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Approval rec'd via REOTrans/Equator in just 75 days!

Wow, just received my first approval through the automated system and it only took 75 days...yippee! Can't believe I'm so excited about such a ridiculous thing as waiting 75 days for an approval, but hey it sure beats waiting a year, right?!

This is encouraging for all of us~! Happy 2010!!!

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Replies to This Discussion

Permalink Reply by Dawn Barrier SFR®,CSP®,HRC on January 4, 2010 at 6:39pm: Shelly, Awesome!

Can you give more details?; ▶ Reply to This

Permalink Reply by Wendy Rulnick on January 4, 2010 at 6:45pm: Shelly - Was it a voluntary REOTrans or required by BOFRA? You can also post this in the REOTrans Group.; ▶ Reply to This

Permalink Reply by Shelly Long on January 4, 2010 at 6:47pm: Sure~

I opened the file via phone in the REOTrans system on 10/15. I had a full package (inlcuding all my Seller's info) uploaded on 10/20. BPO was ordered in November. Rec'd a counter via the system on 12/14. Responded with a counter back (they are getting really testy with title fees these days!) on 12/14. They said it typically can take 1-2 weeks for a response, but with the holidays it took longer. The trustee's sale is set for 1/7, so I called today to have it postponed and to inquire when I could expect an answer and they said by 1/6. She went ahead and requested the negotiator to review and postpone. Then not 10 mins later I received an email stating it was accepted!!! YAY!!!; ▶ Reply to This

Permalink Reply by Shelly Long on January 4, 2010 at 6:49pm: It was a voluntary REOTrans. I wanted to try REOTrans because I was soooo discouraged by the 'old' method of faxing and calling, so I opened the file with them to see if maybe it was a faster process.

How do I add this to the other group?

Wendy Rulnick said:
Shelly - Was it a voluntary REOTrans or required by BOFRA? You can also post this in the REOTrans Group.; ▶ Reply to This

Permalink Reply by Wendy Rulnick on January 4, 2010 at 7:01pm: Shelly - Join here http://www.shortsalesuperstars.com/group/reotrans; ▶ Reply to This

Permalink Reply by Daryl New on January 7, 2010 at 8:03pm: Shelly,, Congrats on a job well done, and you are inspiration for the rest who want/need to close there SS. I'm wishing everyone a prosperous new year....

Shelly Long said:
Sure~

I opened the file via phone in the REOTrans system on 10/15. I had a full package (inlcuding all my Seller's info) uploaded on 10/20. BPO was ordered in November. Rec'd a counter via the system on 12/14. Responded with a counter back (they are getting really testy with title fees these days!) on 12/14. They said it typically can take 1-2 weeks for a response, but with the holidays it took longer. The trustee's sale is set for 1/7, so I called today to have it postponed and to inquire when I could expect an answer and they said by 1/6. She went ahead and requested the negotiator to review and postpone. Then not 10 mins later I received an email stating it was accepted!!! YAY!!!; ▶ Reply to This

Permalink Reply by Ronnie Ahmad on January 7, 2010 at 8:23pm: That is a great news!! How were you notified of the approval? How long are they giving you too close?; ▶ Reply to This

Permalink Reply by Jennifer Klein on January 11, 2010 at 3:16pm: That's awesome! I have to ask when you called in to open the file had you self registered? I self registered and I'm wondering if that's what's holing it up. My tasks are stuck on yellow and they are making my seller call to "prequal." Thanks and Congratulations!; ▶ Reply to This

Permalink Reply by Shelly Long on January 11, 2010 at 3:29pm: I apologize for my late response.....

Ronnie-I was notified of the acceptance within the REOTrans/Equator system, but they also sent me an email. They are allowing 30 days.

Just got another one accepted today, 75 days in the system, and they gave me 30 days (but said we could get 45 if needed).

Jennifer-I was registered in the system from a couple years ago. Then, one day last Fall I was speaking to a negotiator (finally!) and she told me about the new 'system' on REOTrans, she also gave me the phone number. So, I called and set up 4 short sales all at once. However, your client MUST contact them to get assigned their own account and if your client doesn't do that then it'll hold it up indefinitely or until they foreclose (which they did on one of mine last week!!!...without notice!).

Good luck~! :); ▶ Reply to This

Permalink Reply by Ronnie Ahmad on January 11, 2010 at 8:55pm: thank you for your response, during the 75 days, did you call a lot or did you let the system do its work? just thinking if i should take that approach and let the system do its thing and of course by system i am referring to Reo Trans?

Shelly Long said:
I apologize for my late response.....

Ronnie-I was notified of the acceptance within the REOTrans/Equator system, but they also sent me an email. They are allowing 30 days.

Just got another one accepted today, 75 days in the system, and they gave me 30 days (but said we could get 45 if needed).

Jennifer-I was registered in the system from a couple years ago. Then, one day last Fall I was speaking to a negotiator (finally!) and she told me about the new 'system' on REOTrans, she also gave me the phone number. So, I called and set up 4 short sales all at once. However, your client MUST contact them to get assigned their own account and if your client doesn't do that then it'll hold it up indefinitely or until they foreclose (which they did on one of mine last week!!!...without notice!).

Good luck~! :); ▶ Reply to This

Permalink Reply by Shelly Long on January 12, 2010 at 12:39am: Calling won't do any good. You just need to wait and concentrate on getting more short sale business! Sorry, had to throw that in. :) Remember, they're doing the same thing as any other negotiator (i.e., ordering BPO, compiling offer, sending to investor for review/approval, etc.) and in the BofA world that takes 60-90 days. Mine are currently running steadily at 75 days, but the caveat is that you (and your Seller) MUST have a complete file in the system or they won't do anything with it. Make sense?; ▶ Reply to This

Permalink Reply by Ronnie Ahmad on January 12, 2010 at 8:01am: I will try to stay patient :) VERY VERY VERY hard

Shelly Long said:
Calling won't do any good. You just need to wait and concentrate on getting more short sale business! Sorry, had to throw that in. :) Remember, they're doing the same thing as any other negotiator (i.e., ordering BPO, compiling offer, sending to investor for review/approval, etc.) and in the BofA world that takes 60-90 days. Mine are currently running steadily at 75 days, but the caveat is that you (and your Seller) MUST have a complete file in the system or they won't do anything with it. Make sense?; ▶ Reply to This