Banks are simplifying the short sale process

Here is an blog post from the Short Sale Savior, an expert Short Sale real estate agent in the New Canaan and Norwalk area:

“There is an online electronic short sale facilitation website called Equator. It has been around for several years and was formally known as REOtrans. They have been a pioneer in simplifying and streamlining the short sale process. They create one spot where everyone involved in a short sale can upload, share and edit information. Before equator most banks required you to fax documents. It was impossible to track and it took forever. With Equator everyone can see all the documents immediately. There is a record of every email sent and it is all stored in one neat place under the correct property.

The good news is that many of the big banks have signed onto this system. Bank of America was the first major bank to totally embrace Equator. They went from the worst bank to deal with to the best with that one move.

Since then GMAC, Wells Fargo, ASC America Servicing Company which is affiliated with Wells Fargo, BSI Financial Services, and Nationstar Mortgage have signed up. I hope that all of the banks eventually sign up or create something similar.

During the transition process from the old system to Equator many of the banks struggle to make things work. Their staff is often slow to adapt and learn new things and it can be a nightmare to get a short sale all the way through the process. Wells Fargo in particular is handling short sales very poorly right now. Hopefully they will work out the kinks soon.

In the end Equator should save everybody time and money!”

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