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Bank owned bob lachance debt negotiating foreclosure auction foreclosure class foreclosure course foreclosure mortgage foreclosure property foreclosure training foreclosures investing in real estate loss mitigation patrick precourt Preforeclosure Real Estate real estate foreclosure investing real estate investing real estate investing beginner real estate investment real estate investors real estate short sales REO short sale mortgage short sale training Short Sales
This week’s Preforeclosure “Tip of the Week” is about the very “new” short sale system, or hub, that some of the top foreclosing lenders are using to manage their hundreds of thousands of short sale transactions. The system I am referring to, which is called REOTrans and now Equator, has some extremely frustrating challenges to short sale buyers and also 3rd party loss mitigation negotiators. Listen in as we go over what to do and how to deal with them. We also cover two lenders that are using REOTrans.com/Equator (Bank of America and GMAC) and how to sign up for an account to gain access as a 3rd party loss mitigator, the current challenges for 3rd party loss mitigators when using the REOTrans.com/Equator site and much more. Visit www.PreForeclosureDailyGrind.com and www.ShortSaleDailyNews.com for more short sale videos and articles. Please leave your comments and questions so we can address them on future videos!
Dealing with a Short Sale with 2 mortgages. The 1st is with BOA the 2nd is with GMAC. My question is do I enter the short sale twice once for BOA(1st Mortg.) and again for GMAC? Hope that isn’t a dumb question. Also I entered This Short Sale last week on Equator for BOA but havent got a response yet, only an email saying short sale has been initiated. Is this normal with the new system?
Bob and Chris, I have 3 BOA deals right now in RT/Equator, all at different stages. All of them I have the logon info of the listing agents, have accessed the system and added my own e-email address in the CC section provided in the agent’s profile area. This enables me to get e-mails that are being sent to the agent. On the deal where we are the farthest along, we have been able to go in, read the messages and see the tasks for the file. The first two tasks have been to 1)accept the SS 2)to upload the 3rd party authorization. We were allowed to complete the 1st task of accepting the SS, but when we uploaded our 3rd party form it was rejected because the name on the form did not match the agent name. On another BOA deal it accepted our 3rd party form, but we have yet to receive any tasks or messages from the Neg. Out of all the Neg. that we have spoken with, GMAC or BOA, they have all admitted that they are learning right along with us, but I will say that GMAC is very open to accommodating 3rd parties where BOA has been down right obstinent when we’ve asked for directions on how to function as a 3rd party within their guidelines. Surprise,huh.
I had a short sale for BoA assigned to REOTrans back in late September/early October. After working since then, I was finally able to get them to re-assign the short sale back to the BoA Loss Mitigation Dept.
I am a 3rd party negotiator who is also the buyer. There is no realtor involved in this short sale. I realtor friend allowed me to use his login to attempt to work with REOTrans, but when the 1st task came up (Upload 3rd Party Auth), it kept telling me his password was not correct. It took multiple calls and multiple offers to get to that point, so this morning, I was able to get one of the Customer Service agents to pull the account from REOTrans and assign it back to BoA.
Now, I am waiting for the negotiator to be assigned. Hopefully, they will not put this back over to REOTrans, but I have a feeling they might, since the note is owned by BoA.
I too have been working on a BOA property via REO Trans/Equator…have been since September. I had submitted the short sale package the old fashioned fax way, just a BOA began using the REO Trans system…
As far as I can tell, they do not have a clue what they are doing…we should have had this short sale deal accepted and closed months ago, but instead, BOA is trying to figure out how to use the computer system.
I am a Realtor, so I had signed up as an agent before BOA asked me to. It is interesting to note that I had to create another login for BOA because they could not figure out how to access my first one.
All in all, I think there is potential to streamline the process, but REO Trans/Equator is probably not the answer?
I’ll let you know if I ever get the deal accepted and closed!
Sharon
Your helpful suggestions don’t solve the problem gaining authorization, which is being rejected if one is not a licensed realtor or attorney. I’m also a 3rd party negotiator/buyer who is now just negotiating for the realtor/end buyer. After 6 months of work, I had an approval which was denied by mistake and the file deleted! Now I have to start over from scratch. I tried Clifton’s method of pulling it back from Equator but they will not do it no matter how many times I call.
Alternatively, I suggested that both our names, (realtor and me) be on the authorization. Even tough they’ve had me in their system for 6 months as authorized, and even if I now present myself as an employee of the realtor, they absolutely will not authorize anyone but the registered user of the system, the realtor. Very flexible.
I suppose, if I will never be speaking to anyone, I can just act as the realtor and monitor through CC’s. Any other solutions appreciated.
We have over 4 with BofA…all have different problems with REOTRANS…what a mess. Thank you for the idea of adding the CC to the agents profile. We also uploaded all of the debtors info from the debtors signon to later have bofA remove it because the system wasn’t ready for “that” file after they called us and said we had to. Crazy mess.
When BOA assigned one of my short sales to ReoTrans, the homeowner and I called 10 times one day and got 10 different answers on how to sign up. I called REO Trans and asked how do I go in when I am not an agent? He said make up a number, and expiration. Huh. I did and the system was moving along good, until they rejected my first offer, but seemed to have accepted another offer. But, won’t give me the task to upload anything. When I called BOA, I actually got someone who had no idea what REOTrans or Equator was. I was using a special phone number that is suppose to connect to the Equator team!
You guys provide the most up to date info!!! I really appreciate your SHORT videos under 10 minutes. I look forward to your weekly videos. Keep up the good work. I had started to hear about REOTrans recently from agents and you provided the answers to my questions.
I have worked directly with BoA & thru REO TRAN/Equator with the same result. My first call to BoA on my current sale went to a BoA employee who knew nothing about Equator. I managed to log in because I had been there before & am now waiting for a negotiator to be assigned. All I can say based on my experience is good luck. You have your hands full. BoA announced their switch to Equator months ago & still don’t know what to do. I lost 1 sale because the buyer just got fed up with the whole mess. My experience with other lenders has been better but not much.
Is anyone Uploading pictures in Equator? I have worked on a short sale for almost a year, I’ve received over 40 offers bank does not accept any of them. I keep telling the that the house is in bad condition but the BPOs keep coming way high. they want 95K when the average renovated house is 99K they must be out of their minds! so what I did I postpone the foreclosure once again and uploaded all the disgusting issues with the house, I am hoping this time they pay attention! I even submitted my own BPO, has anyone done anything like this? if so what were the results? Please share…..
As for the Equator system everyone has to upload a picture, it’s part of the required info for a short sale. Have you been uploading pictures showing all the damage to the house? Outside of that, submitting additional info can always potentially help. It just depends on whether or not BofA will look at it, as they don’t usually factor things like that in, as they can possibly be biased. I am trying everything and will keep you informed on what is working and what is not working.
What exactly is a 3rd Party Authorization file? Is this just the Exclusive Representation Agreement?