As many in the real estate industry know being involved in a short sale can be a very lengthy and frustrating process. Short Sale Lenders are difficult or impossible to contact and providing the necessary documentation for approval (usually via facsimile) is problematic at best. This results in short sales dragging on forever, and then never making it to the closing table.
Bank of America, one of the largest lenders out there, has launched a new on-line system that both Short Sale Sellers and their Agents can utilize that is directed at eliminating these problems and streamlining the process to result in a fast closing.
The new online system allows both the Agent and Seller the ability to provide information and documentation electronically, track the short sale 24/7, and communicate directly with the lender’s short sale representative. To that end Bank of America has released a detailed guide on how an Agent can sign up for this system through Equator as well as instructions for the Seller to sign up on Bank of America’s website. They also provide helpful tips so you know what the bank expects and what they do not allow, so that you can avoid making mistakes that may delay your short sale.
We have had an agent provide details on using this system, and he stated that it was easy to use resulting in his short sale being closed in about 60 days. Wow, what a refreshing change!! It sure beats working on a short sale transaction for a year, only to have it fall apart as parties give up on the deal. If all transactions moved this fast it would go a long way to save the sanity of Sellers, Agents, and Escrow Officers involved in the short sale process.
Housing Wire reported in a June 10th, 2010 article that “Bank of America said they are doing everything they can to put short sales ahead of REO, and they’re the biggest lender in the country”. We are excited that this is their goal and we hope other lenders follow suit as this would benefit everyone.
If you learn of any other lenders using a streamlined process, please let us know the details, so that we can pass on the information through our blog.