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Bank of America implements online short sale management (its about time)

BofA Implements Equator (REOTrans) Platform, as Short Sales Gain Ground.

I have say that Countrywide and now Bank of America in the bast year have bean one of the worst banks to do a short sale with.  Many agents have been experiencing short sale processing times of 4 to 6 months.  They would lose papers.  They would arbitrarily turn short sales down and make you start over.  It was terrible.

The news of Bank of America implementing a new online short sale processing system was welcome on my ears.   I see this as an opportunity for savvy internet professionals like my self along with my clients to take up some of the slack and get things organized and moving for them… do some of their home work so that they can process these quicker.  We will see how it pans out.

I only learned about this when my client called me telling me Bank of America had called them and told them to resubmit an offer that I had submitted directly to their short sale department already via fax.  They wanted it submitted through an online porthole.  I logged into my clients porthole and it is rather cryptic.  Not much help or explanation of anything. It turns out I have to create my own account on REOtrans.com which has traditionally been a porthole for bank owned house agents.  Then my client has to select me as her agent and then upload scanned short sale documents directly or have me do it.

Over all this is a step in the right direction.

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Andy Morris is an Ohio real estate broker with an expertise in selling homes on a short sale.  If your Ohio home is heading towards foreclosure or you owe more than your property is worth, please call Andy at 888-4-STOP-IT  to see if you qualify for a short sale with your lender.

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