Hey Gang,
I'll update this discussion as new information is acquired.
USEFUL INFORMATION TO HAVE BEFORE GETTING STARTED:
Equator (formerly Reotrans) is only the platform that the lender uses to process Short Sales(SS). The peeps at Equator can only provide techincal support and do not have anything to do with the bank's SS process, approval, denial or other. You have to call the lender to get answers to your SS related questions.
1)Buyer's Full Name and Address
2)Buyer's First 5 SSN (Some people have been entering "000-00")
3)Buyer's Birth Date (Some have been entering a default birth date)
4)Buyer's Phone Number
5)LOTS of Patience!
When you initiate a SS in the Equator system:
1) Initiate the SS and the system will task you with uploading the Authorization to Release.
2) Seller should have gotten a password from them for the short sale. They will log in to:
https://shortsale.bankofamerica.com/
Have them log in and fill out the questions they are prompted with. You will be unable to go any further or have any other tasks assigned until your sellers upload their info. AND if this is not done in a timely manner your file wil be closed.
NOTE: Bank of America sent my client a link: "www.bankofamerica.com/shortsale" but that is not the correct link.
TIP: B of A has told agents to create a gmail account for the seller, have the seller sign a disclosure allowing them access to the gmail account so "they" can communicate with Reotrans/Equator.
3) After the seller fills out their information and uploads their docs, you will be assigned another "TASK". You will need to "Submit Short Sale Offer".
ONE NOTE: Before you begin entering information about the Short Sale Offer, you will also need the 1st 5 digits of the BUYER'S SSN!!! (I've heard of some people using "000-00" to bypass this requirement - why would they need buyer's SSN anyway?) the BUYER'S Birth Date (Some agents have a default birthdate they use for this field) and the BUYER'S Phone number. The Equator form doesn't have a "Save" function so ALL of the information has to be entered in one sitting. Again, you will be given a deadline.
Items you will need to upload (* means required upload):
Property Photo (Make sure to upload a JPG of the Home or if it's vacant land then a picture of the vacant land - a plat map will not work - Thanks to Wendy for beta testing this for us all!)
* Upload Pre-Qualification Letter/Proof of Funds DOC
* Estimated HUD1 Worksheet
* Upload MLS Sheet
* MLS Number
* Upload Signed Purchase Agreement
4) You have to go back and check the status onthe Equator site regarding the listing every day until the "Generic Negotiator" (which is assigned by default) is changed to a real live person with a real name and contact info.
5) After a real live person (Negotiator) is assigned, they will order a BPO. Let your seller know that they may get a call for access to do a BPO. It may take a while for them to actually order the BPO. In our case, it took them 18 days from the time live negotiator was assigned until the seller got the call for access to the property to do a BPO. Even though I wrote to them letting the negotiator know to call/email me for access, the BPO agent called the homeowner instead. So, check in with your seller to see if a BPO was ordered.
6) If the numbers don't work for the investor (closing cost credits and other costs and fees, closing date, etc.) they will "Counter" your ratified contract. So, even though you have a signed and ratified contYou ract, they will say, "Yes" to some things and suggest a different number or date for other things.
--------------------
Dealing with ReoTrans/Equator has been interesting. Our file has been in "conversion" from the "legacy" (Countrywide) side to the new BofA side for quite some time. I called for an update the other week and was notified that they will upload ALL of the SS package to the new Equator system and for me to wait until it was done. They said it would take about 2 weeks to complete. A week later I checked to see if the file had been uploaded and was told that I was supposed to initiate the Short Sale via Equator. NICE. Lost a week there due to mis-information. I initiated the short sale on my side and was waiting for further instructions on how to upload the Purchase Contract among other things. I called them and they told me that they are not the correct department and they will transfer me to the correct department. Then, they finally got me to the correct department and they said that the seller has to log in and send in other docs, financial and paystubs, etc. They said that the file will close if the seller doesn't log in and upload docs and fill out their questionaire (apparently Equator has a questionaire for the seller). Nobody in the entire process or the website told me the details of this so here I am telling you so that you can save a bit of time and grief on the phone.
Tags:
Quick question - All the the "stuff" that the seller is required to do (upload, password, etc), can we do that for them?
Mori,
I tried and they will not let us. They say seller has to call in, get info log in and do it or after a certain amount of time it will close the file and we start all over from the beginning again w/BOFA and refax the whole package!
Mori Langshaw Sr said:Quick question - All the the "stuff" that the seller is required to do (upload, password, etc), can we do that for them?
I lost a buyer because of the "new requirements" when BofA converted to REOTrans about a month ago. We were in contract almost 3 months, went through the conversion, and got hit with the requirements of Buyer SSN, Date of Birth, AND the Buyers Interest Rate!!! I wonder in asking about the buyers interest rate if they are planning on marketing a new loan to the potential buyer? I asked BofA for some documentation I could give the buyers agent that this is a legit requirement and they refused. Anyway, the buyers did not feel comfortable in giving that info to me (I represent only the seller) to input so they walked away. It still shows as waiting for me to input (though it has been almost 1 month)... I'm hoping to write an offer myself this afternoon (repeat showing in 2 hours) on it and plug it into this 'offer input' field instead of the original offer. Think they will know?? They did have the original deal that was sent months ago via fax, but am sure the right doesn't know what the left has done through the conversion to REOTrans. Any input?
I just tried to open your link above (www. shortsale.bankofamerica.com) and the website is not found**I did take out the space between www and short**. If this is a valid requirement for BofA shorts, I would like to test out the site before I alert my sellers that they are required to enter some info there.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.