Short Sale: Deal or No Deal?

Have you spent 30 minutes on hold only to find out that a paperwork is missing? Then after you fax, sometimes may take 72 hours to be uploaded to the file. And sometimes after 30 days or more, they advise you to refax as the file has "disappeared". Hopefully this will be over as short sales are becoming a normal practice instead of REOs. We can all agree that approvals have increased dramatically over the past year. However the wait has not...Today, something happened that went unnoticed. Equator, former aka REOTrans, announced the launch of first ever short sale module used by a large lender. Although the article mentions Bank of America, it has not been officially disclosed. However, no matter who the lender is, this is a big step that we hope become standard. No more missing documents or excuses not to approve/disapprove a file. No more files sitting on a desk waiting to be worked. Most importantly, this will bring a peace of mind for the homeowners who will know where they stand. What say you?
E-mail me when people leave their comments –

You need to be a member of REO Pro Network to add comments!

Join REO Pro Network

Comments

  • BofA Needs to do something with their short sale process as its not efficient at all.
  • FYI - I encourage everyone to get on board with short sales -I am meeting with a Loss Mit Dept next week to discuss this and hope that I can be their #1 agent in my area for short sales. I usually get approval from them within 7 to 10 days of submitting a complete SS package to them
  • Hello Monica - I agree this is a great news and I think that in the middle of all this turbulance was the best news I heard!

    Hi Jesse - Thank you for your input. I haven't been that fortunate yet. :-) The short sales lenders I have are still in the dark age. But I guess if the large banks are coming on board with an automated process for the short sale, eventually other will follow. I think BofA could use some bailout money to modernize their computer system! LOL
  • I have been using the REOTrans / Equator Short Sale module now for about 4 weeks and really like it. I have to admit, I am a bit biased simply because I like REOTrans / Equator however, as with any new product, it could use some tweeking but, I am sure that will come.

    I can tell you that REOTrans / Equator isn't the only one using a robust OMS (Operating Management System) to streamline Short Sales however, they seem to be the one with the most brank recognition.

    It's about time, we have been clammering for somthing like this. It may not be the best but, it's a advance from where we were at. Now hopefully Bank of America can get the rest of their organization on board.....ROFLMAO!
  • I think this is great news. Peace of mind not only to the homeowners, but also the buyers that have had to have their loans reprocessed and their rates extended during the short sale process.
This reply was deleted.