Good News Equator Short Sale Initiation

By
Real Estate Agent with Keller Williams Realty Cityside

AS many Agents might know by now is that Equator Short Sale initiator started few months ago does work. After trying twice to put a short sale through BOA short sale support since June 2009, I finally can say that I was impressed with the way my short sale was handled by Equator Rep. the last 2 weeks.

On February 26, 10, I initiated a short sale on www.equator.com and withing two days I received a response requesting 3rd party authorization, I sent it right a way, next day I received another request for other documents. The documents request was kind of upsetting at first because I have already sent the same documents to BOA twice.

However, I sent the same documents anyways for third time. Two weeks later, I received a call from an Agent needing access to do BPO for the short sale. As of today all the necessary processed has been fulfied, now we are waiting for investor approval for our payoff offer on HUD1 Statement.

So fellow Real Estate Professionals, if you have any Short Sale that you are working or anticipate any BOA short sale soon, run to equator web site and initiate your short sale right away. It is less hassle and no less frustration.

Keep in mind that Equator currently have BOA account for Short Sale. I hope more Lenders will come on board with Equator soon.

Finally, anyone have similar experience with Equator or other companies?

Posted by

Jay Badru

Certified REO Specialist

Keller Williams Realty Cityside

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Rainmaker
588,345
Joseph D. Federico
Donahue Real Estate Co. - Dedham, MA
Eastern Massachusetts Real Estate

Jay-great news for Equator and also for Bank of America short sales.

Mar 31, 2010 09:04 AM #1
Rainer
7,781
Donna Wall
RE/MAX DFW Associates - Irving, TX

Honestly, I am at a loss as to how Equator.com or Bank of America can reject or accept an offer without a condition report.  I was excited that there would be no wait for  my short sale initiation on Equator.com. I was just told to put in the offer and close date.  I did, and it immediately rejected it.  The problem is how can equator.com know the condition of that property?  This property has had the carpet ripped up because it was so terrible...mold on the ceiling, the air conditioner needs to be replaced, the entire interior needs paint, there are windows broken out and doors missing....who is going to pay top dollar for THAT?  This is a bunch of  baloney.....I can't even figure out who to call o r email.  I'm at a loss.  The bottom line is that some of these properties cannot fall into the 'automated' category.   

 

May 24, 2010 10:58 AM #2
Rainer
15,573
Jay Badru
Keller Williams Realty Cityside - Atlanta Naval Air Station, GA
Certified REO/Short Sale/Foreclosure Specialialist

Call this number 310-469-9168. this is equator new support number. good luck

May 24, 2010 11:05 AM #3
Rainmaker
557,189
Maggie Dokic | Miami, FL | 305.81.HOUSE (46873)
eXp Realty LLC - Miami, FL
GREEN, CDPE, SFR, Pinecrest | Palmetto Bay |

I just started using Equator and am looking forward to it.  I am hoping that it works the same way the PAS (Wells Fargo platform) does.  IndyMac had me send the same package to them 5 times, each time stating that they had not received it.  I figure that with something like Equator, the banks can't claim that.  The file is either uploaded or it isn't.  I can't imagine it would magically disappear.  Here's looking forward to good things to come!

Jul 14, 2010 08:53 AM #4
Rainer
15,573
Jay Badru
Keller Williams Realty Cityside - Atlanta Naval Air Station, GA
Certified REO/Short Sale/Foreclosure Specialialist

Maggie,

You will like it. Once your doc's are uploaded everyone in the system will see it right away. So far this year, I have closed 3 transaction short sales using equator.

Good Luck

Jul 14, 2010 09:44 AM #5
Rainer
2,878
Allison Mendez
Tampa, FL

I have been using both equator and reo prep and personally I feel like reo prep is much easier to use. Although it is a smaller company its nice to be able to fax, or ask a question when needed. Good job on the 3 closes already btw.

Mar 28, 2011 11:40 AM #6
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Rainer
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Jay Badru

Certified REO/Short Sale/Foreclosure Specialialist
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