Comment

Comment by Jeff Payne on March 15, 2013 at 6:15am

@ Sheila, I am a fan of equator, have been since it was REO Trans.  I use it for the short sale portal and the REO portal.  Biggest problem is that equator is simply a portal, a system to communicate with the lender.  If the person on the other side is non responsive, the entire purpose of the system is compromised.  Silly rules to delay the short sales don't help.  Example, most Realtors have copier/scanner/fax capabilities but that is not always the case for sellers or buyers.  They may have a 20 year old fax machine or single page scanner and the may or may not know how to use it.  That is a big kink in the chain. If the lenders would simply let us use electronic signatures, they would get their tasks done much quicker and they would have clean, trackable contracts.  The other silliness is when they kick something back because of a middle initial or a prequal stating John Smith and asking for Johnathan Smith on the prequal.  I just had a contract rejected because the contract said John Smith MD and the prequal said John Smith ( not the real name but used as example).  We had to get a name affidavit signed.  If the banks would realize that is nit picky stuff that really does not matter, and work on approving the short sale based on the sellers situation and STOP worrying about the buyers middle initial, the process would be much smoother.

Comment by Jeff Payne on March 15, 2013 at 6:02am

@ Gregory, no only the agent deadlines are in equator.  The agents are not privy  to any information on the lender side  That is the frustrating part.  If the lenders really wanted to make the system simple ( I dont believe that is their goal) they would lst us see what they have to do on their side and share information with us.  We have no idea in equator what tasks are assigned to the negotiator.

Comment by Sheila Vardakis on March 15, 2013 at 5:58am

The ONLY reason I don't give the same ultimatum to the bank is because of the seller!!!   Jeff is very accurate...........we have to hurry and get things done for them but they take their time getting us what we need.  Reading about Equator and actually working in Equator first hand are two TOTALLY different experiences. 

Comment by Gregory J Bermes on March 15, 2013 at 5:40am

Thanks Jeff. Aren't the tasks and deadlines shown in Equator? That is, the agent can see the Lender's tasks/deadlines and vice versa?

Comment by Jeff Payne on March 15, 2013 at 5:19am

@ Gregory, good observation.  The problem with a tasked based system that has timeframes is not necessarily a problem on the agent side but unrealistic timeframes on the lender side. The lenders do not allow electronic signatures for the most part but they expect a buyer and seller to sign and submit a package within a small time frame and that is always possible with wet signatures, scanning and emailing.   Even when we hit all of the task deadlines, the lenders, the negotiators and the investors don't give their people the same deadlines or if they do they are not enforced.  From an agent standpoint, it is HURRY UP and wait.  We are rushed to get docs signed and submitted or rushed to get a counter offer from the buyer and seller but the lender is not under a deadline to do anything.  Very frustrating.  

Comment by Pattilynn Guilford on March 15, 2013 at 5:11am

Wendy - sent you an invite so we can message ... you are awesome!

Comment by Wendy Smith on March 15, 2013 at 5:01am

That's wonderful that you have worked & volunteered for 7 days week and such long days - kudos to you!  Please don't expect that it is part of a Realtor's obligation to do the same.  You may have studied the EQ and short sale system but ... It kinda reminds me of a chap I knew years ago - 4 years of college automotive mechanics; the guy could pass every exam but couldn't perform a simple tune up on his car (this is back before all the computers in a car).  

I'd be willing to bet every Realtor out there knows the importance of the 2 parties to the contract:  buyer and seller.    To be honest you sound like a back seat driver.  I need to get back to work.  Thanks.

Comment by Gregory J Bermes on March 15, 2013 at 4:44am

@Wendy - Yes , I am a one-time prospective buyer involved in a short sale. Nearly 60 business days in with no end in sight. Perhaps killing the sale is excessive, but I can clearly see the point in deadlines and enforcing them. Perhaps my nearly 10 years of service in the USN helps me to understand deadlines a little better than most. I have worked 7 days a week, and put in 18 hours days many times in that nearly 10 years, and several times since then. Much of which was done voluntarily I might add.

I have based my assessment of the Equator system on what I have read on the internet. From articles discussing it before it was implemented, through how it is used currently. Seeing how I have nothing to do as far as my home purchase is concerned, I still do a LOT of research into the entire SS process. My goal is to know everything there is to know, and hoefully be able to identify where the major problem areas are, understanding that each transaction is different, and therefore the problems are also different.

Sheila makes an outstanding point - NOONE wins if the transaction falls apart, or, in my opinion,  if it is drug out for forever a day. It is just as much work to close the deal in 180 days as it is to close it in 60 days - the process is the same regardless of the time elapsed. It seems to me it is more work the longer it goes on. What prevents you from "making the same ultimatum"? I myself have no problem in going over someone's head! As you pointed out, it is about the homeowners, and your making a living. I will add, it is also about the the buyer(s). Without us, there is no sale, and no payday for anyone. I wonder how much money has been lost due to the Buyer walking?

 

Comment by Sheila Vardakis on March 15, 2013 at 3:36am

I agree Wendy.............every short sale is different because every file has different negotiators, investors and MI companies.  I wish I could say that they are setting reasonable deadlines.  They do require changes made or they decline the file and there is nothing more frustrating.  I wish we could give that same ultimatum. 

 

I have a file right now with BOA.  It is a BOA SS, HAFA-approved, $19K and I have been asked three different times to make corrections to a contract that would have been acceptable any other time.  I have been doing these for 6 years and am pretty sure I make a point to get the contract in right the first time. 

 

I am hell bent and want to just tell them to take their property back but the sellers are my first priority and I need to get it done for them if anyone.  My recommendation would be to not assume that SS agents are not doing their job if they don't close within 60 days.  This is my infamous statement to buyers agents and anyone who thinks I am dragging out the process..............."if the house doesn't sell, I don't get paid and all my work is done in vein."  I am not in this business to PLAY real estate.  I am in it to make a living, feed my family, help homeowners and to help the market move in a positive direction. 

Comment by Kathleen Lordbock on March 15, 2013 at 3:31am

The Equator system is just that- a system. A lot is dependent upon the skill of the users. Some of these newcomer lenders to the Equator program have a lot to learn about how it works. My current Chase SS is getting no responses to my messages and we have an offer.

My NationStar is still listed on Equator as closing but it closed already. I routinely call in to lenders as well to reach a real person but they do not necessarily know anything about what is or is not happening.

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