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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I just add zeros or ones and it will take it
When a lender asks for buyer’s SSN, DOB, Address, and phone it’s NOT a credit check, it’s to run the OFAC. Essentially this is done to ensure that the buyer is not a terrorist and that they are a US citizen.
The explanation of OFAC is this:
The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States. OFAC acts under Presidential national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze assets under US jurisdiction. Many of the sanctions are based on United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied governments.
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