If you hear the word ‘equator’ associated with a real estate transaction, this does not mean that the property in question is located somewhere near the middle of the globe. It simply means that the short sale transaction (perhaps the property that you are listing, buying or selling) is being processed through an online (Internet-based) platform called Equator.
As of the time of this writing, the online platform, Equator, is used by Bank of America, Wells Fargo, Nationstar, GMAC, and Service One. While each of these banks uses the system differently, the bottom line is that the use of an online system for communication between real estate agents and the bank aids significantly in facilitating communication. Historically, the banks are notoriously slow and inefficient in processing paperwork and approving short sales. Through the online platform, documents are uploaded and messages are sent. There is no need to send faxes or make toll-free calls, and those two facts alone improve efficiency. How Bank of America is different.
One of the unique attributes of Bank of America’s short sale processing via Equator is with respect to the buyer. At the beginning of the processing sequence, the individual (usually the real estate agent) who is processing the short sale receives a request for the first five digits of the buyer’s social security number as well as other personal information about the buyer (birth date, address, phone, loan information).
Equator Certified Short Sale Agents
When Bank of America added this tier to their short sale triage a few years back, we were advised that that this new step would help to assure that any transactions entering their system were not fraudulent in nature. And, believe it or not, Bank of America actually does verify the information you provide.
If you are buying or processing a Bank of America short sale in Equator, be prepared to provide this personal information along with your offer. If the buyer is unwilling to provide the requested information, that’s a tough nut to crack. Bank of America is generally unwilling to move forward without the buyer’s personal info; it doesn’t matter whether your offer is all cash and hundreds of thousands over asking price. Rules are rules, so be prepared to play by ‘em when it comes to Bank of America and the Equator system.
Melissa Zavala is the Broker/Owner of Broadpoint Properties and Head Honcho of Short Sale Expeditor®, and Chief Executive Officer of Transaction 911. Before landing in real estate, she had careers in education and publishing. Most recently, she has been able to use her teaching and organizational skills while traveling the world over—dispelling myths about the distressed property market, engaging and motivating real estate agents, and sharing her passion for real estate. When she isn’t speaking or writing, Melissa enjoys practicing yoga, walking the dog, and vacationing at beach resorts.
Free Short Sale Addendum To Purchase Agreement
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(Real Estate) Real estate agents are often asked how they survive the slow season, but the truth is that there is no such thing...A short sale addendum is intended for a seller of real estate that owes more money on the property than it’s worth. Therefore, the seller is required to field offers from potential buyers and add this addendum to the purchase agreement which requires the seller to seek the creditor’s consent in order to sell the property.
The seller may still be obligated to pay the creditor the remaining balance after the closing. While the seller is seeking consent from the creditor, the buyer may opt out of the agreement. At the same time, the seller may field as many offers as possible while at the same time negotiating with the buyer.
Proving Hardship – In most cases, the seller will attempt to claim some type of financial hardship to the creditor in order to have the short sale approved. This may be due to a change in economic events, loss of job, medical reasons, etc.
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If a home is no longer worth the amount of its mortgage value, chances are that the local market has also seen the prices depreciate. Have a local real estate agent gather homes that are similar or lesser in square footage and amenities to get an understanding of the current value of your home. In addition, if the agent can show a trajectory of where the market has been the last 6 or 12 months to give an idea that the bank should “jump ahead” of the market before losing even more money.
The bank knowing that homes in the area are selling for less money is not good enough to be qualified for a short sale. The mortgagor will need to prove that they have suffered a change in their financial situation, such as loss of employment, loss of income, too many financial liabilities, etc.
A bank stands to lose more money in the event of a foreclosure and it’s in their best interest to sell the property at a loss while the mortgagor is still making their payments.
Financial Report And Audited Financial Statements Of Unesco For The Period Ended 31 December 2001 And Report By The External Auditor
In order to back up and give proof that the financial hardship letter is true and accurate, the following will be required:
The seller of the home can choose to make this request at the time of signing a listing agreement or purchase agreement with a qualified buyer. In either case, the agreements will need to be attached.
If there is a real estate agent involved the seller will need to complete and sign, along with the real estate agent, the third (3rd) party authorization form. View the samples for the following financial institutions:
Style Manual For The Presentation Of English Language Texts Intended For Publication By Unesco
Once the documents are sent to the bank, it will take from 10 to 45 days to review the documents. During this time, the seller should market their property in an effort to find the most qualified purchaser for the highest price.
After the bank has been notified of the offer the bank will undergo its own approval and appraisal process that can take up to 120 days . This will involve the bank reviewing all documents, scheduling an appraisal, qualifying the buyer, assigning a negotiator, and finally approving or rejecting the terms of sale.
The paperwork on this page is easily obtained by clicking on the PDF, Word, or ODT buttons displayed in the caption area of the preview image. Once you have downloaded it, you can use it whenever a contract calls for this addendum.
Bank Of America Heloc Short Sale Approval
Begin by locating the introduction then document the effective date listed on the contract that requires this paperwork as an attachment using the first two blank lines.
Next, we must record the full names of both the Seller and the Buyer. The space just before the parentheses label “Seller” has been reserved for the full name of the Seller as it appears in the concerned contract.
The full name of the Buyer must also be reported in this addendum. Place it on the blank space preceding the label “Buyer.”
Free Short Sale Addendum Templates (u.s States)
The last item required by this paragraph will be the physical address of the property at the center of the contract’s transaction. Three empty lines have been supplied after the words “…The Property Located At.” Produce the building number, street name, and any applicable unit number along with the City and State where the concerned property is located.
In the article “II. Short Sale Consent, ” we must fill in the number of days from the contract’s effective date the Seller has to produce a letter of consent from his or her creditors.
The sixth article, “Closing Date, ” shall seek the number of days after the Seller has delivered a successful creditor(s) approval to the Buyer as the Closing Date. Record this number of days on the blank space provided.
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This addendum will disclose some important information and required terms. It is strongly recommended that all signature parties read each article presented here. Once this task is completed.
The Buyer must sign his or her name on the blank space labeled “Buyers Signature” then print his or her full name on the blank space below the signature line. The Buyer must also supply the date of his or her signing on the adjacent line labeled “Date.” Two such areas are displayed since all the Buyers listed in the attached contract must sign this addendum as well.
The Seller of the property will also need to prove his or her agreement with these terms by signing his or her name on the “Seller’s Signature” line. Additionally, the Seller must print his or her name on the line “Print Name” and report his or her signature date.
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