Hi Folks. Recently I have had two Buyers balk at providing me
personal info I need if they want to purchase a Bank of America Short
Sale. I really do understand where they coming from but....most of the
big lenders including Bank of America and GMAC are now running most of
their short sales through http://www.Equator.com.
Supposedly the Equator system will help to shorten the time involved with
getting these Short Sales approved. From what I'm hearing Bank of
America is giving approvals in 60-90 days as opposed to the 6-9 months
they were taking. That's a good thing.
The Equator system is asking for some personal Buyer info. I
assume this is to make sure transactions are "arms length". If the
Buyers want to purchase a Bank of America Short Sale then we have to
enter the data.
The reality is it's less data than what the closing agent will
want and far less than they would have to provide if getting
financing. What Equator is requiring is simply:
That's all we need. No big deal. Of course the Buyers always have the option of
just not buying a Bank of America Short Sale. I just hate to see them
miss out on a good deal over something so minor. What say you?
Here's the screen shot from Equator.