I am representing a buyer on a BOA short sale.  The listing agent has already admitted this is his first short sale and he is overwhelmed and doesn't really know what to do.  We submitted a cash offer for full list price and it was accepted by the seller.  Listing agent's assistant called me last night asking for my buyer's first 5 digits of ss# and his birthdate.  She claims she cannot enter the offer into Equator without that information.  I've closed 4-5 short sales in the past 12 months (on buyer's side) and have never been asked for this before.  Is this a new requirement?  Any way around it?  My buyer refuses to provide the information - he doesn't trust BOA with it.

Thanks for any advice you can offer!

Sharon Burgos, Broker/REALTOR, SFR

 

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Nope, nothing new, BofA has been doing this for quite some time.  What does your buyer think they are going to do with an incomplete SSN and birthday?

He says that armed with the first 5 digits of his ss# and his birthdate along with full legal name, someone could conceivably figure out the last 4 digits and that's how identity theft occurs.  With big banks and other businesses mailing out notices that say things like, "I'm sorry, but our internal database was compromised when someone lost a laptop, etc. etc. your personal information may be at risk.  Please contact blah blah blah to safeguard your identity...." consumers are not very happy about providing this info without a REALLY good reason.  I've gotten two or three emails like that in the last year from various businesses who store my info and credit card info online.  Most recently, from BOA!  My husband's info was compromised and debit card had to be re-issued due to a "security breach".  If BOA is not going to do anything with the info, why do they need it?

Every short sale we do BofA wants the buyer info including phone and current address. Nationstar asks for the last 4 of the SSN. 

I wonder if there are regional differences?  I'm involved (as buyer's agent) in short sale with Nationstar as lender and we've not been asked for any ss# info at all.  It's been entered into Equator and waiting for review.  Good to know - this is something else I've learned here that I will be sure to tell buyers about in the future!  I guess I've been lucky - I've closed 5 short sales (as buyers agent) in past 10-12 months and my buyers have never been asked for any ss#, date of birth, etc., nothing beyond what is on our Offer to Purchase.

It is required on all BofA files in equator no matter the location.  Some people just put in fake numbers and have no issues with it but I would hate to be the one that BOfA decided to audit and then kill my short sale...  If it is not on equator, then it is not required (FHA for example)

Is there a reason for a third-party to have that information?  What if I had a foreign buyer who doesn't have a ss#? Just curious if anyone knows the answer?

Not sure, quite honestly don't see a big deal with it so I never gave it alot of attention.  If a pro wants to get any of this information it is not hard to get it.....  Would your buyer give his SSN to a credit card company if he wanted a credit card?  Does he give it at the Bureau of Motor Vehicles?  

I'm guessing the answer depends on how badly he wants the credit card, driver's license... or house, for that matter.  Of course, if required by law, he'd have to give it.

If a pro wants to get any of this information it is not hard to get it...

Especially if you are freely providing it to every entity who asks.  I'd be willing to bet the risk of identity theft goes up with the number of entities who store your personal information in a database on a server somewhere, just waiting to get hacked.  Not saying it happens all the time... but it happens enough to make alot of people nervous, and rightly so, if you ask me.

All I am saying is that I have done hundreds of equator short sales and have never had a buyer or buyer agent balk at giving that information so I have to believe in my experience that it doesn't make people that  nervous.  Our information is everywhere and if someone wants it bad enough they will get it....  Law doesn't really have anything to do with it, it is a BofA policy and right, wrong or indifferent they make their short sale rules and we all, agents, buyers and sellers don't have to work with BofA.

We have a form that the buyers fill out that is posted on every one of our short sales and we have a specific BofA form for equator so it never comes as a surprise to anyone.  The listing agent should have told you very early on that they need this or you should have already known because it is very common... knowing these things comes from experience and you came to the right place to learn, Short Sale Superstars!

It is highly unlikely that someone at BofA is going to take the time to try every single combination of SSN.   I have never had anyone with a problem with it and we have done hundreds of BofA short sales.  BofA has been doing this since they started in equator and that really should have been something that they buyer agent should discuss with the buyer before ever showing a BofA property.

It is actually very simple, the buyer can refuse and most likely have to move on.  It seems as though you have a limiting belief that consumers are not happy about providing this info without a really good reason because there are plenty of BofA short sale buyers out there who have no issue with it.......

I agree with you, Jeff, I wasn't thinking about someone at BOA.  I'm thinking about all those "security breaches" where data is compromised and stolen.  The example I stated was actually BOA writing a letter informing my husband and me that our personal information and debit card info had been "compromised due to a security breach" and therefore, we should be on the alert for any strange charges.  I think they even agreed to pay for a monitoring service with a credit bureau.  Point being, data is never 100% safe and while we can't let it stand in our way when required, I don't think it's a bad thing to be cautious about handing over ss#, birthdate, etc. to any entity that asks and ultimately, that is my buyer's decision.  I advised him to provide the information, he balked and told me his concerns, I relayed that to the other agent.  He may have to move on - with the amount of inventory out there and cash in-hand, I have a feeling he won't be looking for long. 

This has been an Equator/BOA requirement for quite a while now.  I even questioned in at the Equator training class a few years ago.  No way around it...except, just enter some info.  I personally don't want the buyer's info so I just enter what is needed to keep the file moving.  Spending time questioning the logic of the lenders will drive you nuts so if it something that you can give them and it really isn't a big deal, just enter the correct number of digits and hit submit.

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