Hi Folks. Recently I have had two Buyers balk at providing me personal info I need if they want to purchase a Bank of America Short Sale. I really do understand where they coming from but….most of the big lenders including Bank of America and GMAC are now running most of their short sales through http://www.Equator.com.
Supposedly the Equator system will help to shorten the time involved with getting these Short Sales approved. From what I’m hearing Bank of America is giving approvals in 60-90 days as opposed to the 6-9 months they were taking. That’s a good thing.
The Equator system is asking for some personal Buyer info. I assume this is to make sure transactions are “arms length”. If the Buyers want to purchase a Bank of America Short Sale then we have to enter the data.
The reality is it’s less data than what the closing agent will want and far less than they would have to provide if getting financing. What Equator is requiring is simply:
- Date of birth
- The first 5 digits of their social security number.
- The Buyer’s address.
That’s all we need. No big deal. Of course the Buyers always have the option of just not buying a Bank of America Short Sale. I just hate to see them miss out on a good deal over something so minor. What say you?
Here’s the screen shot from Equator.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
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