The last time I wrote was several months ago. Frustrated with the lack of process on behalf of the banks.
I felt that if we, as agents, doing any kind of volume we needed to hire an outside source to sit on the phone, or refax documents all day. That required giving up a portion or percent of our commission while at the same time we had to sell the house 3 times before wee got the approval letter. 3x's more market time, 5 x's more work and sometime 33% less money in economy where it is already hard to survive. WHY?
We don't even get into the banks motivation to do or not do short sales based on where the make more money. (is Foreclosing) My point is no processes at all the where orchestrated to work with the real estate community. Remember the one they required the sellers to list their home with.
Much has changed. The banks overall are moving quicker. BOA/Countrywide short sales caused an across the board Ugh.. Now with Equator I am seeing some measurable results. It's my understanding that they hope to funnel them all through this process.
I have several in various stages. I have gone from 2-3 months from submittal of a complete package to getting the appraisal/BPO completed to 3 weeks. I got an approval on a property in 7 weeks. This is BOA mind you.
What I like about the program is you submit all documents. You can look and see them and so can they. No confusion there. It alerts you to exactly were you are and the negotiator responds in a timely manner to your internal emails.
I like many agents have been ready to pull my hair out at times during this transition in our industry. I am pleased to see what is actually~ real progress.
Do it Right, Keep it Real!
Top Agent Northeast Florida
Top Agent Vanguard Realty