One of the banks, I would like to cover today is Bank of America with their short sales. Typically, banks require that agents send a short sale package for an offer to the bank via fax. Bank of America had required that all their short sales be transmitted via an online database system called Equator. Basically, all communications are done through this system also. So constant contact has to be through Equator via its email system. Quite hard, when you are trying to chase down a negotiator to get a response.
This process seems to take longer for most agents. I personally prefer it, being that I am an Email Queen. Quite frankly, I think both processes, Equator & traditional form of phone/fax communication with a bank take almost the same amount of time. Although some Bank of America reps claim that short sales will not be accepted unless it is through the Equator system, a lot of agents are still getting away with sending it the traditional way. To each its own.
Someone told me I should consider doing a short-sale with my house. What is the first step I should take once I decide to go through with this? Thanks.
ReplyDeleteYour first step would be to contact your lender to discuss your intention on going through with a short sale on your property. You should also consult with a real estate attorney & a qualified accountant. Make an appointment with a Realtor that specializes in short sales in your area so that you can know your current market value. Your lender will request financial information from you to submit to them to see if you qualify for a short sale. Feel free to email me if you want me to forward you additional information.
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