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New to Equator - Buyer's SS # & Birthday

Posted by Jessica Anaya on February 21, 2011 at 8:27am in Short Sale Discussions

 

First time using equator. We are representing the Seller in this transaction & we are currently in the "Document Collection" process.  On the "Submit new offer" page, part of the required information is the buyer's first 5 digits of their social security number & their birthday.

 

We've requested this information from the buyers agent but they have refused to give it to us because, "they do not feel comfortable giving their personal data to the seller's mortgage holder".

 

Does anyone have any suggestions on how to handle this? Have you come across this objection before?

 

Thanks in advance for the advice.

 

-J. Anaya

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Replies

  • Kristy Hamilton March 6, 2011 at 10:26am
    I recently had a file where I was asked for the first 5, dob, contact info, lender and contact info, rate, etc.  I contacted the buyer's agent.  She said buyer didn't want to give the first 5.  So, I entered the info given and sent an equator message.  The next day, the task was still there, less the "first 5" question.  So, I was then able to submit and haven't heard anything else about the first 5.  Great info about the 123 45 - would have saved some time!
  • Rick Trono February 23, 2011 at 9:00am

    What worked for me 123 45

    In the event there are two buyers use the same for both. 

     

    Rick

  • Jessica Anaya February 23, 2011 at 6:43am
    Thank you for all the great tips guys. We will definitely start using a list & provide it to the buyer's agent. Thanks again!
  • Jim Schneider February 22, 2011 at 10:38am
    I disagree with the comment regarding buyers. The reason for needing this information has never been made clear, and I would suggest that clients with good credit are likely to be wary about exposing themselves to identity theft. Thank goodness the system is dumb enough to take 0's
  • Bryant Tutas February 22, 2011 at 9:48am
    Jessica. Whenever you list a short sale that is going through equator you should have a form that the buyer and their agent need to complete as part of the offer process. Mine is an attachment in the MLS. I have never had a problem getting the info.
  • Jeff Payne February 21, 2011 at 1:33pm

    Jessica,

    I seem to always play devils advocate :)  THis information is not anything that is sensitive, what can some one do with 5 digits of the SSN and who cares about the birthday...  The buyer not giving this information is a red flag for several reasons. First is that their agent does not have any control over the buyer because if they did, you would easily get the information.   Second goes right along withthe first, the buyers agent most likely does not understand the process and has not educated the buyer.  These are the types of short sales that usually end up not closing because the buyer does not understand because the buyers agent does not understand either.

    Just keep in constant contact with the BA to make sure that they know where you are in the process and make sure they are communicating it with the buyer.

    BTW, Jim is correct, the numbers can be manipulated and are really not necessary to have them correct

  • Jessica Anaya February 21, 2011 at 10:40am
    Jim, thank you for the tip and for taking the time to reply. Have a great week!
  • Jim Schneider February 21, 2011 at 10:34am
    soc use 0's birthdates 1/1/1950 system doesn't care
This reply was deleted.
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