Comment

Comment by Pattilynn Guilford on February 22, 2010 at 9:44am

Looking for a high level escalation name, email addy, phone or fax #. Took over a file for an agent. The file was declined through Equator because the buyer refused to provide his social and birthdate. I know that some agents are fraudulently putting in random numbers.

This is a legal issue. The buyer has every legal right not to disclose any personal information such as birthdate and last 5 of social to anyone except to the lender he is making loan application to.

I have implored GMAC to take back this file into their system. The numbers for the bank are ridiculously good and it would be a shame, not to mention legal issues, to stand by an Equator decline based on "buyer non-cooperation"

If anyone knows anyone within the GMAC system that could be contacted, please message me. I will make it worth your time. Thanks :)

Comment by Kynse L. Agles CDPE on February 12, 2010 at 10:45am

I just submitted a GMAC letter of Authorization and Listing agreement for a Short Sale on Tuesday. A negotiator contacted us today to tell us they would be doing a BPO to get us an listing price on the property (it is not under contract yet). It looks like this one may move right along. I once got a GMAC approval in under 3 weeks, hope I can get this one done that quick also!

Comment by Kent Dills on February 8, 2010 at 7:02am

John, my one experience with GMAC was their valuation (BPO) was right on with my valuation and didn't hold up the short sale at all!

Comment by John Prin on February 8, 2010 at 6:16am

What experience if any have people had with BPOs done for GMAC vs appraisals done by real estate agents on same property

Comment by Paul Manning on February 5, 2010 at 11:55am

Who has #'s of sr mgmt? Have 1st approval showing pre-arranged payoff for 2nd; waiting forever for 2nd approval; both GMAC. Somebody is messing up!

Comment by Rosemary Brooks on February 4, 2010 at 3:21pm

Confirmed: GMAC is on Equator.
My broker has a short sale for GMAC and they emailed her to put her short sale on Equator. One more ....

Comment by Claudia Carignan on January 30, 2010 at 6:09am

I closed a short sale with GMAC on an investment property in less than 4 weeks. Close date was December 22, 2009. Nor sure about the post that GMAC does not approve short sales on investment properties -they certainly did my client's.

Comment by Kris Lindahl on January 25, 2010 at 4:12pm

Submitted a package on a GMAC 1st. Had BPO ordered in less than a week. How long are they taking after the BPO if everything is in line?

Comment by Maya Thomas on January 18, 2010 at 1:40pm

Was I in the wrong place a few minutes ago? ... have a GMAC that was referred to National Collections & Loss Mitigation. NCLM increased our list price $50K then counter offered a buyer $15K over their own listing price. I justified the offer with pictures of every disgusting detail of the home. The buyer walked. NCLM told me that they are sending the file back to GMAC.

Comment by Diane and Doug Briggs on December 7, 2009 at 7:43pm

Simply amazing! Signed the listing on Wednesday. Faxed paperwork to GMAC. Called on Friday to make sure paperwork was received. Couple of hours later received a phone call from the negotiator. A negotiator assigned in 2 days from submission! Negotiator stated she would order a BPO so we could adjust the list price if need be. Also, asked if we were on REOTrans so documents could be uploaded. Wish all banks, (i.e. BofA) were this fast!

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