Bank of America Short Sale a Nice Surprise

By
Real Estate Agent with Russell Realty,Westlake, Ohio 419-602-0339 DRE#446391

 

Last week I successfully closed my first short sale with Bank of America. It took 10 weeks from the time I uploaded the purchase offer and supporting documents to the new Equator website used by B of A until the sale closed. Contrary to warnings I'd heard from Realtor® colleagues, my experience working on a short sale with Bank of America was no “nightmare that dragged on for six months or more”.  In fact, my first Bank of America short sale turned out to be a nice surprise. This is due in large part to them teaming up with the website, Equator.

Equator www.equator.com is the platform recently adopted by Bank of America to help manage the process of their short sales, among other things. For the uninitiated, Equator bills itself as the "The Complete Solution for Default Servicing ". Their new website is a place where real estate professionals, lenders, mortgage servicers, mortgage insurers, vendors, and the government can go to connect and automate their process on a daily basis-whether it’s a short sale or an REO sale. Automating the short sale approval process through Equator not only standardizes tasks but also makes the process much more user-friendly and transparent. Everything is done in one place-from uploading documents to sending and receiving messages.

Bank of America’s use of the Equator site definitely streamlined the short sale process on my end. Gone were the days of faxing 40 pages of paperwork to someone in the short sale department and making numerous phone calls while waiting weeks to get a call back at a time when you actually had the file in front of you. Through Equator, I heard from a short sale negotiator within 24 hours of uploading the offer to the Equator site. The same negotiator kept me updated throughout the entire process until the day, two months later, when she called to offer congratulations and tell me we had investor approval of the short sale.

During that time, seldom a day went by without communication to or from the short sale negotiator. She did a good job of working with me to keep the process moving forward. This allowed me to keep the buyer and sellers informed on the progress which alleviated their anxiety. I was assigned “tasks” with deadlines. These included documents needed from buyers, sellers, escrow and buyers’ lender. Once documents were uploaded correctly, the system told me “task complete”. After investor approval, the negotiator introduced me to the closer, who issued the final documents and requested tasks needed by B of A prior to and immediately after closing. Both negotiator and closer were professional and courteous throughout the process. Phone calls and e-mail messages initiated by me received a response from either the negotiator or closer within 24 hours.

Equator recently announced that Wells Fargo is now a participant on their platform. Having two of the biggest mortgage lenders on board with the Equator site is encouraging news for millions of borrowers struggling to make their mortgage payments, for prospective buyers of short sale and REO properties and for the real estate professionals who work with them.

If you want to join forces with a professional, full-time Realtor® with over 20 years’ experience selling homes from Southern California to Northern Ohio, visit my website: www.annforhomesales.com

 

© Ann Steinemann 2011

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Ohio Erie County
Tags:
short sales
reo
negotiator
bank of america
foreclosure
equator
wells fargo
northern ohio real estate

Spam prevention
Show All Comments
Rainer
218,100
Kimberley Kelly, SFR, HAFA, GREEN
HK Lane, Christie's International Affiliate, 760-285-3578 - La Quinta, CA
I do Real Estate like I played polo-to WIN!

Well Ann, I have to comment here.  I've been listing and closing short sales here in the Palm Springs area of California for about 5 years and my first one was also with B of A.  Horrendous those years ago.  Equator has been in use for about 2 years now..not recent.  It has helped to speed it up indeed, but if you get a lousy negotiator you are still stuck.  It is ALL in the hands of the negotiator.  You got a good one.  I have a great gal on one I got approval on yesterday, but another one from 2 weeks ago, was indeed a horrendous mess.  It's a crap shoot. Glad yours turned out well.

Jul 20, 2011 01:36 AM #1
Anonymous
Ann Steinemann

Hi Kimberley,

 

Thanks for sharing your experience, which is more in line with what other agents told me. As I mentioned, this was the first short sale I'd ever attempted with B of A. I realize it may have been my good fortune to get a decent negotiator. It also helped that there was only one mortgage on the property and the offer was close to market value.

I knew Equator had been around for awhile but from what I've read, they rolled out this new website sometime in February of 2011. I figured B of A was new to using the website this year because other agents I'd spoken to who had worked on short sales with them in the past did not go through the Equator website or even know about it. 

Since your most recent negotiator was a good one as was mine, maybe that means that the good negotiators who get the job done will stick around and the lousy ones will fall by the wayside. We can only hope, right?

 

 

Jul 20, 2011 04:17 AM #2
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
49,632

Ann Steinemann

REALTOR, GRI, PPS
Ask me a question
*
*
*
*