Last week, our group received a phone call from Bank of America regarding our short sale files in progress with the bank.  In the call, our representative mentioned that they have now automated much of the short sale process using a new, online system called Equator.

Developed by REOTrans, the Equator system shifts the burden of data entry and the short sale servicing from the bank to the listing agent.  Now, when an agent takes a short sale listing that is with Bank of America or Countrywide (more banks to follow), they will be prompted to set up the short sale through Equator by uploading the authorization letter and providing the seller’s contact info.

When the property is placed under contract, the agent will then insert ALL of the required information into the system; which should speed up the short sale process on the approval end.  When I say ALL, I mean ALL so as a buyer, be prepared to provide your social security number, lenders info, and a lot more.  All of the lines from the HUD-1 will also need to be inserted into the system.

The progress of the file is solely dependent on the person entering the data.  If a section is incomplete, the file will not advance to the next step.  For us, this is a welcome compromise as we will do just about anything to get one of our short sale files processed quickly.

To get started with your next short sale through Bank of America, visit http://www.equator.com

Charlotte Short Sale