

Kevin, great tips.

Thank you.

Mar 30, 2010 07:19 AM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Thank you for the suggestions.  So far, Equator seems slightly less frustrating that the old way with BofA.

Mar 30, 2010 09:00 AM
Randy Randolph
RSVP Real Estate - Redmond, WA
Uber Broker , Redmond, Kirkland, Renton, Short Sales

Great list of FAQ's! Equator is a big step in the right direction. The more communication between the lien holder and the agents the better. Now it's time for me to check out your web site. I can always use more information when it comes to working on Short Sales!

Mar 30, 2010 09:43 AM
Joyce Thomas
The Thomas Group Brokered by eXp Realty - San Tan Valley, AZ
Your Home Sold Guaranteed!

Thanks for the info.  I am not used to Equator yet but know I will be soon.  I will have to check out your website and the video links too.  Bookmarked for future reference!  Thanks again!

Mar 30, 2010 10:36 AM
Doreen Inzalaco Phoenix Metro 28% Referral Fee
Keller Williams Realty Professional Partners - Glendale, AZ

Bank of America is known as the toughest Bank to complete a short sale but with a lot tenacity and professionalism...it can be done. I have closed several short sales with Bank of America and worked with hard working negotiators. Equator their new system still has glitches and with courtesy to their staff at Equator and Bank of America they will work very hard to resolve any problems. Bank of America has called me several times to follow up if I can get my documents uploaded into Equator. Bank of America also emailed me to ensure I can get them the complete packet by allowing me to send them the documents as an attachment. I appreciate how hard the staff at Equator and Bank of America is working to make sure I get them what they need.

 

Apr 01, 2010 11:58 AM
MeLisa Minter, Realtor
Minter Real Estate Services - Taylor Lake Village, TX
Bay Area Houston Real Estate Agent

Just got started with Equator and am in the middle of uploading all of my client's info. 

We are with BOA and have been working this short sale since last September.  The homeowner decided to lease the home because she got tired of waiting and paying for utilities for a home she does not occupy.

Recently we started the process back again and was told to go through Equator.

Hopefully we can get faster answers.

Apr 02, 2010 04:27 PM
Felicity Rollins
Keller Williams South Tampa - Tampa, FL

They ask for the buyers birthday and last digits of social to do a soft credit pull on the buyer. I put in 0s and they managed to do the soft credit pull without the real information (some how ??).

I had the short sale approved with the equator system in 45 days, the buyer did not like the price the investor wanted to net and canceled. I put the home back on the market at the list price that was already approved, found a new buyer, and even though the price was approved I had to start all over again and initiate the short sale with the new buyer. My poor seller had to upload all of his financials for the second time!

I made multiple notes on the net sheet stating that it had already been approved and that it netted exactly what the investor wanted and I emailed the negotiator. This might have helped because it only took 30 days for it to go through the system and be approved! They did not even order another BPO. Now it is on the negotiators desk waiting for final approval...

Apr 15, 2010 06:42 AM