The Bank of America Equator Short Sale Platform
The Bank of America Equator short sale platform was introduced some time ago to better assist the homeowner and the Realtor during the short sale process. The Equator is a self service portal that will begin the short sale process. The Equator short sale process has many advantages to its unique ability. For example: status tracking is available for the homeowner to be able to see firsthand where their short sale is in line in the short sale process. Around the clock access is granted so that all parties involved will be able to log on whenever they would like. Another nice thing about the Bank of America Equator short sale process is documents are uploaded directly to Equator instead of faxing, with this ability the worries of lost paperwork will finally be able to come to a halt. Direct communication with the short sale negotiator is also provided in the Equator short sale process.
There are other mortgage servicers out there who are taking advantage of this new way of handling short sales, but it is Bank of America who is carrying their own unique attributes to the process while making it most endearing to the buyer. In the beginning of the short sale process, the Equator short sale specialist will be asked for the first five digits of the buyer’s social security number, along with other personal information such as date of birth, address, phone number, and loan information.
As stated earlier, the system will allow the individual to upload documents from the computer directly to the bank without the hassle of lost/missing paperwork. The tasks in the Equator process should be taken seriously because there are a number of tasks that should be handled in the proper manner. One of these tasks typically consists of a 3rdparty authorization in order for your Realtor to work on your behalf. The next section would be considered the offer worksheet which will act as your HUD-1, these numbers will better help the bank see their net on the short sale. Following the HUD-1 will be the task of uploading the MLS sheet, purchase contract, HUD-1, property photo and MLS number. You can usually expect this to be done within the first five days.
Once all of the appropriate documents have been complete, a Broker Price Opinion will be asked to come about. During this time, uploading all of the proper documentation like paystubs, tax returns, bank statements, hardship letter, and your financial worksheet would be advisable. By introducing the Equator short sale process, Bank of America has saved a great deal of time for homeowners and their short sale Realtors. Offers have been approved within 27 days, however, times may vary.
When it comes time to contact an Equator short sale specialist to assist you with your Bank of America Equator short sale, make sure you are choosing an agent who is familiar with this platform. Our agents are experienced in the entire short sale department, while acquiring the proper knowledge for the Bank of America short sale platform. Contact us today in order to better assure promising results in the conclusion of your short sale!
Contact a local short sale specialist!
Are you looking for an experienced Equator short sale specialist to assist you with your Bank of America Equator short sale? Our agents are Distressed Property Experts Certified in short sales who offer no cost assistance to you for your short sale! Contact us today to see if you qualify for a short sale!