Bank of America and Equator
Bank of America can be definitely difficult with short sales! Here are the new rules and guidelines that they are requiring…..
The realtor will need to set up a login and password at www.equator.com.
The homeowner has to go to www.bankofamerica.com/shortsale and fill in their information including financials.
Now, this can be difficult because most people are not that computer savvy and like anything it’s new! A lot of times homeowners do not want to take the time and effort to fill out the information. We recommend that you sit down with them and help them through the process.
When you as a realtor set up an account you have to do it each and every time you have a new short sale listing!! For example: Let’s say you have 20 listings…. then you must have 20 accounts with a specific file number that Bank of America uses to identify it.
In the Portland, OR market there are a lot of Bank of America short sale files. Everyone seems to hate them and with good merit. We have positioned ourselves with Bank of America to handle multiple files without the entire hassle. There is hassle of course.
If you have short sales that are a real pain check out www.encorehouses.com/shortsalessellers.php to learn more.
